Contents

FUND ADMINISTRATION OVERVIEW
All systems go
As private equity firms proliferate funds and offices, and as their investor base expands around the world, good fund administration is becoming more complex - and crucial - than ever.

VALUATION
Living with fair value
For firms ramping up for FAS 157 compliance this year, learning the ropes of the new pronouncement could be time- and resource-consuming.

EXPERT COMMENTARY
The harsh truth
For firms frustrated with the quality of their private equity fund administration, Barry Carroll of Augentius offers some frank advice to improve the situation.

EXPERT COMMENTARY
The human element
Plenty of firms strive to stay on the cutting edge of the industry's technology, but introducing new systems is as much a human issue as a technical one. Iain Robertson of eFront suggests social science may have some answers for tackling change management.

EXPERT COMMENTARY
The art of onboarding
Outsourcing fund administration is never accomplished at the press of a button. The process of "onboarding" the administrator requires genuine rigour to ensure nothing's lost in the hand-off. Melanie Cohen and Christopher Trumbla of JPMorgan Private Equity Fund Services share their best practices for a smooth transition. 

GP INTERVIEW
Q&A with Eric Walzer, Fort Washinton Investment Advisors
Eric Walzer talks to us about the evolution of his fund of funds' approach to investor relations. 

EXPERT COMMENTARY
Global mandates need global support
As general partners seek investment opportunities around the world, the fund administration industry is striving to support this vision. Paul Guilbert and Kate Stallard of Northern Trust take a look at this trend and focus on some of the major developments across the different jurisdictions, giving insight into how their firm is responding. 
 
BACK OFFICE OPERATIONS
Systems of value
Fair value is the rule. Now comes the hard part - creating a system for consistently measuring the fair value of your portfolio companies. CFOs weigh in on how they blend art with science in search of the right approach.

EXPERT COMMENTARY
Know thyself
One of the key questions in fund administration is the decision to bring talent in-house or outsource certain functions. Michael Robinson of Bedell Group simplifies the issue by asking firms to know their current talents and resources along with their own stress threshold for handling fund administration without a service provider.

EXPERT COMMENTARY
Operating models for fund administration
Given the dizzying array of fund administrators in the market, GPs can struggle to find the right service provider for them. Alain Kinsch and Robert Brimeyer of Ernst & Young Luxembourg simplify the field into three service models, defining their advantages and drawbacks.

TECHNOLOGY SOLUTIONS
IT without borders
Managing IT at offices around the world requires centralizing systems into a few technology hubs and sourcing the right local expertise.

EXPERT COMMENTARY
The top 10 qualities of a private equity administrator
If firms could conjure the perfect fund administrator out of thin air, would any partner know what to wish for? Just in case, Connie Helyar and Julie Jones of Ipes names the top ten qualities GPs should be looking for in their administrator.

TECHNOLOGY PEOPLE
IT team 2.0
As technology needs evolve, private equity firms must know how to bring together the right mix of in-house professionals and third-party vendors.