Senior Fund Accountant (DCS)

Petra Funds Group; New York (NY); Hybrid; USD 102,000 - 153,000; Full time

Benefits offered by this job

Health insurance

Hybrid work environment

401(k) employer match

Paid time off

HSA contributions

Job summary

Petra Funds Group is seeking a Senior Fund Accountant to join a client team overseeing fund accounting for private equity and debt vehicles. You will independently recompute, review, and sign off on materials prepared by the administrator, focusing on co-invest entities and legacy funds.

You will own capital activity, treasury, quarterly close, and tax support, ensuring accuracy and timeliness while coordinating with Controllers, auditors, and tax advisors.

Qualifications

• 4-6 years of fund accounting experience at a Big 4/national firm (asset management practice), a fund administrator, or in‑house at a private equity or credit manager.
• Experience with closed‑end drawdown funds.
• Strong command of US GAAP and ASC 946 investment company accounting, capital call and distribution mechanics, partner allocations, distribution waterfalls, management fee and carried interest calculations, and ASC 820 fair value concepts.
• Ability to read an LPA and side letters and translate the economic terms into a calculation, without relying on someone else’s summary.
• Advanced Excel skills.
• Hands‑on treasury experience: initiating and releasing wires, building funding/payment schedules, and performing cash reconciliation across multiple entities.
• Exposure to credit vehicles, co‑invest vehicles, SPVs, parallel funds, and blocker/feeder structures.
• Prior experience reviewing outsourced administrator work product; experience with Petra and/or Northern Trust is a distinct plus.
• Comfort using AI platforms to work more efficiently.

Responsibilities

• Prepare all capital activity, either in-house or by kickstarting and reviewing the administrator's process.
• Build and validate investor‑level allocations of called and distributed amounts in line with the LPA, side letters, and subsequent closes.
• Review and tie out investor notices and statements against the underlying model and GP cover letter.
• Confirm notice dates, funding due dates, and wire instructions are consistent across all documents.
• Coordinate the wire package with the administrator and track funding receipt through resolution.
• Maintain a clean audit trail across models, approvals, notices, and funding confirmations.
• Review invoices against supporting documentation, vendor, amount, period, and GL coding.
• Determine fund vs. manager vs. shared expense classification against the LPA, side letters, and firm expense policy.
• Perform high‑level reasonableness checks on allocations and flag recurring or unusual items to the Controller.
• Input and release wires for distributions, fundings, expenses, and intercompany transfers, following dual‑approval and callback protocols without exception.
• Support bank account opening and maintenance for funds, co‑invest vehicles, and SPVs.
• Reconcile operating and capital accounts, research and clear breaks, and manage cash tied to investment activity, including escrow, holdback, and lender draws.
• Monitor liquidity and flag anticipated shortfalls ahead of funding dates.
• Serve as first‑level reviewer on close packages, allocations, distribution waterfalls, carried interest, PCAPs, net IRR, remaining commitment schedules, draft financials (year‑end), management fee calculations, reconciliations, and the NAV build.
• Foot and cross‑foot, recompute independently, and document review comments through to clearance.
• Drive the close calendar with the administrator and accelerate presentation or treatment questions to the Controller.
• Support K‑1 preparation and review, coordinate with tax preparers, and assemble audit PBC deliverables.
• Take on other ad hoc analysis and projects as assigned.

Skills

Fund accounting

US GAAP

Advanced Excel

Treasury experience

Investran

Education

CPA, active or in progress

Tools

Investran

eFront

Allvue

Geneva

Sage

QuickBooks

Job description

Petra Funds Group is a single source provider for the fund administration and fund infrastructure needs of Private Equity and Debt Funds. At Petra, we enable fund managers to focus on the tasks that add the most value to their businesses and leave the rest to us. Petra is made up of highly experienced professionals across the US and Europe. In a business where accuracy and timeliness are paramount, having a deep bench who have spent years working inside of asset managers is what truly differentiates us. Our foundation is built on trust, experience, and uncompromising accuracy. Our people are experts. We work collaboratively. We are relentless in our process and put attention to detail first.

What You Will Do

This role sits directly with one of Petra's clients, an established alternative investment manager that runs private equity/buyout funds, credit funds, and deal-by-deal co-investment vehicles and SPVs. The client's day-to-day fund accounting is performed by a third‑party administrator, but the firm retains full ownership of review, technical accounting positions, and everything that goes out to investors, auditors, and tax authorities. This hire is one of two being added to build out that internal review function from the ground up, working shoulder to shoulder with the client's Controller and broader team. The Senior Fund Accountant owns the accuracy and timeliness of all fund accounting deliverables for an assigned group of funds and co‑investment vehicles. Initially, this person will focus primarily on the various co‑invest entities and legacy funds, with the role expected to grow over time. This is not a pass‑through position: the Senior Fund Accountant is expected to independently recompute, challenge, and sign off on everything that touches their entities, serving as the first level of review over administrator‑prepared work product.

Responsibilities

• Capital Activity

• Prepare all capital activity, either in-house or by kickstarting and reviewing the administrator's process.
• Build and validate investor‑level allocations of called and distributed amounts in line with the LPA, side letters, and subsequent closes.
• Review and tie out investor notices and statements against the underlying model and GP cover letter.
• Confirm notice dates, funding due dates, and wire instructions are consistent across all documents.
• Coordinate the wire package with the administrator and track funding receipt through resolution.
• Maintain a clean audit trail across models, approvals, notices, and funding confirmations.

• Manager Expense Reimbursement

• Review invoices against supporting documentation, vendor, amount, period, and GL coding.
• Determine fund vs. manager vs. shared expense classification against the LPA, side letters, and firm expense policy.
• Perform high‑level reasonableness checks on allocations and flag recurring or unusual items to the Controller.

• Treasury & Cash Management

• Input and release wires for distributions, fundings, expenses, and intercompany transfers, following dual‑approval and callback protocols without exception.
• Support bank account opening and maintenance for funds, co‑invest vehicles, and SPVs.
• Reconcile operating and capital accounts, research and clear breaks, and manage cash tied to investment activity, including escrow, holdback, and lender draws.
• Monitor liquidity and flag anticipated shortfalls ahead of funding dates.

• Quarterly Close - Administrator Review

• Serve as first‑level reviewer on close packages, allocations, distribution waterfalls, carried interest, PCAPs, net IRR, remaining commitment schedules, draft financials (year‑end), management fee calculations, reconciliations, and the NAV build.
• Foot and cross‑foot, recompute independently, and document review comments through to clearance.
• Drive the close calendar with the administrator and accelerate presentation or treatment questions to the Controller.

• Tax, Audit & Ad Hoc

• Support K‑1 preparation and review, coordinate with tax preparers, and assemble audit PBC deliverables.
• Take on other ad hoc analysis and projects as assigned.

Qualifications

• 4-6 years of fund accounting experience at a Big 4/national firm (asset management practice), a fund administrator, or in‑house at a private equity or credit manager.
• Experience with closed‑end drawdown funds.
• Strong command of US GAAP and ASC 946 investment company accounting, capital call and distribution mechanics, partner allocations, distribution waterfalls, management fee and carried interest calculations, and ASC 820 fair value concepts.
• Ability to read an LPA and side letters and translate the economic terms into a calculation, without relying on someone else's summary.
• Advanced Excel skills.
• Hands‑on treasury experience: initiating and releasing wires, building funding/payment schedules, and performing cash reconciliation across multiple entities.
• CPA, active or in progress.
• Exposure to credit vehicles, co‑invest vehicles, SPVs, parallel funds, and blocker/feeder structures.
• Working knowledge of a fund accounting platform (Investran, eFront, Allvue, Geneva, or similar) and of Sage or QuickBooks.
• Prior experience reviewing outsourced administrator work product; experience with Petra and/or Northern Trust is a distinct plus.
• Comfort using AI platforms to work more efficiently.

Salary Range

At Petra Funds Group, we are committed to transparency and equity in our hiring practices. The compensation range for this position is $102,000 - $153,000 per year. This range represents the base salary only. Actual pay will depend on factors such as qualifications, experience, and skills.

How We Care

• 90% covered medical, dental, and vision insurance premiums to help you stay healthy without financial strain.
• Fully funded Health Savings Account (HSA) employer contributions up to the IRS maximum - available to employees enrolled in our high‑deductible health plan. *
• 401(k) employer match at 100% of your contributions up to 5% of compensation, with immediate vesting, so you start building long‑term savings right away.
• Flexible paid time off to recharge, travel, or take care of what matters most.
• Generous holiday calendar to ensure you have time to rest, reflect, and celebrate throughout the year.
• Hybrid work environment that offers flexibility and supports work‑life balance.
• Funded amount is prorated for new hires.

What We’re Proud Of

• Certified Great Place to Work®, based on direct feedback from our employees about trust and overall culture.
• Fortune Best Medium Workplaces and Best Financial Services & Insurance Workplaces, highlighting our commitment to building an environment where people thrive.