ASSOCIATE DIRECTOR, FUND ACCOUNTING

Cresset Capital•Chicago, IL

3d•$125,000 - $145,000•Onsite

About The Position

The Private Fund Accountant is responsible for managing and maintaining accurate financial records for private investment funds. This includes reconciling various accounts, reviewing financial statements, and ensuring compliance with relevant regulations. The role involves collaborating with internal teams and external service providers (Administrators, Auditors, Tax Preparers, Legal etc.) to gather necessary information and address any discrepancies. Additionally, the Private Fund Accountant will assist in the audit and tax return process for their funds.

Requirements

Bachelor's degree in Accounting is required; CPA preferred
3+ years of experience of accounting experience preferably working in public accounting experience, financial markets and/or with financial products.
Accounting experience in managing private equity, hedge funds or similar types of alternative products is strongly preferred.
Knowledge of partnership accounting as well as exposure to financial reporting, auditing, and tax.
Private equity experience is strongly preferred.
Experience auditing or preparing financial statements for investment funds.
Experience with reviewing the underlying investments to determine fair value.
Possess the financial acumen to understand the underlying investments in each fund.
Strong communication skills, both written and verbal.
Technical accounting knowledge including GAAP and curiosity to research and work with subject matter experts on technical areas.
Familiarity with partnership tax returns and K-1s.
Understanding of internal control environments.
Strong drive to create efficient and organized processes to ensure all deadlines are met.
Ability to establish and maintain effective working relationships with all levels of management and staff throughout the organization.
Detail orientated with strong analytical skills.
Service oriented.
Advanced proficiency in Microsoft Excel.
Strong organizational skills: ability to work under pressure on multiple tasks concurrently and meet deadlines in a fast-paced work environment.

Responsibilities

Perform the day-to-day accounting for private equity funds and related investment vehicles.
Review quarterly and annual NAV and financial statement packages, include investor reporting.
Manage recurring client deliverables and additional client-requested reporting.
Manage, monitor, and provide guidance to the outsourced accounting provider(s).
Assist with the calculation of quarterly management fee and carried interest waterfall calculations.
Manage the funds' cash balances to determine the need for capital calls, distributions, and redemptions.
Review and assist with capital call and distributions notices to investors.
Collaborate with other teams throughout the firm, including legal, client services, portfolio management, etc.
Support investment and client relationship personnel on ad-hoc requests.
Assist in special projects as requested.
Oversee the wind down and termination of any funds.
Assist with the coordination, management and completion of the annual audits of each fund.
Assist with completion of annual federal and state tax returns and K-1 distribution for each fund.
Establish and enforce proper accounting methods, policies and principles.
Assist with maintenance of fund portfolio accounting software, internal controls and process improvement as needed.