Fund management software is the platform an investment manager uses to run its funds: fund accounting and NAV, investor allocations and capital activity, reporting to investors, and the data and documents behind them. Hedge funds, private equity firms, and multi-strategy managers weigh these jobs differently, so the right platform depends on what you manage and who keeps the books.
This guide compares 7 platforms and ends with a decision path. Fund administrators choosing a platform for their clients should see our guide to fund administration software.
Key takeaways
- Start with who keeps the books. If your team keeps them, you need an accounting-grade platform; if an administrator does, you need control over its numbers and a strong investor layer.
- FundCount is our pick for most fund managers. It runs fund accounting, partnership allocations, AI capture of fund documents, reporting, and an investor portal on one record, and it doubles as a shadow book to check an administrator.
- Suites suit private markets firms that want one vendor. Allvue, eFront, and FIS Private Capital Suite combine accounting, investor reporting, and portals for private equity and credit.
- Specialists fit specific models. SS&C Advent Geneva leads in high-volume, multi-asset hedge fund accounting, Dynamo Software in investor relations, and Carta in outsourced administration for venture and private equity.
- FundCount is the only vendor in this list we found publishing a starting price. The others quote per engagement.
What is fund management software?
Fund management software covers six jobs:
Fund accounting and NAV
- Trades, accruals, income, and expenses
- NAV, management fees, and performance fees
- Audit-ready financial statements
Investor allocations
- Capital accounts, subscriptions, and redemptions
- Capital calls, distributions, and waterfalls
- K-1s and investor tax data
Portfolio and performance
- Positions and tax lots across asset classes
- IRR, TVPI, time-weighted returns, and attribution
- Exposure and look-through views
Investor reporting
- Statements and notices
- A portal with permissions
- Custom reports for investors and boards
Data and documents
- Custodian, bank, and pricing feeds
- Fund documents captured with AI
- Reconciliation and exception handling
Controls
- An audit trail from report to source
- Independent checks on the administrator
- SOC 2 reports and MFA
One accounting-first platform, or a suite and a stack?
One accounting-first platform
- How it works
- Accounting, allocations, documents, reporting, and the portal share one record
- Strength
- One set of numbers for investors, the auditor, and the team
- Options in this guide
- FundCount
Suite or specialist stack
- How it works
- A private markets suite, or specialist tools for accounting, investor relations, or administration
- Strength
- Breadth inside one vendor, or depth in one job
- Options in this guide
- Allvue, eFront, FIS Private Capital Suite, SS&C Advent Geneva, Dynamo Software, Carta
Even with an administrator, many managers keep their own book to check the administrator’s numbers. FundCount supports that shadow role as well as running the books outright.
Quick comparison table
| Platform | Built for | Fund accounting | Investor allocations | Investor portal | AI document capture | Published pricing |
|---|---|---|---|---|---|---|
| FundCount | Hedge, PE, VC, real estate, multi-strategy | Yes, multi-book | Yes, with waterfalls and K-1s | Yes, single-tenant | Yes, posted to the ledger | Yes |
| Allvue | PE, credit, and VC managers | Yes | Yes | Yes | Check with vendor | No |
| eFront (BlackRock) | Institutional private markets | Module-based | Yes | Yes | Check with vendor | No |
| SS&C Advent Geneva | Hedge funds, multi-asset managers | Yes, full ledger | Separate module | Check with vendor | Check with vendor | No |
| Dynamo Software | IR-led managers and allocators | Yes (module) | Calls, distributions, waterfalls | Yes | Data extraction | No |
| FIS Private Capital Suite | Enterprise private capital | Yes | Yes | Yes | Check with vendor | No |
| Carta | VC and PE managers outsourcing | With admin services | Yes | Yes | Check with vendor | No |
“Check with vendor” means we found no public statement, not that the capability is missing. “Published pricing” means a starting price on the vendor’s public pages we reviewed.
What changed in 2026
AI capture reached the books. FundCount extracts capital calls, statements, and K-1s and posts them to the ledger, and Dynamo Software’s DynamoAI extracts financial data. Ask whether extracted figures post to the books or only to a report.
Private markets data moved closer to accounting. BlackRock added private markets benchmark data to eFront in February 2026, and Allvue supports the updated ILPA reporting templates in its portfolio monitoring.
Outsourcing models grew. Carta sells administration with its own software, which suits emerging venture managers; managers who want control keep their own book, or a shadow book, on an accounting platform.
Evaluation checklist
Use this as your scoring sheet when you build a shortlist.
Accounting depth
- NAV, fees, and accruals in a real ledger
- Multi-book, multi-currency, multi-entity
- Every asset class you hold
Investor allocations
- Capital accounts and waterfalls
- Subscriptions, redemptions, calls, and distributions
- K-1s where you file in the US
Data and documents
- Feeds into an exception queue
- AI capture of fund documents with review
- A shadow book against your administrator
Investor experience
- A portal with MFA and permissions
- Statements in investors’ expected formats
- Fast answers to investor requests
Commercials
- Published pricing or a written quote
- Implementation plan with named stages
- References from managers like you
The 7 platforms
We list FundCount first because we publish this guide, and it is our pick for most fund managers on the criteria in the Methodology. We group the other six by type and do not rank them: private markets suites (2 to 4), specialists (5 and 6), and software-enabled administration (7).
FundCount: Best overall fund management software for accounting-grade operations
Quick verdict: FundCount runs fund accounting, partnership allocations, AI capture of fund documents, reporting, and an investor portal on one record, for hedge, private equity, venture, real estate, and multi-strategy managers. Managers that use an administrator can run it as a shadow book to check the administrator’s numbers.
Best for: managers that keep their own books, or want an independent book alongside their administrator, including private equity firms.
What stands out
- A multi-entity, multi-book, multi-currency general ledger with NAV, management and performance fees, and accruals.
- Portfolio accounting holds positions, prices, corporate actions, and tax lots for every asset class, with IRR, TVPI, time-weighted returns, and attribution on posted data.
- Partnership accounting covers capital accounts, waterfalls, transfers, and K-1s with Section 704 allocations.
- AI Document Intelligence and data aggregation bring fund documents and custodian feeds into the books, and a single-tenant investor portal with MFA delivers statements.
- A New York-based hedge fund gained independence from its administrator by using FundCount to identify discrepancies.
“FundCount gives us more control and it helps us identify things that we otherwise would not have been able to identify.” Firm Partner, New York-based hedge fund (case study)
Watch-outs
- FundCount is the books and the investor layer, not an order management system or a fundraising CRM; pair it with those tools.
- Implementation is a project; plan the history load and a parallel close.
Pricing: Asset Management and Hedge Fund plans start from $35,899 per year and Private Equity plans from $38,389, with digital transformation and hosting fees charged separately. See FundCount pricing.
Ask in the demo
- “Strike a NAV with performance fees and show the investor allocation.”
- “Run a shadow book against our administrator’s statement and show the breaks.”
- “Publish a quarter’s statements to the portal.”
Run your funds on one accounting record
FundCount keeps fund accounting, investor allocations, fund documents, and investor reporting together, or checks your administrator’s numbers as a shadow book.
Allvue: Best for private equity and credit firms that want one suite
Quick verdict: Allvue sells a front-to-back platform for private equity, credit, and venture managers: fund accounting, portfolio monitoring, an investor portal, and fundraising, with a packaged edition for emerging managers.
Best for: private capital GPs that want accounting, monitoring, and investor communication from one vendor.
What stands out
- Fund accounting with a general ledger, financial statement reporting, cash management, and management company accounting.
- Portfolio monitoring that supports the updated ILPA reporting templates.
- Private Equity Essentials for GPs with under $1 billion in committed capital.
Watch-outs
- A suite contract can include modules you will not use; price only what you need.
- Built for private capital; hedge fund managers should look elsewhere.
Pricing: not published; quote-based.
Ask in the demo
- “Show a capital call from fund accounting to the LP portal.”
- “Produce the ILPA template from fund accounting data.”
eFront (BlackRock): Best for institutional private markets managers
Quick verdict: eFront has been part of BlackRock since 2019 and serves institutional private markets managers with investor reporting, portals, and portfolio monitoring, and BlackRock added private markets benchmark data to it in February 2026.
Best for: large private markets managers that face frequent, bespoke investor reporting requests.
What stands out
- A calculation engine for complex KPIs on underlying assets.
- Investor portal solutions used by hundreds of managers, according to eFront.
- Reporting in multiple investor template formats.
Watch-outs
- Fund accounting is module-based; decide where the system of record sits.
- Expect an enterprise implementation.
Pricing: not published; quote-based.
Ask in the demo
- “Answer a bespoke investor request from the same data as the quarterly report.”
- “What does the benchmark data add to our reporting?”
FIS Private Capital Suite: Best for enterprise private capital accounting
Quick verdict: FIS Private Capital Suite, formerly Investran, connects fund and partnership accounting, investor reporting, and investor management on one cloud-native platform.
Best for: large private equity managers with complex structures.
What stands out
- Fund and partnership accounting across simple and complex structures.
- Digital Data Exchange as the investor portal.
- Co-sourcing options with an administrator.
Watch-outs
- Expect an enterprise implementation; smaller managers should compare total cost and timeline.
Pricing: not published; quote-based.
Ask in the demo
- “Show quarter-end from capital account allocation to the investor statement.”
- “How does co-sourcing split work with our administrator?”
SS&C Advent Geneva: Best for high-volume, multi-asset hedge fund accounting
Quick verdict: Geneva is SS&C’s portfolio accounting platform for complex multi-asset, multi-currency portfolios, with real-time P&L and exposures, a full general ledger, and daily NAV; investor allocations run through Geneva World Investor.
Best for: large hedge funds and multi-asset managers with high trading volumes.
What stands out
- All asset classes and fund structures, including master-feeder and multi-tier.
- Trade capture, corporate actions, and daily cash.
- SS&C also offers fund administration on the same platform.
Watch-outs
- Investor allocations sit in a separate module; confirm scope and cost.
- Expect an enterprise implementation.
Pricing: not published; quote-based.
Ask in the demo
- “Run a daily NAV for a master-feeder with side pockets.”
- “Show investor allocations for a series fund.”
Dynamo Software: Best for investor relations-led fund operations
Quick verdict: Dynamo Software covers CRM, investor relations, portfolio monitoring, and a fund accounting module for managers and allocators, with DynamoAI for document summarization and data extraction.
Best for: managers whose investor relations team owns the client experience.
What stands out
- A portal with dashboards, a data room, and electronic consent for K-1 delivery.
- Fund accounting that handles capital calls, distributions, and waterfalls.
- Outsourced accounting and reporting services.
Watch-outs
- If the books will live in Dynamo, test the accounting module on your hardest structure.
Pricing: not published; quote-based.
Ask in the demo
- “Show K-1 delivery with electronic consent.”
- “Run a waterfall in the fund accounting module.”
Carta: Best for venture and private equity managers that outsource
Quick verdict: Carta sells fund management software together with fund administration, tax, and onboarding services for venture and private equity managers, including SPV administration.
Best for: emerging venture and private equity managers that want administration, tax, and an LP portal from one provider.
What stands out
- Event-based fund accounting and tax returns from the same data.
- An LP portal, investor CRM, and AML/KYC onboarding.
- SPV formation and administration.
Watch-outs
- A service model; confirm turnaround and what your team reviews.
- Hedge fund and multi-asset managers will need other tools.
Pricing: not published; quote-based.
Ask in the demo
- “What is the turnaround from quarter-end to LP statements?”
- “Show a fund with three SPVs at quarter-end.”
How to choose: a decision path
Answer these in order.
-
Does your team keep the books, or want an independent book alongside an administrator?
- Yesshortlist FundCount, then go to step 3.
- Nogo to step 2.
-
Do you want to outsource administration entirely?
- Yescompare Carta for venture and private equity; keep FundCount in mind as a shadow book.
- Nogo to step 3.
-
What do you manage?
- Hedgecompare FundCount with SS&C Advent Geneva for very high trading volumes.
- Privatecompare FundCount with Allvue, eFront, or FIS Private Capital Suite, and add Dynamo Software if investor relations leads.
See your funds on one accounting record
FundCount is the only platform in this guide that publishes its starting prices. In the demo, we strike a NAV with performance fees, allocate it to investors, and publish the statements to the portal.
FAQs
What is the best fund management software?
For most fund managers, FundCount, because fund accounting, investor allocations, fund documents, reporting, and the investor portal share one record, and it can also check an administrator as a shadow book. Very high-volume hedge funds also look at SS&C Advent Geneva.
What does fund management software do?
It runs a manager’s funds: accounting and NAV, investor allocations and capital activity, investor reporting and portals, and the data and documents behind them.
What is shadow accounting?
Keeping an independent set of books alongside the fund administrator’s, so the manager can check NAV, fees, and allocations before they reach investors.
Do hedge funds and private equity firms need different software?
Often, because hedge funds need high-volume trading and daily NAV while private equity needs capital calls, waterfalls, and K-1s. FundCount covers both on one platform.
Which platforms publish pricing?
Of the 7 platforms in this guide, only FundCount publishes starting prices: from $35,899 a year for asset management and hedge funds and $38,389 for private equity, plus fees.
What should a fund management software demo cover?
One month end to end: feeds and fund documents in, NAV and fees struck, results allocated to investors, statements published, and one figure traced back to its source.
Methodology
What we included: platforms that investment managers use to run their funds, from accounting-first platforms and private markets suites to specialists and software-enabled administration. We cap the list at 7 to keep each entry substantive.
How we evaluated: we weighted accounting depth and investor allocations highest, then data and documents, investor experience, and commercials. On these criteria we rate FundCount best overall. For very high-volume hedge fund trading, SS&C Advent Geneva scores higher; for fully outsourced administration, Carta does.
Sources: each vendor’s public product and pricing pages, vendor-written marketplace listings, and an administrator’s published description of its Geneva setup, reviewed on October 21, 2026. FundCount capabilities and customer results come from FundCount’s product documentation and case studies. Watch-outs are our editorial assessment. We did not run hands-on tests of other products, and vendors did not review their entries.
Originally published: March 11, 2026. Last updated: October 2026.
