We are global private markets specialists delivering tailored investment solutions, advisory services, and impactful, data driven insights to the world’s investors. Leveraging the power of our platform and our peerless intelligence across sectors, strategies, and geographies, we help identify the advantages and the answers our clients need to succeed.
Position Overview:
The roles and responsibilities of the Fund Accountant on the Fund Accounting Operations team can be broken down to five main areas: Budget/Accruals, Treasury, Net Asset Value, Fund Accounting Reporting, and Investor Activity. The Fund Accountant will support the day-to-day fund accounting and financial oversight of several funds, including both US and non-US funds. The responsibilities include but are not limited to:
Essential Functions:
- Maintaining complete and accurate ledgers of expenses, both for budgets and accruals.
- Complete ongoing analysis of budgets, accruals, and actual expenses monthly.
- Understanding of all service agreements with third-parties.
- Calculate and track accruals to ensure proper payments daily and/or monthly management fees, redemptions, third-parties, etc.
- Analyze, summarize, and report expense run rates for each fund monthly.
- Update N-2 Fee table annually and as requested.
- Coordinate with Investment Operations team for daily investment fundings.
- Complete wire submissions for capital call investment activity in a timely manner.
- Complete wire call backs with external custody team, when necessary.
- Complete daily bank reconciliations for incoming and outgoing wires.
- Complete weekly cash forecasting to ensure appropriate cash balances in local currencies for upcoming investment activity, subscriptions, redemptions, and distributions.
- Analyze sharesheets for any discrepancies and resolve when necessary.
- Responsible for striking NAV on a daily/monthly cadence for each responsible fund.
- Ensure that the cash and investment activity are booked at third-party administrator to ensure that Daily NAVs can be completed by Investment Operations team.
- Compare NAV packages received from fund administrator to estimated NAVs in a timely manner to ensure accuracy.
- Complete 80% test upon completion of each Daily NAV determination.
- Utilize uniform NAV Summary template and distribute to internal stakeholders.
- Regularly communicate with Corporate Finance for NAV updates, including estimated management/incentive fees, NAV, and performance
- Review and update Contact Sheets and tax forms for accuracy as needed.
- Ensure UMB timely generates and distributes 1099s annually for each fund.
- Liaise with Regulatory & Reporting team for financial reporting and tax reporting.
- Determine and calculate deferred tax assets/liabilities monthly.
- Calculation of redemptions and distributions and provide oversight of the fund administrator quarterly.
- Ensure annual investor 1099s are accurate and distributed timely.
- Coordinate with the operations teams for investor activity to ensure accurate records.
Education and Experience Requirements:
- Must possess a four-year college degree with a major in Accounting
- Four to six years of accounting or audit experience
- Previous experience with Investment Company Accounting and ASC 820 (FAS 157) preferred
- A strong understanding of SEC regulations, with a particular focus on the Investment Advisers Act of 1940 (“40 Act”)
Knowledge, Skills, and Ability Requirements:
- Strong verbal and written communication skills
- Strong Microsoft Excel experience
- Ability to multi-task and manage priorities against key deadlines
Other Attributes:
- Must be able to work independently, but contribute in a team-oriented environment
- CPA preferred
About Us
Working out of 26 offices in 15 countries, StepStone has a truly global viewpoint. As people are our biggest asset, we offer resources to help our employees reach their full potential. Our principles are based on integrity, transparency, respect and creativity, which together define how we do business.
Join us
When you choose to work at StepStone, you'll find a group of professionals who are passionate about anticipating changes, solving problems and working together to make it all happen. Our integrated global team shares insights into how managers think and operate, as well as how they might perform.
StepStone offers a competitive compensation package including salary and incentive compensation for all full time hires, as well as a comprehensive benefits package.
Benefits
We offer a range of benefits which include comprehensive healthcare, strong retirement plan, a mental health well-being program, paid time off, student loan repayment program for our US office locations, and several wellness initiatives.
Disclaimer / Policy Statements
At StepStone, diversity, equity and inclusion are an integral part of our culture. We are an Equal Opportunity Employer that strives to create an inclusive environment that empowers our employees and allows them to be heard, regardless of title or tenure. Our organizational community features multiple Employment Resource Groups representing our dedication to Diversity, Equity & Inclusion.
As an Equal Opportunity Employer, StepStone does not discriminate on the basis of race, creed, color, religion, sex, national origin, citizenship status, age, disability, marital status, sexual orientation, gender identity, gender expression, genetic information or any other characteristic protected by law.
Developing People at StepStone
