Fund & Management Company Accounting
ZCW is the CPA firm behind emerging and lower-middle-market managers. Fund books, management company accounting, K-1s, and LP reporting that stand up to institutional due diligence, all under one roof.
LP Reporting Package
Every quarter, due-diligence ready
Capital Account (PCAP)
Reconciled
Ties back to the LPA
Investor K-1s
On time
Before LPs ask
Waterfall & Carry
Modeled
Preferred, catch-up, carry
Year-End Audit
Ready
Workpapers organized
We typically reply within one business day.
We run on the fund platforms institutional LPs expect.
3
sets of books, one team
5.0
rating on Sam's List
K-1s
in before LPs ask
ILPA
aligned LP reporting
Who We Serve
From first-time funds to established boutiques, we speak your structures fluently. Capital calls, waterfalls, carried interest, and K-1s.
Stand up an institutional back office from fund one, without hiring a full finance team.
Fund accounting, capital accounts, and LP reporting that hold up in operational due diligence.
Clean allocations, portfolio marks, and K-1s your LPs and founders can rely on.
Fund and asset-level books, waterfalls, and investor reporting across the whole portfolio.
Deal-by-deal accounting and management company books that scale into your next raise.
Layered allocations and consolidated reporting handled cleanly across every vehicle.
Our Expertise
The whole back office for a private equity firm, from capital calls to K-1s, delivered by CPAs who live in fund accounting.
Capital calls, distributions, NAV, and allocations, with waterfall and carry calculations and capital account statements your LPs can rely on.
The GP entity's books: management fee income, expense allocations, and payroll oversight.
Fund and GP returns, K-1 preparation and delivery, carried interest and blocker-entity structuring.
Organized workpapers, valuation support, and fee calcs so year-end audit is fast and clean.
ILPA-aligned reporting packages, capital account statements, and call and distribution notices.
Fund modeling, budgeting, and launch support for emerging managers building their operations.
Bookkeeping, monitoring, and roll-up reporting across your underlying investments.
A fund administrator runs the admin. A generalist CPA does not know a waterfall. We do both, under one roof.
Why Managers Choose ZCW
A fund administrator only runs the admin. A generalist CPA does not know a waterfall. As a CPA firm with real fund-accounting depth, we own your fund books, management company, tax, and audit readiness together, so nothing falls between advisors.
How distributions flow
The waterfall, in the order your LPA sets
What managers rely on us for
3
sets of books, one team
K-1s
before LPs ask
ILPA
aligned LP reporting
Sean Zhubrak, CPA
Founder & Managing Partner
Work With a Partner
You work directly with a partner who runs fund books every day, not a rotating account manager. Capital calls, waterfalls, K-1s, and LP reporting, handled by someone who knows your structures cold.
Engagements
Our pricing reflects real fund-accounting depth and a level of structuring and reporting a generalist firm cannot match. You always know what you are paying before we begin.
Fund and GP returns, with K-1s your investors can file on.
Custom
per engagement
Capital calls, distributions, NAV, waterfalls, and PCAP capital account statements.
Custom
monthly, scoped to your fund
ILPA-aligned reporting, fund modeling, and audit-ready workpapers.
Custom
monthly engagement
Final pricing is based on the number of funds and entities and the complexity of your structure.
How It Works
01
Book a quick call to see if we are a fit. No pressure, no jargon.
02
We request your prior year return and key documents to understand where you stand.
03
You get a clear, transparent proposal from our team with scope and pricing.
04
We set you up with a dedicated professional and get your books moving fast.
We typically reply within one business day, and most new clients have a proposal in hand within the week.
Free Download
See exactly what institutional LPs look for in your fund accounting, reporting, and audit trail before your next raise.
Client Reviews
Sam's List·11 reviewsOur experience was excellent from start to finish. The team consistently delivered accurate and timely reports, communicated proactively, and demonstrated a strong understanding of complex accounting and reporting requirements. They handled every aspect professionally.
Dani Kirzner
Small business owner · Client since 2018
Ari and Sean continue to surpass expectations. They are never willing to accept 'good enough' and put our account on cruise control. They are constantly looking for ways to make us more efficient.
Joel Jerozolim
Small business owner · Client since 2024
We've had a great experience with Sean and his team. They put in a lot of effort to have our close process be smooth and timely.
Montgomery Link
Small business owner · Client since 2022
From basic bookkeeping to high-end consulting on complex issues related to tax returns as well as everyday bookkeeping. Really appreciate their follow up and timeliness.
Garry Z.
Investor · Client since 2020
Great service, always on time. Well priced.
Zev Neumann
Investor · Client since 2021
It was great service and a big help. Reliable, and they gave us the opportunity to review their work before submitting to the IRS. We will use them again.
Silvana Falco
Small business owner · Client since 2023
Common Questions
Yes. We keep all three sets of books in sync: the fund, the management company (GP entity), and portfolio company reporting. One team, one consistent set of numbers.
We move in weeks, not quarters. We map your LPA, chart of accounts, and prior activity, then get your capital accounts and reporting current so your next capital call or close runs on schedule.
Yes. We produce capital account statements and reporting packages aligned to ILPA templates, built to stand up to LP operational due diligence.
Both. As a CPA firm we handle the books and the tax: fund and GP returns, K-1 preparation and delivery, and carried-interest and blocker structuring, all under one roof.
We prepare organized workpapers, capital account records, valuation support, and fee calculations, then act as the auditor's counterpart so fieldwork is fast and the audit stays on schedule.
Yes. We model your distribution waterfall, preferred return, GP catch-up, and carried interest directly from your LPA, and calculate allocations across partners accordingly.
That is one of our favorite engagements. We help emerging managers build institutional-grade operations from fund one, so you look like an established shop on your first raise.
We work in fund-ready accounting platforms and coordinate with Carta, Allvue, Addepar, and your investor portal so LPs access clean reporting.
Get Started
Work with a CPA firm that lives in fund accounting. Let's start with a quick call about your fund, your management company, and your next raise.
Get the free Fund Back-Office Readiness Checklist and see where you stand before your next raise.