Independent hedge fund administration

Administration you can verify, at a price you can read.

NAV, transfer agency, investor reporting and audit support for emerging and established managers, run on OpenFund, our open-source platform with an append-only ledger.

Start a conversation See our pricing

$24,000Annual minimum

5 bpsOn the first $100M

3 bpsAbove $100M

$0Set-up fee

AGPL-3.0Open-source core

Services

The full administration mandate.

One team, one platform, one published price. Built for master–feeder structures, multiple share classes and Regulation D 506(c) offerings.

Fund accounting & NAV

Daily or monthly NAV per class on a double-entry ledger, with multi-currency FX, accruals and expenses. Every NAV goes through maker-checker approval.

Fee calculation

Management and performance fees with high-water marks, hard or soft hurdles, crystallisation, series accounting and equalisation. The fee rules are tested against hand-worked examples.

III

Transfer agency

Subscriptions, redemptions, transfers, capital calls and side pockets, with lock-ups and investor-level gates applied automatically.

Investor onboarding

KYC/AML checklists, risk rating, sanctions screening against open data and accredited-investor verification for Regulation D 506(c).

Investor reporting

Statements with a capital-account roll-forward, time-weighted and money-weighted returns, plus a private investor portal with documents.

Audit support

NAV packs, trial balances and a complete export of the journal and audit trail, so your auditor can trace every figure to its source entry.

Transparent pricing

What administration usually costs, and what we charge.

Small funds pay the most because of minimums. A $25M fund on a published incumbent schedule with an $85,000 minimum pays an effective 34 bps.

Fund AUM	Incumbent schedule¹	Benchmark range²	Software-first published³	Fundadministration.agency	Saving vs incumbent
$25M	$85,000	$75,000	$25,000	$24,000	$61,000 (72%)
$100M	$100,000	$75,000–$150,000	$92,500	$50,000	$50,000 (50%)
$500M	$475,000	$250,000–$750,000	$387,500	$170,000	$305,000 (64%)

Annual fees are our arithmetic applied to the published schedules, before any expense pass-throughs. Sources: ¹ 10 bps on the first $250M, 9 bps on the next $750M, 8 bps above, $85,000 minimum per fund: SEC EDGAR exhibit (h)(2)(ii), 2015. ² 5–15 bps of NAV, $75k–$150k minimums: FatFIRE. ³ Greater of $750/month or 10→6 bps graduated: Conductive pricing page (2026). See also Funds Europe and Institutional Investor. Researched 26 October 2026.

One formula.
No set-up fee.

The greater of $24,000 a year, or 5 bps on the first $100M of AUM plus 3 bps on everything above. Investor portal, K-1 data packs and FATCA/CRS are included.

Your annual fee

$50,000

5.00 bps effective

Fund AUM: $100M

No set-up or onboarding fee
Portal seats for every investor
NAV pack and audit export each period

The platform

OpenFund, in production detail.

Every screen below is from the platform running on sample data. The fund, investors and figures are fictional and labelled as samples.

SAMPLE DATA OpenFund dashboard, sample data

Administrator dashboardAssets under administration, NAV by class, fee accruals, pending dealing and control status.

SAMPLE DATA NAV engine, sample data

NAV engine with four-eyes approvalEach class NAV shows its fees and an independent book-value check. The person who prepares a NAV cannot approve it.

SAMPLE DATA Investor portal, sample data

Investor portalCapital account, returns, holdings, documents and onboarding status.

SAMPLE DATA General ledger, sample data

Double-entry ledgerPortfolio valuation, a trial balance that must sum to zero, and an append-only journal.

Open source

Read the code that calculates your fees.

The OpenFund core is licensed AGPL-3.0, and our SDKs and connectors are Apache-2.0. You, your investors and your auditor can inspect exactly how NAV and fees are calculated and re-run them. A commercial licence is available for firms that need one.

Fee engine covered by hand-verified worked examples
Documented REST API with OpenAPI
No lock-in: your books export in open formats
Price feeds, custodians and sanctions lists plug in through open connectors
Contributions accepted under a contributor licence agreement

Security & audit trail

Controls built into the ledger.

Append-only journal

Journal entries can't be edited or deleted. The database rejects it. Corrections are made with reversing entries, so history is never lost.

Hash-chained audit log

Every action is recorded with a SHA-256 hash of the entry before it. If anyone alters the record, the chain breaks and the change shows.

Maker-checker

NAVs need a second, independent approver. Access is role-based for administrators, approvers, accountants, viewers and investors.

Two-step verification

Sign-in with an authenticator app, salted PBKDF2 password hashing, account lock-out and session expiry.

Request protection

CSRF tokens on every action, cookies that are never sent to other sites, and a full audit trail of each sign-in.

Auditor export

A single export contains the full journal, postings and audit chain, along with a validity check.

Enquire

Tell us about your fund.

Share your structure, AUM and launch date, and we'll reply with a fee quote using the formula above.

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