Private Equity Secondaries

Fund Administration

Technology-enabled control across both sides of the transaction

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Technology-Enabled Oversight

Private equity secondaries create complex ownership, accounting and reporting requirements across multiple vehicles and jurisdictions. Alter Domus combines specialist secondaries expertise with technology-enabled solutions to provide integrated operational support across both sides of the transactions, including:

  • Fund Administration supporting accounting, reporting, and ongoing operations
  • Investor and Capital Services streamlining investor activity and capital transactions
  • HoldCo and SPV Administration managing complex ownership structures
  • Regulatory Support addressing compliance requirements across jurisdictions
  • Structured Data Solutions providing greater transparency and operational oversight

Private Equity Experience at Scale

Ranked

#1

for thirty-party of PE, Secondaries funds by fund count according to Preqin

More than

100+

active private equity secondaries funds administered

Ranked

$90bn+

Assets under administration across private equity-led secondary strategies

More than

39 Offices across
23 jurisdictions

Global reach supported by expertise in the markets where fund and entities operate

Who We Serve

Across both established secondaries fund managers and primary fund managers creating secondary structures, we work with CFOs, COOs, fund controllers, investor-relations teams and heads of fund finance and operations.

Established Secondaries Fund Managers

We partner with established secondaries managers to build scalable operating models that support complex portfolios and reporting requirements:

  • Fund and investor administration across structures
  • Capital activity and entity services
  • Standardized data across investment interests
  • Scalable operations across funds and jurisdictions

Primary Fund Managers Creating Secondary Structures

Alter Domus supports primary fund managers transitioning assets into secondary structures while maintaining operational continuity:

  • Continuation vehicle setup and entity administration
  • Transfer of financial and economic data
  • Investor elections and transaction accounting
  • Coordinated translations and ongoing reporting

Private Equity Secondaries

Why Alter Domus for PE Secondaries

Put Proven Experience Behind Complex Fund Economics

  • Transaction Economics – Accurately capture capital activity, commitments and fees
  • Integrated Reporting – Align accounting, carried interest and investor allocations
  • Investor Confidence – Deliver clear, accurate reporting from the first cycle

Connect the Fund to the Wider Structure

  • Integrated Fund Services – Combine fund accounting, investor, and capital services
  • Corporate Administration – Support HoldCos, SPVs, and related entities
  • Regulatory Services – Provide AIFM and depositary support where required
  • Financing Support – Integrate private debt and agency services
  • Data Services – Connect fund and portfolio-company data
  • Streamlined Coordination – Reduce complexity through a single service relationship

Use Technology to Create Capacity and Control

  • Streamlined Workflows: Automate capital activity, investor servicing, and reporting
  • Consistent Data: Transform fund and portfolio information into usable insights
  • Scalable Operations: Reduce manual processes and manage growing volumes without increasing opearitonal complexity

How We Support a Private Equity Secondaries Transaction

End-to-end Transaction Support

Prepare the Structure for Closing

We work with the manager and its advisers to turn the proposed transaction into a practical operating plan. 

This work may involve:

  • Establishing the fund, HoldCos and SPVs 
  • Defining investor onboarding and elections 
  • Identifying the accounting and capital-account records required 
  • Configuring investment treatment, fees and waterfalls 
  • Agreeing data, reporting and cross-jurisdictional responsibilities 

Establish Reliable Opening Positions

At closing, every figure must tell the same story: what transferred, what was paid and what remains outstanding. 


We support:

  • Purchase-price and closing adjustments 
  • Stub-period cash flows 
  • Selling, rolling and new investor records 
  • Acquired investment positions and capital accounts 
  • Original and remaining commitments 
  • Cash and ownership reconciliation 

Maintain Visibility after Closing

After closing, focus turns to running the new structure and meeting its financial obligations

We support:

  • Fund and investment accounting 
  • Capital calls, distributions and commitment tracking 
  • Management-fee and carried-interest calculations 
  • Deferred payments and post-close true-ups 
  • HoldCo and SPV administration 
  • Investor and financial reporting 

Private Equity Secondary Structures
We Support

Dedicated Secondary Funds  

We administer portfolios of acquired private equity interests, covering investment accounting, commitments, capital activity, fees, carried interest and investor reporting. 

Managers gain a consistent operating and reporting model across investments with different vintages, managers and economics. 

GP-led Continuation Vehicles

Our teams support portfolios of primary, secondary and co-investment interests, including the processing of underlying fund notices, statements and financial information. 

This reduces manual work and makes it easier to maintain a consistent view across a diverse portfolio of fund interests. 

Fund of Funds and Multi-Manager Vehicles 

Our teams support portfolios of primary, secondary and co-investment interests, including the processing of underlying fund notices, statements and financial information. 

This reduces manual work and makes it easier to maintain a consistent view across a diverse portfolio of fund interests. 

Preferred Equity and Structures Secodnaries  

We provide accounting and administration for transactions involving preferred returns, differentiated payment priorities, deferred consideration and other negotiated economics. 

Bespoke terms become controlled calculations, cash movements and reporting processes that can be repeated and reviewed.

Make Underlying Data to Use

Fund accounting provides the financial record of the vehicle. Secondary managers may also need consistent information from the underlying funds and portfolio companies. 

Automated Data Extraction for Fund Financials 

Automatically extracting fund financials and standardizing information from underlying fund documents, including capital-account statements, financial reports and capital activity notices. 

Managers can reduce manual processing, maintain more consistent information across acquired fund interests and deliver structured data into their preferred reporting and analytical systems. 

Automated Data Extraction for Corporate Financials 

By automatically extracting corporate financials, information from portfolio-company financial statements are mapped into a consistent financial structure. 

Finance and investment teams can compare company information, review changes across reporting periods and identify outliers without first spending time restructuring the underlying data. 

Together, these services make fund and company information easier to process, compare and use. 

Insights

technology lady looking at data on Ipad

The Fund Administration Checklist for a GP-Led Continuation Vehicle

Our practical guide to fund administration for GP-led continuation vehicles, from structuring to ongoing management.

Learn more
architecture colored panels

Private Credit Secondaries CFO Readiness Checklist

We cover 12 operational questions to resolve before a portfolio transfer, secondary fund acquisition or structured credit transaction

Learn more

FAQs

Private equity secondaries involve the purchase and sale of existing private equity fund interests or portfolio assets. In an LP-led transaction, an investor sells an existing fund interest. In a GP-led transaction, the manager initiates the process, often by transferring one or more investments into a continuation vehicle. 

A continuation vehicle is a new fund established to acquire one or more investments from an existing private equity fund. It allows existing investors to sell or retain their exposure, introduces new capital and gives the manager more time to pursue its value-creation plan. 

A secondary transaction brings an existing investment history together with a new purchase price, ownership structure and investor base. Specialist administration helps ensure that opening positions, commitments, capital activity, fees, carried interest and reporting properly reflect the transaction terms and the requirements of the new structure. 

Yes. Alter Domus can support the originating fund’s accounting, elections, allocations and closing activity while establishing the new vehicle’s books, capital accounts, commitments, waterfalls and reporting.  The precise scope will depend on the transaction and the mandates held by Alter Domus. 

Yes. A manager can appoint us for a new secondary fund or continuation vehicle without moving its entire platform.  Where another provider holds the original records, we work with the manager, its advisers and the incumbent administrator to obtain and reconcile the information needed for the new mandate. 

Our 39 offices across 23 jurisdictions combine coordinated global delivery with local fund, accounting, regulatory and entity expertise. Managers can operate across borders while maintaining consistent oversight, reporting and accountability. 

Automated data extraction standardizes information from underlying fund documents and does the same for financial information from portfolio companies. This reduces manual preparation and provides more consistent data for reporting, oversight and analysis.