Secondaries Fund Administration

Across the Whole Transaction

Connecting fund structures, underlying assets and ongoing operations to help managers navigate complex secondaries strategies.

Supporting Secondaries across the following asset classes:

Private Equity
Infrastructure
Private Credit
Real Estate

More than

$70bn

in secondaries assets under administration

More than

185 funds

with secondaries strategies

More than

20+

secondaries and liquidity structures supported

Two Routes into the Secondaries Market

Alter Domus supports both sides of the market: the capital raised into directed secondaries funds and the transactions through which that capital is deployed.

Building or Scaling a Secondaries Strategy

We partner with GPs to build a scalable operating models to support growth across secondaries strategies

  • Launch and administer new funds and entities
  • Onboard investors and capital efficiently
  • Support transaction and investment vehicles
  • Accounting, data, and reporting across asset classes
Explore support for secondaries managers

Creating Liquidity from an Existing Fund or Portfolio

Alter Domus supports primary managers generate liquidity while preserving continuity across transactions 

  • Continuation vehicle setup and portfolio transactions
  • Transfer of historical fund and economic data
  • Investor elections and transaction accounting
  • Ongoing administration and reporting
Discuss a liquidity requirement

Secondaries Services

Why Alter Domus for Secondaries and
Liquidity Vehicles

One Partner Across the Operating Structure

  • Funds, feeders, and acquisition vehicles
  • HoldCos and financing arrangements
  • One coordinated operating model across the structure

Continuity From Primary to Secondary

  • Transfer of historical capital accounts and commitments
  • Preserve valuations, cash flows and ownership records
  • Reduce reconciliation work and execution risk

Services Beyond Fund Administration

  • Loan administration and agency services
  • Portfolio analysis and accounting
  • Corporate services through one provider

Expertise Across Private Markets

  • Private equity and fund of funds
  • Private credit
  • Infrastructure and real estate
  • Asset-class specific accounting, data and reporting

Global Delivery with Coordinated Oversight

  • Preserve historical investment data
  • Maintain transaction economics
  • Connect performance to the new vehicle

Secondaries by Asset Class

Private Equity Secondaries  

We help managers preserve the link between the original investments, the transaction economics and the performance of the new vehicle. 

Support covers direct and fund-of-funds secondaries strategies, dedicated private equity secondaries funds, single-asset and multi-asset continuation vehicles, portfolio acquisition vehicles, parallel funds, HoldCos and SPVs. 

For chief financial officers, the advantage is greater control over historical capital accounts, investor elections, purchase-price adjustments, unfunded commitments, waterfalls, carried interest and ongoing performance. 

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Private Credit Secondaries  

Alter Domus offers a full end-to-end service across the lifecycle of secondary funds, combining fund administration with private debt accounting, middle-office support, loan administration, agency services and portfolio analysis.  

We support dedicated private credit secondaries funds, credit continuation vehicles, loan portfolio acquisition vehicles, distressed and special-situations vehicles and related SPVs. 

Where they form part of the wider liquidity or capital strategy, our capabilities can also support collateralized fund obligations, rated note feeders and other structured credit vehicles. 

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    Infrastructure Secondaries  

    Infrastructure assets can outlast the funds created to hold them. Alter Domus helps managers transfer those assets while maintaining continuity across the fund, holding structures and asset-level reporting. 

    We support dedicated infrastructure secondaries funds, single-asset and multi-asset continuation vehicles, portfolio acquisition vehicles, parallel and co-investment vehicles, HoldCos and SPVs. 

    Finance leaders gain a more consistent view across long-life assets, complex ownership structures, valuations and investor reporting. 

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      Real Estate Secondaries  

      Real estate transactions can extend from the fund through acquisition vehicles, HoldCos, PropCos, financing structures and assets in several jurisdictions. 

      Alter Domus connects fund administration with entity accounting, corporate services, cash management and investor reporting. 

      We support dedicated real estate secondaries funds, single-asset and multi-asset continuation vehicles, portfolio acquisition and restructuring vehicles, parallel funds, PropCos, HoldCos and SPVs. 

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      Routes to Liquidity

      Dedicated Secondaries Funds

      • Fund formation and launch support
      • Fundraising and and investor onboarding
      • Capital administration
      • Transaction execution
      • Investor and fund reporting

      GP-led and continuation vehicles

      • Original and continuation fund coordination
      • New, rolling and selling investor management
      • Investor elections and onboarding
      • Transaction accounting
      • Governance and reporting

      LP-led secondary transactions

      • Ownership record management
      • Investor due diligence
      • Consent and transfer coordination
      • Closing and capital account updates
      • Support across LP sales, restructurings and complex transactions

      Portfolio transactions

      • Portfolio and asset data migration
      • Historical activity reconciliation
      • Acquisition vehicle administration
      • Purchase price tracking
      • Ongoing performance reporting

      Rated Note Feeders &
      Collateralized Fund Obligations

      Explore how Alter Domus’ Rated Note Feeders and Collateralized Fund Obligation solutions can help you unlock new ways to enhance liquidity, optimize capital, and expand investment potential.

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      Support across the secondaries lifecycle

      Establish the Structure

      • Operating model design 
      • Fund and entity formation support 
      • Fundraising and closing coordination 
      • Investor onboarding and AML/KYC 
      • Feeders, parallel vehicles, HoldCos and SPVs 
      • Governance and reporting calendars 

      Prepare and Execute the Transaction

      • Historical data collection and validation 
      • Effective-date accounting 
      • Investor elections and transfer processing 
      • Purchase-price and unfunded reconciliation 
      • Stub-period cash-flow accounting 
      • Opening balances and ownership records 
      • Loan and investment data migration 

      Support across the secondaries lifecycle

      Administer & Report

      • Fund accounting and financial reporting 
      • Capital calls, distributions and allocations 
      • Waterfall and carried-interest administration 
      • Entity and corporate administration 
      • Loan administration and agency services 
      • Cash and payment oversight 
      • Investor and regulatory reporting 

      Monitor the Portfolio

      Technology-enabled reporting tailored for structured vehicles.

      • Rating agency and investor reporting packs
      • Custom dashboards and portals
      • Stress-case analytics and ad-hoc data extracts

      Moving an existing secondaries mandate?

      Changing administrator can be difficult when the structure contains complex historical information, multiple entities or underlying asset data. 

      Alter Domus manages the transition across historical accounting, opening balances, investor records, entity information, outstanding deliverables and future reporting requirements. The aim is to establish reliable data, clear ownership and a workable operating model from the first reporting cycle. 

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      FAQs

      Secondaries fund administration covers the accounting, investor administration, reporting and operational support required by funds that acquire existing private market investments or hold assets transferred through a secondary transaction. 

      An LP-led transaction involves an investor selling an existing fund interest. A GP-led transaction is initiated by the manager and commonly transfers one or more assets into a continuation vehicle while giving existing investors the option to sell or roll their interests. 

      A continuation vehicle administrator can support fund accounting, capital administration, investor onboarding, reporting, waterfall calculations, entity administration and cash oversight. It may also establish the historical records and opening balances connecting the transaction to future reporting. 

      Yes, subject to appropriate governance and controls. Using an administrator that understands the original fund can reduce data recreation and help preserve historical capital accounts, valuations, cash flows and ownership records. 

      Private credit requires detailed oversight of the underlying loans. This can include interest and fee accruals, PIK calculations, payment processing, agency activity, covenant data, borrower information and portfolio analysis. 

      Not necessarily. They are structured vehicles used for financing, capital raising or investor access. They may support a secondaries strategy or wider liquidity solution, but they should not automatically be described as secondary transactions. 

      Yes. We support transitions covering historical data, opening balances, investor and entity records, outstanding deliverables and future reporting requirements.