As real estate funds grow, operational complexity grows with them. Investor expectations are rising, reporting timelines are tightening, and fund structures are becoming more nuanced. Models that work in the early stages often break down as funds mature.
To explore this shift, we recently hosted a Fund Admin Roundtable featuring senior leaders from Verivest, JTC, and Armanino. The discussion brought together perspectives from across the industry to examine what it truly takes to operate a fund at scale, and where managers often encounter friction.
Scaling requires an operating mindset
A central theme of the conversation was the distinction between executing deals and operating a fund. While GPs are often experienced at structuring investments, funds introduce ongoing operational responsibilities like capital accounts, waterfalls, reporting cadence, and investor communications.
Individually, these elements may seem manageable. At scale, they require standardized processes, consistent data, and clear ownership.
Rising expectations and the role of technology
The discussion also highlighted the rise of LP expectations. Increasingly, investors expect higher levels of transparency, timeliness, and the digital access institutional investors have long required.
Manual workflows and spreadsheet systems may support early-stage funds, but they introduce risk as investor bases expand. Clean data structures, automated workflows, and transparent communication are becoming the standard for maintaining investor trust.
Strengthening the partnership ecosystem
This discussion is part of Agora’s broader Trusted Partner Network initiative: an effort to bring together leading administrators, marketing partners and technology providers to elevate operational standards across the industry. By fostering open dialogue and collaboration, we aim to support GPs with a more aligned ecosystem.
Our Fund Admin Roundtable marks the beginning of expanded partnership conversations and initiatives designed to raise the bar for fund operations.
