Financial services provider Citco launched a web-based Institutional Limited Partner Association template which can automate expense reporting.
“Most of the activities underlying administration function (outside of the general ledger) are not automated. Existing tools are okay, but they could be much better,” Nick Perros, head of private equity and real estate services at Citco, said.
Citing smaller “back office budgets” for fund administration costs, Perros added, “I don’t want to say that PE is not automating. Many of our clients are on the cutting edge of tech. But the vast majority of that innovation is to do with portfolio management, fundraising and investment.”
The product follows demand from ILPA for more transparency from fund managers. “On ILPA, [fund managers’] approach has gone from less is more, to more is more. ILPA is at the forefront of saying ‘less is more is not good enough’,” Perros said.
This is the second tool Citco has launched recently. This follow up to Citco Waterfall, can be used to process capital accounts, report manager expenses and generate expense ratios.