Fund of funds portfolio management software helps a fund of funds decide where to commit, track what each underlying fund is doing, and report the results to its own investors. It covers commitments and cash flows, performance and look-through exposure, manager analytics, and investor reporting, and it is only as reliable as the data underneath it.
This guide compares 7 platforms, explains why the data foundation matters more than the dashboard, and ends with a decision path. For the books themselves, see our guide to fund of funds accounting software.
Key takeaways
- Start with where your portfolio numbers come from. Analytics on a separate data set means reconciling NAV, cash flows, and performance with the books every quarter. Portfolio management on the books removes that step.
- FundCount is our pick for most fund of funds. It turns GP documents into ledger entries, then calculates performance, look-through exposure, and investor statements from the same record.
- Suites suit firms that want one vendor for everything. Allvue, eFront, and Dynamo Software combine accounting, CRM, and monitoring. Test the depth of each module you plan to use.
- Add analytics for the jobs they do best. S&P Global iLEVEL adds managed data collection, CEPRES adds benchmarking and forecasting, and AlternativeSoft adds manager research and portfolio construction for hedge fund of funds.
- FundCount is the only vendor in this list we found publishing a starting price. The others quote per engagement.
What is fund of funds portfolio management software?
It is the software a fund of funds uses to run its portfolio of fund investments. A complete setup covers five jobs:
Manager selection and due diligence
- Benchmarks and peer data for manager track records
- Due diligence questionnaires and workflows
- A record of every manager you met and why you passed
Commitments and pacing
- Commitments, unfunded balances, and recallable distributions
- Cash flow history by fund, vintage, and strategy
- Pacing and liquidity planning for future commitments
Monitoring and look-through
- Exposure by sector, geography, strategy, and vintage
- Overlaps where several managers hold the same company
- Holdings data from each underlying fund
Performance
- IRR, TVPI, DPI, and RVPI at fund and portfolio level
- Time-weighted returns and attribution where relevant
- Benchmarks for each strategy and vintage
Investor reporting
- Capital account statements for your own investors
- Quarterly reports and ILPA templates
- Secure delivery through an investor portal
Analytics on a separate data set, or on the books?
The biggest design choice is where your portfolio numbers live. Decide it before the first demo.
Portfolio tool on its own data
- Where the numbers come from
- GP documents collected into the tool by your team or a data service
- Strength
- Deep analytics, benchmarks, and research workflows
- Cost
- A second set of numbers to reconcile with the books every quarter
- Platforms in this guide
- S&P Global iLEVEL, CEPRES, AlternativeSoft
Portfolio management on the books
- Where the numbers come from
- Ledger entries posted from GP documents and custodian feeds
- Strength
- One NAV and one set of cash flows for analytics, investor statements, and the audit
- Cost
- Fewer research and portfolio construction tools
- Platforms in this guide
- FundCount, plus the suites (Allvue, eFront, Dynamo Software) through their accounting modules
Many fund of funds end up with both: the books as the system of record, and a research tool on top, fed from the books rather than from a separate collection process.
Quick comparison table
| Platform | Built for | Strongest at | Data source | Look-through | Capital accounts | Published pricing |
|---|---|---|---|---|---|---|
| FundCount | Funds of funds, fund admins, family offices | Portfolio management on accounting-grade data | Own ledger, AI extraction, feeds | Yes | Yes | Yes |
| Allvue | PE and VC fund of funds GPs | Suite: accounting, portal, IR, monitoring | Accounting and monitoring modules | Check with vendor | Yes | No |
| eFront (BlackRock) | Institutional fund of funds | End-to-end suite, Aladdin and Preqin data | eFront Invest, data services | Check with vendor | Yes | No |
| Dynamo Software | Allocators and GPs | CRM, research, IR, and accounting together | Platform plus a holdings service | Holdings data | Yes (module) | No |
| S&P Global iLEVEL | Fund of funds and other LPs | Monitoring with managed data collection | Managed Data Services | Yes | No | No |
| CEPRES | Institutional LPs | Benchmarking, look-through, forecasting | LP and GP data network | Yes | No | No |
| AlternativeSoft | Hedge fund of funds | Manager research, construction, and risk | Fund and manager databases | Yes (reporting) | No | No |
“Capital accounts” means capital accounts and allocations for the fund of funds’ own investors. “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 collection became standard. FundCount, S&P Global iLEVEL, and Dynamo Software now use AI to collect or extract data from GP documents. The difference is where the data lands: in the books, or in a separate analytics data set that someone has to reconcile.
ILPA templates reached both sides of the fund of funds. ILPA recommends its updated Reporting Template from Q1 2026. A fund of funds receives it from GPs that adopt it and may need to deliver it to its own institutional investors. Our guide to private equity reporting software covers both ILPA templates.
Evaluation checklist
Use this as your scoring sheet when you build a shortlist.
Data foundation
- GP documents captured with AI and reviewed by exception
- Positions and cash flows that tie to the general ledger
- One NAV per fund, not one in the books and another in the dashboard
Commitments and liquidity
- Commitments, unfunded balances, and recallable distributions per fund
- Cash flow history by fund, vintage, and strategy
- Pacing model inputs you can export or model in the platform
Monitoring and look-through
- Exposure by sector, geography, strategy, vintage, and currency
- Overlaps across managers
- Drill-down from a portfolio figure to the underlying fund and document
Manager analytics
- Benchmarks and peer data
- A due diligence workflow
- Portfolio construction tools if you allocate quantitatively
Investor reporting
- Capital account statements for your own investors
- ILPA Reporting Template output
- An investor portal with MFA and an audit log
The 7 platforms
We list FundCount first because we publish this guide, and it is our pick for most fund of funds on the criteria in the Methodology. We group the other six by primary use: suites (2 to 4), monitoring with managed data (5), and analytics (6 and 7).
FundCount: Best overall for fund of funds that manage the portfolio on their books
Quick verdict: FundCount makes the books and the portfolio record the same thing: GP documents become ledger entries, and performance, look-through exposure, and investor reporting come from those entries. For most fund of funds, that makes it the strongest core platform; add a research tool only if you allocate quantitatively.
Best for: fund of funds managers that want one source of truth for portfolio data and investor reporting, plus the fund administrators and family offices that run similar books.
What stands out
- AI Document Intelligence monitors email notifications and GP portals, downloads capital calls, distribution notices, capital account statements, and K-1s, and converts them into accounting-ready data. Each posted figure links back to its source document.
- Portfolio accounting tracks commitments, unfunded balances, and the J-curve, and calculates IRR, TVPI, DPI, and RVPI per fund and per investor, plus time-weighted returns and attribution, on the same positions and cash flows the ledger posts.
- Consolidated and look-through reports cut the portfolio by entity, asset class, or geography, and dashboards answer ad-hoc questions from the same record.
- Data aggregation brings custodian, broker, and pricing feeds into the same book, so fund interests and liquid holdings sit in one portfolio view. For hedge fund of funds, it ingests monthly NAV statements and tracks side pockets, gates, lockups, and performance fees.
- Partnership accounting and the investor portal carry the results through to your own investors’ capital accounts, statements, and K-1s.
Watch-outs
- Manager research, due diligence, and portfolio construction are not part of FundCount. Add AlternativeSoft or CEPRES if you allocate quantitatively.
- Commitment pacing and cash flow forecasting are not among FundCount’s published capabilities. If you run pacing models, feed them from FundCount’s commitment and cash flow history, or add CEPRES’s forecasting.
Pricing: FundCount publishes starting prices by firm type. Asset Management 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
- “Post a capital account statement from an underlying fund, then show the updated IRR and exposure.”
- “Show look-through exposure by strategy and vintage across all underlying funds, and drill into one figure.”
- “Show one investor’s capital account statement built from the same data.”
Run your fund of funds portfolio on one source of truth
FundCount turns GP documents into ledger entries, then calculates performance, exposure, and investor statements from the same record.
Allvue: Best for a private capital suite with fund of funds support
Quick verdict: Allvue sells a fund of funds solution on its private capital suite: fund accounting, management company accounting, an investor portal, investor relations tools, and portfolio monitoring.
Best for: fund of funds GPs that want accounting, investor communication, and fundraising from one vendor.
What stands out
- Allvue says its platform handles the intricacies of fund of funds accounting following established industry practices.
- The cloud-based Funds of Funds solution runs on Microsoft Dynamics 365 Business Central and Azure, with a general ledger, financial statement reporting, and cash management.
- The investor portal offers branded dashboards and secure document sharing, and Private Equity Essentials packages the suite for emerging managers.
Watch-outs
- Allvue’s fund of funds page describes the suite rather than look-through or underlying fund workflows. Test both in the demo.
- Ask for fund of funds references of your size; Allvue’s client base spans private equity, venture, private credit, and CLOs.
Pricing: not published; quote-based.
Ask in the demo
- “Show look-through exposure for one of our investors across all underlying funds.”
- “Process a quarter of capital account statements from our underlying funds and show the exceptions.”
eFront (BlackRock): Best for institutional fund of funds inside Aladdin
Quick verdict: eFront offers a solution suite for fund of funds: eFront Invest for investment and operational management, eFront Office for fundraising, Investment Café as the investor portal, and eFront Insight for data collection and benchmarks. It has been part of BlackRock since 2019.
Best for: large fund of funds managers and institutional investors that want private markets operations connected to Aladdin.
What stands out
- eFront Invest covers alternative investments end to end, from investor relationship management to operational management, including investor allocation.
- eFront Insight digitizes data exchanges with GPs, with data collection services and a Research module that adds benchmarks to white-labelled reports.
- BlackRock integrated Preqin data into eFront in February 2026.
Watch-outs
- Expect an enterprise-scale implementation. Smaller fund of funds managers should compare scope and cost with lighter platforms in this guide.
Pricing: not published; quote-based.
Ask in the demo
- “What does the Preqin integration add when we select new managers?”
- “Show a quarter-end close for a fund of funds with 50 underlying funds.”
Dynamo Software: Best for allocators that want CRM, research, and monitoring together
Quick verdict: Dynamo Software covers the investment lifecycle for allocators and GPs: CRM, research, investor relations, portfolio monitoring, and a fund accounting module. Its HoldingsInsight service collects underlying fund holdings.
Best for: fund of funds teams whose investment and IR workflows matter as much as the books.
What stands out
- Dynamo says its platform supports private equity, venture, credit, real estate, infrastructure, and fund of funds.
- HoldingsInsight collects, normalizes, and enriches underlying fund holdings by sector, region, and currency, and loads them into Dynamo.
- DynamoAI handles document summarization and financial data extraction.
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 HoldingsInsight data for one underlying fund next to its capital account balance.”
- “Take one manager from first meeting to commitment to quarterly monitoring.”
S&P Global iLEVEL: Best for monitoring with outsourced GP data collection
Quick verdict: iLEVEL is S&P Global’s portfolio monitoring platform, with a dedicated offering for fund of funds. Its Managed Data Services team collects GP data for you, and it reports to investors through the Prism LP portal.
Best for: fund of funds that want monitoring dashboards and would rather outsource GP data collection than staff it.
What stands out
- Fund investments, co-investments, and direct investments in one view, with customizable dashboards for ad-hoc client questions.
- Managed Data Services collect capital calls, distributions, fund valuations, underlying fund holdings, and portfolio company metrics.
- Look-through to portfolio company holdings and overlaps, with exposure by region, country, sector, or currency.
- Quarterly investor reports, an Excel add-in, and document sharing through the Prism LP portal.
Watch-outs
- iLEVEL is monitoring software, not a ledger. Capital accounts and statements for your own investors come from your accounting system or administrator, and the two data sets need reconciling.
- Managed Data Services is a service. Confirm turnaround after quarter-end and how errors are caught.
Pricing: not published; quote-based.
Ask in the demo
- “How many days after quarter-end is our data complete, and who checks it?”
- “Reconcile iLEVEL’s NAV for one fund with the capital account balance in our books.”
CEPRES: Best for benchmarking, look-through analytics, and pacing
Quick verdict: CEPRES is a private markets data and analytics platform for institutional investors. It combines portfolio monitoring with benchmarking, due diligence, and forecasting.
Best for: institutional fund of funds that benchmark managers and plan commitment pacing.
What stands out
- Portfolio Monitoring tracks fund, deal, and company-level exposures, and Analysis Builder supports custom analysis of look-through data.
- Benchmarking on GP track records, plus portfolio forecasting for cash pacing and NAV planning.
- CEPRES describes its LP and GP data exchange network as the world’s largest, and AInsights adds AI analysis.
Watch-outs
- CEPRES focuses on analytics. It does not keep the books or allocate results to your investors.
Pricing: not published; quote-based.
Ask in the demo
- “Build a pacing plan from our actual commitments and cash flows.”
- “Benchmark one of our managers against peers of the same strategy and vintage.”
AlternativeSoft: Best for hedge fund of funds manager selection and portfolio construction
Quick verdict: AlternativeSoft is a portfolio analytics platform for fund of funds: manager research, peer benchmarking, portfolio construction, risk monitoring, and look-through investor reporting. It does not do fund accounting.
Best for: hedge fund of funds and multi-manager teams that select and size managers quantitatively.
What stands out
- Manager research across 500,000+ funds, with peer group benchmarking.
- Portfolio construction with mean-variance optimization, risk parity, Black-Litterman, and risk budgeting.
- AI-assisted due diligence questionnaires and look-through risk and performance reporting for investors.
Watch-outs
- AlternativeSoft does not keep the books or allocate to investors. Pair it with an accounting system or administrator.
Pricing: not published; quote-based.
Ask in the demo
- “Build a risk-parity allocation across our current managers and show the investor report.”
- “Run a due diligence questionnaire on one of our managers’ documents.”
How to choose: a decision path
Answer these in order. Most fund of funds end with one core platform plus, at most, one analytics tool.
-
Do you want portfolio data, investor allocations, and reporting on one source of truth?
- Yesshortlist FundCount, then go to step 3.
- Nogo to step 2.
-
Do you want one vendor for accounting, CRM, fundraising, and monitoring?
- Yescompare Allvue, eFront, and Dynamo Software, then go to step 3.
- Nopair your accounting system or administrator with S&P Global iLEVEL for monitoring and managed data, then go to step 3.
-
Do you select managers or size commitments with quantitative analytics?
- Yesadd CEPRES for private markets benchmarking and pacing, or AlternativeSoft for hedge fund of funds.
- Noyour shortlist is complete.
Want portfolio analytics you never have to reconcile?
FundCount is the only platform in this guide that publishes its starting prices, so you can check budget fit first. In the demo, we follow a capital call notice from an underlying fund through extraction and posting, then show its effect on IRR, exposure, and an investor’s statement.
FAQs
What is fund of funds portfolio management software?
Software a fund of funds uses to choose managers, track commitments and cash flows, monitor performance and look-through exposure across underlying funds, and report to its own investors.
How is it different from fund of funds accounting software?
Portfolio management software helps you decide and monitor; accounting software keeps the books and allocates results to your investors. The strongest setups run both on the same data. Our guide to fund of funds accounting software compares the accounting side.
What is commitment pacing?
Pacing plans future commitments so the portfolio reaches its target allocation as earlier funds call and distribute capital. Many teams model it in spreadsheets, and CEPRES offers forecasting. Whatever tool you use, feed it from the actual commitment and cash flow history in your books.
What is look-through reporting?
Reporting that shows a fund of funds’ exposure to the holdings of its underlying funds, by sector, geography, strategy, or vintage, in proportion to its ownership. It needs holdings data from each underlying fund, not just NAV.
Can AI replace manual entry of GP documents?
It removes most re-keying, but not review. Test how the platform flags exceptions, who corrects them, and whether each figure links back to its source document.
Do fund of funds need manager research software?
If you allocate quantitatively or monitor many hedge fund managers, usually yes. Private markets fund of funds often get more value from benchmarks and a consistent due diligence record.
What should a portfolio management demo cover?
One quarter end to end: capture GP documents, review exceptions, update the books, refresh performance and look-through exposure, produce investor statements, and trace one portfolio figure back to its source document.
Which platforms publish pricing?
Of the 7 platforms in this guide, only FundCount publishes starting prices on its website. The others quote based on modules, funds, users, and services.
Methodology
What we included: platforms fund of funds use to monitor, analyze, and report on portfolios of fund investments. We chose 7 that cover the core jobs and appear in search results for this topic.
How we evaluated: we weighted the data foundation highest (where portfolio numbers come from, and whether they tie to the books), then look-through and performance, investor reporting, manager analytics, and published pricing. On these criteria we rate FundCount best overall. If manager research or portfolio construction is your main need, the analytics platforms in this guide score higher.
Sources: each vendor’s public product pages, data sheets, and marketplace listings, reviewed in October 2026. FundCount capabilities come from FundCount’s product documentation. Watch-outs are our editorial assessment. We did not run hands-on tests of competitor products, and vendors did not review their entries.
Published: October 2026.
