The quarterly close checklist
The order of operations that gets a private fund from quarter end to investor reports.
What are the steps in a private fund quarterly close?
Reconcile cash and capital activity; accrue income, fees and expenses; approve valuations; post unrealised gains; allocate results to partner capital accounts; review variances; lock the period; then generate and release investor reports.
1. Cash and capital activity
Bank reconciliation; confirm calls, distributions and transfers in the period.
2. Accruals
Interest, dividends, management fees, offsets, fund expenses and carry accruals.
3. Valuations
Portfolio data collected; marks prepared, reviewed and approved; unrealised gains posted.
4. Allocations
Results allocated to partners by commitment, class and overrides.
5. Review and lock
Variance review against the prior quarter; sign-off; period locked.
6. Report and release
Capital account statements, quarterly pack, ILPA templates; review, then release through the portal and app.
Questions
How long should a close take?
Two to four weeks is typical; one ledger shortens it by removing reconciliations between systems.
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