Fund administration software is what an administrator runs, and a fund searching for it is usually deciding between hiring one and doing the job itself for another year. The job has two halves that are easy to confuse. One half is the investor side: calls, distributions, capital account statements and the quarterly figures, which a small fund can compute itself from its own record. The other half is the accounting: the general ledger, the NAV, the waterfall, the audited close, which it cannot. This page says which half is which, what fund admin software does in each, and where this site's product stops, with figures worked on its own worksheets.
The investor half: calls, distributions and statements a fund can issue itself
A capital call notice is a percentage of a commitment. A distribution notice is a share of a fund-level amount. A capital account statement is the running total of both against the commitment, and the quarterly figures are ratios over paid-in capital. Every one of those is arithmetic over the investor record, and a fund with a few dozen investors can produce them itself: on this site's worked example a ten percent call against a five million dollar commitment issues a notice for five hundred thousand dollars and leaves two million seven hundred and fifty thousand uncalled, and the fund-level update reports a TVPI of one point eight five times from four inputs. This half is what Rapportvo does.
The accounting half: the ledger, the NAV and the close a fund cannot do itself
Fund administration software in the administrator's sense is a general ledger for the partnership: every expense, every fee accrual, every investment at cost and at fair value, the NAV computed from them, the waterfall that allocates gains between the limited partners and the carry, and the year-end close that the auditor signs. That is accounting, it runs on an administrator's platform, and the figure it hands the investor side each quarter is the residual value. A fund that tries to do this half in a spreadsheet is not saving on an administrator; it is deferring an auditor's finding.
Where the two halves meet, and where the record ends
The administrator's NAV becomes the residual value on the fund's investor update; the fund's record of calls and distributions becomes what the administrator's capital account statements are reconciled to. A fund with no administrator yet runs the investor half itself and pays an accountant for the return; a fund with one keeps its own record beside the administrator's platform as the working copy. Rapportvo is the investor half and says so: it does not produce a NAV, a waterfall or an audited statement, and a page here that implied otherwise would be selling the administrator's job.
Questions people ask about fund administration software
Is fund admin software the same as an investor portal?
The portal is the window investors get onto the administrator's figures. The software behind it is the ledger and the NAV. A fund's own record is neither; it is what the fund keeps and checks the administrator against.
When does a fund need an administrator rather than software?
When it needs an audited NAV, a waterfall computed under the partnership agreement, or more capital account statements than one person can issue. The investor half can be run on a record from the first close; the accounting half needs a professional from the first audit.
Does Rapportvo compute the waterfall?
No. It records distributions as made and reports DPI from them. The allocation of a distribution between the limited partners and the carry is the administrator's calculation under the agreement.