Fund Accounting Controller (DCS)

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.

Review & Sign-Off

• →Serve as second-level reviewer over all administrator-prepared and Senior-reviewed workpapers: close packages, allocations, waterfalls, PCAPs, remaining commitment schedules, financial statements, and management fee calculations.
• →Review and approve capital calls, distributions, and investor notices before release.
• →Approve manager expense reimbursement packages and the allocation methodologies underlying them; hold final authority on fund vs. manager expense determinations.
• →Sign off on financial statements before release to auditors, investors, or lenders.

Technical Accounting & Presentation

• →Own accounting treatment for new, unusual, or judgmental transactions.
• →Own presentation and disclosure: financial statement format, schedule of investments, footnotes, financial highlights, expense ratios, and IRR presentation under ASC 946.
• →Apply US GAAP, ASC 946, and ASC 820, and maintain the fair value hierarchy and Level 3 roll-forward.
• →Address subscription facilities, leverage and credit facilities, PIK income, restructurings, recycling, and recallable distributions.
• →Own consistency of presentation across funds and periods.

Fund Economics

• →Review and validate distribution waterfalls and carried interest accrual/reversal positions and their financial statement presentation.
• →Review management fee calculations, step-downs, and offsets.
• →Confirm economic terms are applied consistently with the LPA and side letters.

Treasury Oversight

• →Step in on wire input when the Senior Fund Accountant is unavailable, and review payment models and callback verifications.
• →Own the bank relationship and account structure, including oversight of account openings.
• →Review cash reconciliations across all entities and own resolution of aged or unexplained breaks.
• →Own platform liquidity: cash forecasts, call sizing, expense funding, and use/repayment of subscription or credit facilities.

Audit & Administrator Oversight

• →Own the external audit relationship: planning, timeline, PBC coordination, negotiation of accounting positions, and resolution of adjustments.
• →Own the administrator relationship: service levels, deliverable calendar, quality expectations, error tracking, and escalation.

Governance, Process & Team

• →Maintain internal controls over fund accounting, wire release, and expense approval.
• →Review K-1 support and coordinate with the client on tax reporting; approve partner-level allocation data before it goes to tax preparers.
• →Develop and supervise the Senior Fund Accountant, and lead process improvement and system implementation as the platform grows.

• 10+ years of progressive accounting experience, including prior experience as a Controller, Assistant Controller, or senior fund accounting manager at a private equity or credit manager.
• Experience with closed-end private equity and credit vehicles; exposure to co-invest vehicles, SPVs, parallel and feeder structures, and blockers.
• Deep command of US GAAP, ASC 946, and ASC 820, with the ability to research an issue and reach a defensible conclusion.
• Direct ownership of a financial statement package, including format, footnotes, financial highlights, and schedule of investments.
• Experience running an audit from the client side, including negotiating positions and resolving proposed adjustments.
• Fluency in LPAs and side letters, with the ability to independently determine whether a calculation matches the governing documents.
• Demonstrated experience overseeing a third-party administrator, including holding them accountable for quality and timeliness.
• A mix of public accounting and in-house fund experience.
• Advanced Excel skills and fluency with fund accounting/GL systems; Sage or QuickBooks experience is a plus.
• Experience with Northern Trust as an administrator.
• Comfort using AI platforms to work more efficiently.

We’re proud of many milestones, but we’re especially honored by the recognition we’ve received for our workplace experience: 

• 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.