Compare · Fund administrators
Fund administrators run LP reporting. BasePro runs the operations underneath.
We don't replace the fund administrator. We replace the spreadsheets, the WhatsApp threads, and the operations data drift that turn the quarterly report into a person-week of reconciliation. The fund administrator still owns the LP-facing pack — they just stop chasing the asset manager for the data.
Audit Log
Today · 12 eventsMaria updated booking #142 — Check-out date changed from Mar 15 to Mar 17
System auto-created maintenance order #45 from inspection finding
Carlos generated P&L report for Portfolio A
Maria uploaded fire safety certificate for PRP-104
System sent auto-reminder for expiring health license
Today: 12 events · This Week: 47 · Flagged: 2
What fund administrators own
What the fund administrator does, BasePro doesn't claim to do.
Fund administrators own the LP-facing report, the audit-firm interface, the regulatory filings, the partner-level capital accounts, and the carried-interest waterfall. They sit on the capital side of the operation, attest to the data, and stand behind the pack that goes to limited partners. BasePro does not replace any of that. The independent attestation a fund administrator provides has its own audit-trail-independence value — separable from BasePro by design.
Coexist · Displace · Handoff
Where BasePro and your fund administrator each belong.
Most operations don't need an either-or call. The split below is what we see across fund-administered portfolios using BasePro for the operational substrate.
| Fund administrator | BasePro | |
|---|---|---|
| Coexist · You keep both | ||
| Limited-partner reporting | Owns the LP-facing pack and the partner-level capital accounts. Stands behind the data. | Produces the underlying operational data — rent roll, CapEx ledger, occupancy, NOI — that the fund administrator's report draws from. |
| Regulatory + audit interface | Owns the relationship with the audit firm, the regulator, and the LP advisory committee. | Provides the audit-grade operational trail (hash-chain, dual-entry) the auditor draws from. |
| Displace · BasePro replaces the spreadsheet substrate | ||
| Operations data assembly | Reconstructs each quarter from emailed spreadsheets, PM-firm statements, and one-off requests to the asset manager. | Live operational data — one source of truth across the portfolio, available to the fund administrator as a reconciled package. |
| Property-level CapEx + opex trail | Pulled from PDF invoices and asset-manager memory each quarter; opaque to LPs between reports. | Continuous; every transaction tagged to property, asset, entity, and project at the point of entry. |
| Handoff · BasePro produces, the fund administrator consumes | ||
| Quarterly data package | Receives the ILPA-format data package and assembles the LP report. | Produces the reconciled rent roll, CapEx summary, and NOI walk as a package, signed and timestamped. |
| Year-end audit pack | Coordinates with the audit firm and the asset manager to satisfy testing. | Audit pack assembles from the operational substrate; the fund administrator draws on it directly instead of routing requests through the asset manager. |
| Reconciliation cycle | Reconciles bank, ledger, and asset-manager reports each period. | Bank-to-ledger reconciliation runs continuously; the fund administrator inherits a pre-reconciled state. |
Why the substrate matters
Your fund administrator is only as good as the data they receive.
The hard part of fund administration is not the report — it's getting reliable data from the asset manager every quarter. When the substrate is spreadsheets, the administrator spends the cycle chasing, reconciling, and translating. When the substrate is BasePro, the administrator inherits a reconciled, audit-grade operational package and spends the cycle producing the LP report. Same fund administrator. Better fund report. Faster cycle.
When you don't need BasePro yet
When the fund administrator alone is sufficient — honestly.
If your portfolio is a small number of stabilised assets with low operational tempo (single-tenant net lease, multi-family with a stable third-party manager, ground leases), the fund administrator alone may handle the cadence. BasePro starts paying off when the operations tempo accelerates — value-add programmes, leasing churn, capital plans, multi-asset-type portfolios, or fund-of-fund structures where the data assembly is the real bottleneck. Talk to us before you commit either way.
Run the operations. Let your fund administrator run the report.
Demo BasePro against a representative period of your portfolio — we'll show the reconciled data package the fund administrator would inherit. Bring a recent quarter; we'll bring an enterprise sales engineer.