Fund accounting software for private equity is the system that maintains your official books and investor capital accounts, produces the accounting NAV and financial statements, and supports repeatable quarterly reporting with the controls auditors and LPs expect. 

The best platform depends on whether you need (1) a true system of record with multi-currency and multi-book support, (2) deep partnership accounting and automation, (3) investor reporting and portal delivery, or (4) a broader private markets operating platform.

Key takeaways

Best for X summaries

Quick comparison table: private equity fund accounting software (2026)

What is fund accounting software for private equity?

Private equity fund accounting software is designed to run the official accounting workflow for PE funds and related vehicles. In practice, it typically supports:

A key point: portfolio monitoring tools can show “live” values, but PE fund accounting requires controlled close processes and traceability from outputs back to ledger postings and underlying transactions.

Why it matters in 2026

Private equity operations have only gotten more complex: multi-vehicle structures, cross-border investing, more frequent LP requests for bespoke reporting, and higher expectations for controls.

Fund accounting software becomes the “truth layer” when you need to:

Must-have features checklist for private equity fund accounting

Use this as your demo scorecard.

1) Accounting system of record

• Real GL postings that drive reports (not just a reporting layer)
• Period controls and close workflow (draft vs final outputs)
• Clear consolidation approach (fund, SPVs, blockers, management company where needed)

2) Multi-currency portfolios done correctly

• Ability to record transactions and valuations in multiple currencies and post across entities and ledgers
• Transparent FX handling (what rate, what date, what’s remeasured vs translated)
• Reporting that reconciles, even when deals are in local currency and LP reporting is in base currency

3) Multi-book / parallel reporting (if you need it)

• Support for more than one reporting basis (example: IFRS and GAAP) inside the accounting core, not via manual rework

4) PE mechanics

• Capital calls, distributions, investor capital accounts (and transfers)
• Partnership accounting and allocation workflows that scale with fund complexity
• Waterfall, fees, and complex calculations handled in-system where possible (or clearly integrated)

5) Accounting-grade data governance and audit trails

• Who changed what and when, plus approvals for journals/documents where relevant
• Cancel/correct or restatement workflow and how historical versions are preserved
• Segregation of duties and permissioning

6) Live positions vs official accounting NAV

• Clear separation of “monitoring” views vs “official accounting NAV” outputs
• Reconciliation workflow that makes differences visible as exceptions (not normal)
• Ability to trace investor statements back to the ledger and the final-close state

7) Investor reporting and delivery

• Repeatable investor packages and statement generation workflows
• Secure portal delivery and publish controls for “final” reporting

Top 5 fund accounting software for private equity (ranked)

FundCount: Best for accounting-backed PE workflows with multi-book, multi-currency, and portal publishing

Quick verdict: FundCount is a strong fit when you want a system-of-record accounting core that supports multi-currency and multi-book accounting (including IFRS and GAAP) and a workflow that ties accounting outputs to investor delivery through a portal. It positions its investor portal as integrated with the accounting engine and emphasizes bulk personalized statements via Advanced Report Set.

Best for

• Private equity teams that want a multi-currency, multi-book general ledger to support IFRS and GAAP without running multiple accounting cores.
• Operations teams that want partnership accounting workflows from investor data import through allocations, NAV calculation, and reporting.
• Firms that want to publish NAV statements and documents from the reporting workflow and protect access with encryption and MFA.

Standout capabilities (as positioned)

• Multi-currency, multi-book general ledger designed to support IFRS and GAAP accounting.
• Partnership accounting workflow designed to import investor data, accelerate allocations, and streamline NAV calculation and reporting.
• Investor portal positioned to sit inside the ecosystem so data flows from the accounting engine to investors, with Advanced Report Set for bulk personalized statements.
• Portal publishing positioned to deliver the latest NAV statements and documents, with encryption and MFA referenced.
• Portfolio accounting messaging includes “workflow tools for transparency and an audit trail,” which you should validate in the product walk-through for your controls requirements.

Pros

• Clear “books to reporting to portal” narrative, which is what many PE teams need to reduce rework and version confusion.
• Strong fit if multi-book IFRS/GAAP reporting is a requirement.

Cons and trade-offs

• If you require deep deal team portfolio monitoring dashboards as a primary experience, you may still pair FundCount with a portfolio monitoring layer and use FundCount for the official accounting workflow.
• Implementation discipline matters: the value comes from mappings, close workflow, and template governance, not just features.

Pricing

• Typically quote-based (depends on modules, entities, integrations, and deployment).

Questions to ask during the demo

• Show a full quarterly cycle: capital activity and postings, allocations, official NAV close, investor statements, then publish to the portal.
• Demonstrate multi-book reporting (IFRS and GAAP) for the same event and how the system tracks differences.
• Walk through audit trail: make a correction, show who approved it, and show how the “final” version is locked before publishing.
• Show how portal access is protected (encryption and MFA) and how you prevent old versions from being viewed.

Allvue: Best for a private equity suite approach that includes fund accounting and an investor portal

Quick verdict: Allvue positions its Fund Accounting product as a complete fund accounting system built for fund administration needs, combining partnership accounting, detailed financial reporting, a multi-currency general ledger, cash management, and workflow standardization. It also positions a private equity platform that includes an out-of-the-box Investor Portal.

Best for

• PE firms and administrators that want fund accounting plus adjacent modules, rather than a point solution.
• Teams that need multi-currency GL plus standardized workflows and want to validate approvals as part of implementation.

Standout capabilities (as positioned)

• Fund Accounting described as bringing together partnership accounting, detailed financial statement reporting, multi-currency general ledger, cash management, and workflow standardization.
• Private equity platform positioning includes fund accounting plus portfolio monitoring plus an out-of-the-box investor portal.
• Fund administrator page references managing fund-level and investor-level books/records and automating the subsequent close process, plus investor portal messaging for secure communications.
• Support documentation describes document/journal approvals and security/approval roles (implementation-configurable), which is a practical signpost for accounting-grade governance.

Pros

• Solid fit if you want fund accounting and an investor portal inside one vendor ecosystem.
• Clear emphasis on multi-currency GL and workflow standardization.

Cons and trade-offs

• Suite implementations can be broader projects. Validate what is out-of-the-box vs what requires configuration and services.
• Confirm how live portfolio monitoring numbers reconcile to official accounting close outputs (and how exceptions are handled).

Pricing

• Typically quote-based.

FIS Private Capital Suite: Best for enterprise private equity accounting and investor reporting automation

Quick verdict: FIS positions Private Capital Suite (formerly Investran) around automating fund accounting and investor reporting, with integrated data management, automation, and analytics. For investor experience, FIS offers Digital Data Exchange as a digital investor portal with interactive reporting and secure document access.

Best for

• Larger private capital organizations and administrators that want enterprise-grade fund accounting and investor reporting automation.
• Teams that want a dedicated investor portal connected to the accounting environment (Digital Data Exchange).

Standout capabilities (as positioned and described by partners)

• Private Capital Suite is positioned to automate fund accounting and investor reporting, providing real-time visibility into portfolios and operations.
• Digital Data Exchange is described as a digital investor portal with interactive reporting, e-signing, and secure document access.
• Digital Data Exchange is also described as integrating with Private Capital Suite and other sources of data (useful for multi-system environments).
• Maples Group describes Investran as having a robust multi-currency ledger that tracks cost, fair value, and income of underlying investments, and mentions automated processes including waterfall and management fee calculations (validate the exact modules in your SKU).
• Apex Group notes Investran supports key functions like managing complex fund structures and multiple sets of books (confirm how you’ll configure this for GAAP/IFRS or other bases).

Pros

• Strong fit when you need mature private capital accounting workflows plus an investor portal that is designed for PE reporting.
• Multi-currency and multi-book themes show up in partner descriptions, which aligns with global fund complexity.

Cons and trade-offs

• Enterprise platforms can introduce more governance, more configuration, and more stakeholders. Plan for implementation rigor.
• Validate the practical workflow for “live” portfolio changes vs “official” accounting NAV outputs (and what your team vs your administrator owns).

Pricing

• Typically quote-based.

BlackRock eFront: Best for a broader private markets platform that includes fund administration and accounting

Quick verdict: eFront positions its suite as covering fund administration and accounting services across alternative asset classes, including private equity, and it also positions investor reporting and investor relations portal solutions for alternative fund reporting. This can be attractive if you want accounting and reporting inside a broader private markets platform ecosystem.

Best for

• Private equity organizations and service providers that want fund administration and accounting plus broader platform capabilities (data services, analytics, reporting).
• Firms that want dedicated investor reporting portals as part of the platform stack.

Standout capabilities (as positioned)

• eFront describes an alternative fund administration and accounting software service that covers multiple alternative asset classes, including private equity.
• eFront private equity page emphasizes streamlining and centralizing the investment cycle and responding to regulatory and investor reporting needs (useful context for platform buyers).
• eFront investor reporting page describes investor portal solutions dedicated to alternative fund reporting.
• The platform overview positioning includes fundraising, fund administration and reporting, data services, and analytics, which can matter if your “system” decision is really an ecosystem decision.

Pros

• Broad platform approach can reduce tool sprawl for firms that want accounting + reporting + portal workflows under one umbrella.
• Designed for alternative investments, which generally means better alignment to PE workflows than generic ERPs.

Cons and trade-offs

• “Platform breadth” can be a plus or a complexity multiplier. Validate accounting workflow depth and the level of controls your auditors expect.
• Confirm how multi-currency and close controls work in your specific configuration (do not assume).

Pricing

• Typically quote-based.

LemonEdge: Best for automation-first private equity fund accounting with multi-ledger and multi-currency posting

Quick verdict: LemonEdge positions itself as a fund accounting platform for private markets with an accounting allocation engine, event-driven transactions, and multi-ledger management. Its documentation describes transactions that can record values in multiple currencies with automated GL postings across multiple ledgers, entities, and currencies, which is directly relevant for global PE structures. It also offers an investor portal for secure access to data, notices, statements, and reports.

Best for

• PE teams that want a modern, automation-driven accounting engine and are willing to invest in configuration for long-term operating leverage.
• Funds with complex structures that benefit from multi-ledger handling and multi-currency posting at the transaction level.

Standout capabilities (as positioned and documented)

• “GL built for private markets” positioning with an accounting allocation engine and event-driven transactions that automate multi-entry bookkeeping throughout the fund structure.
• Multi-ledger management and process automation positioned as core, aimed at replacing offline processes.
• Transactions documentation describes recording values in multiple currencies and automated GL postings across multiple ledgers, entities, and currencies, plus cancel/correct capabilities.
• Investor portal product page describes secure, real-time access to data, notices, statements, and reports, reducing reliance on email.
• Private equity market page positions LemonEdge as private equity fund accounting and administration software with end-to-end automation.

Pros

• Strong alignment to the “automation-first accounting engine” direction many PE teams want, especially when spreadsheets are the bottleneck.
• Multi-currency and multi-ledger posting described at the transaction layer, which matters for true accounting-grade multi-currency operations.

Cons and trade-offs

• Modern engines can still require careful governance design: approval workflows, template control, and audit readiness depend on implementation.
• Validate what is included as standard vs what is configured per client (especially for allocations, approvals, and reporting packs).

Pricing

• Typically quote-based.

How to choose the right private equity fund accounting software

Use this quick decision tree to shortlist efficiently.

Do you need a system-of-record accounting core with multi-book and multi-currency support (example: IFRS and GAAP)?

• Start with FundCount, then compare against FIS Private Capital Suite if you want an enterprise private capital approach.

Do you want a suite that bundles fund accounting with adjacent private equity workflows and an investor portal?

• Shortlist FundCount.

Is investor reporting automation plus a portal a primary requirement (not just a nice-to-have)?

• Shortlist FIS Private Capital Suite (Digital Data Exchange) and compare portal governance against your publishing process.

Do you want the accounting layer to live inside a broader private markets platform ecosystem?

• Consider eFront.

Are you deliberately moving toward an automation-first accounting engine with multi-ledger, multi-currency transaction posting and API-first ingestion?

• Consider LemonEdge.

FAQs

What is fund accounting software for private equity?

It is software that maintains the official books (GL) for PE funds and vehicles, supports partnership accounting and allocations, and produces accounting NAV and investor reporting outputs. Many platforms also include secure delivery through an investor portal.

What is the difference between private equity fund accounting and a general ledger?

A general ledger is the accounting backbone, but private equity fund accounting adds fund-specific workflows like investor capital accounts, allocations, and reporting processes tied to the fund structure. That’s why vendors position PE fund accounting as a specialized system, not a generic ERP configuration.

What does “accounting-grade data” mean for private equity reporting?

“Accounting-grade” typically means the numbers are traceable back to controlled postings and workflows: approvals, audit trail, and repeatable close processes. In demos, ask to see how approvals work and how the system records who changed what and when.

How does multi-currency private equity fund accounting work?

Multi-currency fund accounting requires recording and posting transactions in multiple currencies and ensuring reporting reconciles across entities and ledgers. Some systems explicitly document multi-currency posting and automated GL postings across ledgers/entities/currencies, which is the detail to look for when your portfolio is global.

What should I look for in multi-currency portfolios for private equity funds?

You want clarity on FX rate sources, the accounting treatment (remeasurement vs translation), and how the system preserves the original currency values alongside the reporting currency. Also validate how FX impacts allocations and investor statements, not just fund-level reports.

Does private equity fund accounting software support multiple books (GAAP and IFRS)?

Some platforms explicitly position “multi-book” support to handle IFRS and GAAP inside a single accounting core, which can reduce parallel workflows. If you need this, ask for a live demo that shows the same event across both books and how differences are tracked and reconciled.

How do private equity fund accounting systems handle capital calls and distributions?

At a minimum, they should support investor-level activity capture, cash flow tracking, and workflows that roll into NAV calculation and reporting. When evaluating, ask to see how capital activity flows through allocations and into investor statements without manual re-keying.

Can fund accounting software handle PE allocations and complex fund structures?

That is one of the main reasons PE teams adopt specialized fund accounting systems. Platforms like FIS/Investran are positioned to simplify complex partnership accounting and automated processes such as waterfall and management fee calculations, while others emphasize allocation engines and automation.

How do you track live positions and the official accounting NAV at the same time?

A common best practice is to treat “live” portfolio monitoring as provisional until the accounting close process produces the official NAV. Look for platforms and workflows that make reconciliation explicit so differences become exceptions instead of a permanent monthly task.

What’s the best way to reconcile live portfolio data to the official NAV?

Start by validating data lineage: where valuations originate, how they enter the accounting workflow, and how breaks are surfaced. In demos, ask for an exception case (late valuation, corrected valuation, missing FX rate) and watch how the system handles it end-to-end.

What audit trail features should private equity fund accounting software include?

You should be able to see who created or modified an entry, when it changed, and what approvals occurred. Some platforms explicitly reference workflow tools for transparency and an audit trail, and others document approval roles and journal approvals. Validate both in your demo.

Can private equity fund accounting software generate investor statements and quarterly packs?

Many PE accounting platforms position themselves around automating investor reporting outputs alongside accounting workflows. If investor reporting is critical, ask to see bulk statement generation and how templates, versioning, and corrections are managed.

Do these platforms include an investor portal for private equity LP reporting?

Often yes, but scope varies. FundCount positions portal publishing from the reporting workflow with encryption and MFA; Allvue positions an out-of-the-box investor portal; FIS offers Digital Data Exchange as a digital investor portal; eFront positions investor reporting portals; LemonEdge offers an investor portal for notices, statements, and reports.

How much does private equity fund accounting software cost?

Pricing is usually quote-based and driven by the number of entities/funds, complexity of structures, integrations (custodians, admins, CRM, data warehouse), reporting requirements, and services/implementation scope. A useful evaluation tactic is to ask each vendor to price your actual quarterly delivery workload and your governance requirements (approvals, audit trail, multi-book).

Methodology and disclosures

Last updated: February 17, 2026.

This comparison is written for consideration intent and focuses on what buyers usually mean by “best” in PE fund accounting: system-of-record accounting depth, multi-currency and multi-book support, partnership accounting mechanics, governance (audit trails and approvals), investor reporting workflows, portal delivery, and the ability to reconcile live monitoring views to official accounting NAV outputs. Vendor capabilities are described based on publicly available product pages and documentation.