Manager, Fund Accounting Policy

The Carlyle Group Employee Co.•Washington, DC

About The Position

Carlyle AlpInvest is one of the largest private markets investors globally, with over $102 billion in AUM, more than 120 investment professionals, and offices across New York, London, Amsterdam, Hong Kong, Singapore, and Tokyo, operating three integrated platforms: Primary Fund Investments, Co-Investments, and Secondary & Portfolio Finance. The Manager of AlpInvest Accounting Policy will work under the direction of the Vice President of Accounting Policy to lead the technical accounting function supporting all three platforms, supporting the continued integration of AlpInvest’s accounting processes, controls, and reporting into Carlyle’s broader corporate accounting infrastructure. The Manager will also help facilitate the timely identification, evaluation, and resolution of complex Firm-level accounting matters arising from AlpInvest’s ongoing business operations and significant strategic transactions, with key areas of focus including consolidation under ASC 810 and revenue recognition under ASC 606. The Manager will serve as the primary accounting policy liaison to the AlpInvest business, partnering with AlpInvest Fund Controllership, Fund Management, and Deal Teams to assess and harmonize fund-level accounting practices—covering fund structuring, waterfall and carry mechanics, capital call and distribution accounting, and fee/expense allocation—and collaborating across Global Corporate Accounting, Partnership Accounting, Legal and Entity Compliance, Tax, Internal Audit, and External Auditors to ensure AlpInvest’s systems and controls are fully integrated with Carlyle’s enterprise-wide processes. The role also supports the SEC reporting team on disclosure requirements and the Corporate Accounting team on accurate recording of transactions to the general ledger.

Requirements

Bachelors in Accounting or Finance, Concentration in accounting, finance or related field, preferred
CPA designation, preferred
Minimum of 5 years of progressive experience in public accounting or technical accounting policy, required.
In-depth knowledge of US GAAP, with demonstrated proficiency in technical accounting research, analysis, and documentation.
Experience applying US GAAP to alternative asset management fund legal structures and economics, including investment accounting, fund-level financial reporting (ASC 946), consolidation (ASC 810), revenue recognition (ASC 606), and fair value measurement (ASC 820).
Experience with internal control compliance (SOX 404), preferred but not required.
Strong analytical and problem-solving skills, with ability to apply technical accounting guidance to complex and novel transactions.
Excellent written and oral communication skills, including drafting high-quality technical memos and presenting complex technical accounting issues to non-technical stakeholders and senior leadership in a practical, business-focused manner.
Collaborative and solutions-oriented, with the ability to build trust and influence across functions.
Highly organized and detail-oriented, with proven ability to manage multiple priorities and deliver high-quality work under tight deadlines.

Nice To Haves

Concentration in accounting, finance or related field, preferred
CPA designation, preferred
Experience with internal control compliance (SOX 404), preferred but not required.

Responsibilities

Serve as the GAAP accounting liaison between the Accounting Policy function and the AlpInvest business, as well as across broader Carlyle functions and teams, including but not limited to: Global Corporate Accounting, Fund Accounting, Tax, Legal, Entity Compliance, Fund Management, Deal Teams, Treasury, and Internal Audit.
Standardize and maintain AlpInvest’s accounting policies, including performing gap assessments against existing AlpInvest practices, drafting updated policy papers, and rolling out revised guidance to AlpInvest Fund Accounting team; build scalable accounting policies and frameworks in advance of new products, strategies, and fund structures as the AlpInvest business continues to grow.
Conduct technical accounting research, prepare accounting analyses, draft accounting position memos, and collaborate with external auditors in addressing technical accounting matters that arise during AlpInvest and broader Carlyle business operations and strategic transactions.
Develop working knowledge of AlpInvest’s range of fund legal structures—including master-feeder arrangements, parallel funds, blocker corporations, alternative investment vehicles (AIVs), and multi-jurisdictional—to inform accounting policy positions and ensure structural considerations are appropriately reflected in technical analyses.
Advise on fund-level investment accounting policy, including recognition, measurement, and presentation of portfolio activity, realized and unrealized gains/losses, capital commitments, and transfers.
Advise on technical accounting for portfolio finance and secondary transactions, including sale-versus-financing assessments, guarantee accounting under ASC 460/ASC 470, and accounting for LP secondary stake acquisitions and GP-led continuation fund transactions.
Prepare consolidation (ASC 810) analyses for new AlpInvest fund structures, documenting judgments related to variable interest entities (VIEs), primary beneficiary assessments, and non-controlling interests.
Support other technical accounting areas including: fair value measurement (ASC 820), equity method investments (ASC 323), transfer and derecognition (ASC 860), revenue recognition (ASC 606), related parties, non-controlling interests, and non-GAAP / segment reporting.
Monitor, assess, and coordinate the adoption of new accounting and SEC pronouncements as well as industry trends in accounting and financial reporting, including the implementation of relevant internal controls.
Advise on fund-level financial statement presentation for AlpInvest vehicles (balance sheet, statement of operations, statement of changes in net assets, and cash flows under ASC 946), and assess how AlpInvest-specific accounting positions and transactions flow through to Carlyle’s Firm-level financial reporting, including 10-K/10-Q disclosures and consolidated financial statement impacts.
Support internal control compliance (SOX 404) within the accounting policy function.
Support continued integration of AlpInvest accounting operations into Carlyle’s enterprise business processes and systems, partnering with Technology teams and Fund Management.
Collaborate on the identification and implementation of scalable technology and other solutions to improve efficiency and effectiveness within the accounting policy function and across Carlyle.