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About the Role

This role sits directly with one of Petra's clients, an established alternative investment manager. The hire will build out an internal review function from the ground up, manage a Senior Fund Accountant, and partner closely with the client's broader accounting team.

Responsibilities

Serve as second-level reviewer over administrator-prepared and Senior-reviewed workpapers, including 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 their underlying allocation methodologies, holding final authority on fund vs. manager expense determinations.
Sign off on financial statements before release to auditors, investors, or lenders.
Own accounting treatment for new, unusual, or judgmental transactions.
Own presentation and disclosure, including 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.
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.
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, including cash forecasts, call sizing, expense funding, and use/repayment of subscription or credit facilities.
Own the external audit relationship, including planning, timeline, PBC coordination, negotiation of accounting positions, and resolution of adjustments.
Own the administrator relationship, including service levels, deliverable calendar, quality expectations, error tracking, and escalation.
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.

Requirements

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.
Experience with Northern Trust as an administrator.
Comfort using AI platforms to work more efficiently.

Skills

US GAAP
ASC 946
ASC 820
Excel
Fund accounting systems
GL systems
AI platforms

Location

US
Europe

Work Type

Hybrid

Experience Level

10+ years

Salary/Compensations

$122,000 - $183,000 per year

Benefits

90% covered medical, dental, and vision insurance premiums
Fully funded Health Savings Account (HSA) employer contributions up to the IRS maximum
401(k) employer match at 100% of your contributions up to 5% of compensation, with immediate vesting
Flexible paid time off
Generous holiday calendar

About the Company

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.
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.