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The Onboarding Process: A Critical First Step

16th Jun 2021

As private equity becomes more competitive, the debate over building out the middle and back-office versus using the services of a third-party fund administrator has shifted strongly in favor of outsourcing. When looking for private equity real estate fund administration partners, understanding their experience and processes are essential. For private equity fund administration outsourcing, the onboarding process is the first and most important step.

A dedicated onboarding team is the key to success in the process. This onboarding team’s sole focus is setting up every client and efficiently servicing their needs for the life of the relationship.

When a new fund is onboarded, the first set of challenges can arise from the data itself. These challenges consider both data volume and data diversity. Because all funds are unique, the fund data to be onboarded comes in unpredictable increments and different formats. This ranges from spreadsheets, databases, commercial general ledger systems, and more. Some funds even keep records in hard copy formats. As a result, bringing both financial and non-financial data from disparate sources into a new system can be a Herculean task.

The ideal solution replaces the labor-intensive manual effort, creates efficiency, and develops and implements best practices. Administrators with a dedicated onboarding team have the experience to adapt to and accommodate the different needs of different funds. Seasoned administrators can identify which products to use and which products to create depending on the situation. Implementing a technical solution from an established provider enables increased accuracy, lower costs, and faster time-to-market.

The most experienced fund administration providers can successfully complete the onboarding process in just a few weeks.

Get in touch with a JTC Representative today to learn more about our onboarding process!

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