It may sound basic, but one of a third-party administrator’s core responsibilities is to lighten the workload of the investment manager’s staff — allowing you to focus on high-value activities such as raising and investing capital. At NES Financial, we take this principle seriously, and we believe the results should be immediate.
That’s why, when we enter into an engagement with a new client, we fully manage the onboarding process so that there’s no disruption to normal operations and your staff aren’t burdened with any extra responsibilities.
Here’s a quick overview of what the process normally looks like:
1. Kickoff call.The first step is to introduce the core service team to the client and to provide a full overview of our processes and systems. During the kickoff call, we also ensure we collect all governing documents for our clients’ funds and are familiar with their specific features and requirements. Finally, the call gives the client the opportunity to raise questions on investor onboarding logistics and requirements, as well as the treasury, accounting and reporting services we provide.
2. Prior funds? No problem. In case our clients have existing funds for which they transition fund admin to us, we analyze their funds, propose a full project plan and provide project management.
3. Setting milestones.Getting a fund up and running is a marathon, not a sprint. The project is milestone based and includes check points at the completion of each step. While each fund is different, here are the general steps to follow leading up to fund launch:
- Planning and Project Management. NES Financial oversees each task of the services. We coordinate project resources, manage timelines and deliverables, participate in project meetings and conference calls, resolve any disputes or deliverable delays and are accessible to assist you in problem resolution and project administration throughout all phases.
- eSTAC® and General Ledger Setup. During this phase of the project, NES Financial sets up and configures eSTAC (our proprietary software platform) and the General Ledger system for each entity.
- Static and Transaction Data Migration. This is when we upload historical data and reconcile all records.
- Reporting Prep. NES Financial develops reporting packages and clients sign off on final presentation.
- Roll-Out (Production Parallel). The production parallel period occurs for at least one reporting period for each newly transitioned fund to NES Financial. At the end of the production parallel, the fund is designated as fully operational on the NES Financial administration platform as the official source of books and records for the associated legal entity.
4. Keeping the schedule. We hold weekly checkpoint meetings with all key SMEs to address questions that may arise during onboarding. We also generate and distribute weekly status reports to key personnel within the investment manager.
At NES Financial, our dedicated client services team has experience working with private equity funds old and new, big and small. If you’d like more information on how we can help your fund, please don’t hesitate to contact us.
Read more about our approach to client service in these previous blogs: