How much does fund administration cost?

Setup: $2,500 – $5,000 one-time

One asset, small investor list, annual or event-driven reporting. Often paired with an ERA filing rather than full registration.

Setup: $7,500 – $9,000 one-time

Quarterly NAV and investor statements, reconciliations, capital accounting, first-year GAAP reporting billed separately.

Setup: $7,500 – $9,000 one-time

Monthly NAV with three-way tie-out, ASC 820 price verification, high-water marks, audit and tax workpaper support.

Setup: $12,000 – $24,500 one-time

Several series or share classes, multiple custodians, foreign investors, ongoing Form D and Blue Sky filings, side letters.

How much does fund administration cost?

For an emerging manager running a single fund, outsourced fund administration generally runs $3,500–$6,000 per month with a one-time onboarding and setup fee of $7,500–$12,000. Adding a GP or management-company entity typically adds $250–$750 per month. Quarterly-close mandates are often billed per close ($9,000–$10,000 per quarter) instead of monthly. Larger or multi-series complexes are quoted on scope rather than a rate card.

What drives the price up or down?

Close frequency (monthly vs. quarterly NAV), number of entities and share classes, number of custodians and prime brokers, investor count and capital-activity volume, trade volume and instrument types (options, shorts, borrow, FX), whether positions are illiquid or Level 3 under ASC 820, whether the first partial fiscal year needs GAAP financials and audit support, and how much investor onboarding execution the administrator absorbs.

Is fund administration cheaper than doing it in-house?

Below roughly $100M in net assets, almost always. A qualified fund accountant costs $110,000–$180,000 in salary plus benefits and software, and one person cannot provide the segregation of duties an auditor or an LP diligence team expects. An outsourced team at $4,000–$6,000 per month delivers reconciliations, NAV, investor capital accounting, and audit support with a reviewer behind the preparer.

What should a fund admin fee include?

General ledger and trial balance, cash, position, margin and FX reconciliations, trade-date investment accounting, an ASC 820 valuation policy with independent price verification, a three-way NAV tie-out, investor capital accounting with allocations and high-water marks, capital call and distribution processing, investor statements and portal access, GAAP financial statements, audit and tax workpaper support, and a filing calendar. Ask whether technology access is included or billed separately.

What is usually not included?

Audit and tax preparation fees, legal formation and fund documents, state and EDGAR filing fees, AML/KYC vendor subscriptions, bank and custodian charges, and named-CCO or registration work. These are third-party or separate-engagement costs and should be listed explicitly in any proposal.

How does FIN Group price fund administration?

By scope, not by a public rate card, because emerging-manager mandates vary widely. Engagements are structured as three workstreams — launch and operational setup, fund accounting and NAV, and ongoing fund operations and compliance — and every fund administration engagement includes RegReview (3 users) and InvestPrep Essentials at no additional license cost for the term. Request a written quote and you get the hour envelope and re-quote triggers in writing.