What are the responsibilities and job description for the Assistant Fund Controller position at Madison-Davis, LLC?
Title: Assistant Fund Controller
Office Status: Hybrid, 3-4 times a week in office.
Responsibilities:
Our client’s Private Credit firm managing $40B AUM with specific focus on private equity and credit investments is seeking a highly skilled Assistant Fund Controller to join their dynamic team. The division specializes in investing in private credit and real estate credit across the U.S. and Europe, leveraging an extensive network of relationships to conduct in-depth fundamental analysis and due diligence. The Private Credit Accounting Group plays an important role in managing the financial reporting, operations, and accounting functions for the Funds.
As a Assistant Fund Controller, you will be instrumental in supporting the Private Credit team’s growth and operational excellence. This role offers a unique opportunity to contribute to the division’s ongoing success by ensuring strong financial controls, enhancing reporting processes, and supporting various business functions.
Responsibilities:
- Manage the execution, settlement, accounting, and reporting for private investments, ensuring coordination with the investment team and internal groups. Involving preparing complex trade entries, maintaining accuracy, controls, and supporting documentation.
- Review profit & loss analytics on private investments and prepare monthly track records for side pocket and private investment performance. These records are used for reporting distributed to investors.
- Oversee the preparation and review of the monthly close processes for private credit funds, including fund allocations and investor incentive calculations. Collaboration with internal groups is essential to support the NAV close process.
- Manage the setup and review of capital events such as capital calls, distributions, and closings. This ensures proper execution and documentation for each event.
- Handle the accounting and operational maintenance of Special Purpose Vehicles (SPVs) for private investments. This includes liaising with foreign administrators for audits and managing SPV accounts payable.
- Review GAAP financial statements prepared by third-party administrators and coordinate with external auditors for interim and year-end requests. Ensure compliance with reporting standards and timelines.
- Identify and escalate operational inefficiencies to senior management and work with the Technology group to address workflow issues. Collaborate on creating a business plan for implementing improvements.
Qualifications:
- A minimum of a Bachelor’s degree in Accounting or Finance is required.
- 5 years of relevant work experience, ideally in public accounting (hedge fund/private credit auditing) or private credit fund accounting with an asset manager or administrator.
- Proficient understanding of closed-end funds, including mechanics of capital calls, distributions, and subsequent closings.
- In-depth knowledge of complex fund and Special Purpose Vehicle (SPV) structures.
- Experience in private investment transaction operations and accounting is required.
- Strong knowledge in fund investor capital and profit & loss allocations, including complex calculations of incentive fees, hurdle rates, side pocket accounting, and P&L allocation.
Salary : $150,000 - $180,000
