Lead Fund Controller, Private Funds
About The Position
This is an exciting opportunity to join Wellington’s private investment-focused fund operations team dedicated to our rapidly expanding private equity business. Fund Control & Operations - Private Funds (“FC&O”) plays a vital role in Wellington’s private funds business and is responsible for fund operations encompassing fund accounting, treasury, and financial reporting. The team supports multiple vintages of Wellington’s private equity, private credit, and co-investment funds with over $9.1 billion in PE assets and growing. We are planning for the next vintages of our flagship private equity while also expanding our private credit offering and designing innovative solutions for the insurance and wealth channels. The experienced Fund Controller will play a crucial role in overseeing various functions for Wellington’s Private Investment Funds, with responsibility over assigned funds’ NAV oversight and annual audits, execution of capital calls and distributions, investor support, and contribution to cross-functional business initiatives. This role requires frequent collaboration with other Wellington teams and external service providers (e.g., Fund Administrators, Auditors, Product Management, Private Investment Deal Teams, Investor Relations). The Fund Controller will report to the team’s Manager of the Private Funds’ Fund Control & Operations team.
Requirements
- Undergraduate degree in accounting or finance; completion or progress towards a CPA, CFA, or MBA is strongly favored
- 7+ years’ experience from an alternative investment firm, public accounting firm, and/or fund administrator
- 4+ years’ experience with private credit and/or equity fund accounting and operations
- Knowledge of partnership accounting, closed-end fund structures (closes, capital calls, distributions), fee structures (management fees, carried interest, clawback), and private equity and/or private credit investment transactions
- Proficient knowledge of US GAAP and ability to research and apply technical accounting and financial statement presentation rules
- Experience in one or multiple private asset classes (private equity, credit, real estate, infrastructure)
- Experience with a variety of complex fund structures, such as master-feeders and parallel funds, Luxembourg-domiciled private funds, warehouses, REITs, rated-note feeders, semi-liquid/evergreen structures
- Knowledge of open-ended fund structures, including series accounting, performance fees with highwater mark, dealing date cash flows a plus
- Knowledge of private investment valuation approaches, methodologies, and related guidance
- Advanced Excel skills are required; experience with or a desire to develop skills in Tableau, PowerBI, Alteryx is strongly favored
- A client service mindset and strong communication skills
Nice To Haves
- Knowledge of open-ended fund structures, including series accounting, performance fees with highwater mark, dealing date cash flows a plus
Responsibilities
- Oversee the quarterly NAV and financial statement process for assigned funds, reviewing work prepared by our third-party administrator, including: Complex private portfolio company and/or private credit transactions Waterfall and carried interest calculations Tiered management fee arrangements Gross and net IRR calculations Ensuring accounting and presentation is consistent with U.S. GAAP and Limited Partnership Agreements
- Assist with the funds’ day-to-day operations, including: Planning and coordination of capitals calls and distributions, including reviewing calculations and notices produced by our third-party administrator Oversight of fund fees and expenses Cash and capital management and coordination of deal funding
- Oversee annual audit process for assigned funds, coordinating with fund administrator and auditors
- Contribute industry and operational knowledge to product development and new fund launches
- Help to enhance and expand the internal accounting and finance policies and procedures to ensure best practices are always being followed
- Assist Investment, Investor Relations, Tax, and Compliance teams, among others, provide information and data to respond to queries and perform ad hoc analyses based on the funds’ or investors’ activity
- Develop relationships with Wellington’s centralized teams and external service providers
- Lead and support projects, both large and small, associated with the funds, Wellington’s operational and systems infrastructure, and service providers
- Perform peer review of other team members and oversight of junior team members
Benefits
- retirement plan
- health and wellbeing
- dental
- vision
- pharmacy coverage
- health savings account
- flexible spending accounts
- commuter program
- employee assistance program
- life and disability insurance
- adoption assistance
- back-up childcare
- tuition/CFA reimbursement
- paid time off (leave of absence, paid holidays, volunteer, sick and vacation time)
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What This Job Offers
Job Type
Full-time
Career Level
Senior
