Fund Accounting Controller; DCS

Petra Funds Group is a single source provider for the fund administration and fund infrastructure needs of Private Equity and Debt Funds. At Petra, we enable fund managers to focus on the tasks that add the most value to their businesses and leave the rest to us.

Petra is made up of highly experienced professionals across the US and Europe. In a business where accuracy and timeliness are paramount, having a deep bench who have spent years working inside of asset managers is what truly differentiates us.

Our foundation is built on trust, experience, and uncompromising accuracy. Our people are experts. We work collaboratively. We are relentless in our process and put attention to detail first.

What You Will Do
:

This role sits directly with one of Petra's clients, an established alternative investment manager that runs private equity/buyout funds, credit funds, and deal-by-deal co-investment vehicles and SPVs. The client's day-to-day fund accounting is performed by a third-party administrator, but the firm retains full ownership of review, technical accounting positions, and everything that goes out to investors, auditors, and tax authorities. This hire is one of two being added to build out that internal review function from the ground up and will manage a Senior Fund Accountant while partnering closely with the client's broader accounting team.

This role sits directly with one of Petra's clients, an established alternative investment manager that runs private equity/buyout funds, credit funds, and deal-by-deal co-investment vehicles and SPVs. The client's day-to-day fund accounting is performed by a third-party administrator, but the firm retains full ownership of review, technical accounting positions, and everything that goes out to investors, auditors, and tax authorities. This hire is one of two being added to build out that internal review function from the ground up and will manage a Senior Fund Accountant while partnering closely with the client's broader accounting team.

Responsibilities:

Review & Sign-Off

• Serve as second-level reviewer over all administrator-prepared and Senior-reviewed work papers: close packages, allocations, waterfalls, PCAPs, remaining commitment schedules, financial statements, and management fee calculations.
• Review and approve capital calls, distributions, and investor notices before release.
• Approve manager expense reimbursement packages and the allocation methodologies underlying them; hold final authority on fund vs. manager expense determinations.
• Sign off on financial statements before release to auditors, investors, or lenders.

Technical Accounting & Presentation

• Own accounting treatment for new, unusual, or judgmental transactions.
• Own presentation and disclosure: financial statement format, schedule of investments, footnotes, financial highlights, expense ratios, and IRR presentation under ASC 946.
• Apply US GAAP, ASC 946, and ASC 820, and maintain the fair value hierarchy and Level 3 roll-forward.
• Address subscription facilities, leverage and credit facilities, PIK income, restructurings, recycling, and recallable distributions.
• Own consistency of presentation across funds and periods.

Fund Economics

• Review and validate distribution waterfalls and carried interest accrual/reversal positions and their financial statement presentation.
• Review management fee calculations, step-downs, and offsets.
• Confirm economic terms are applied consistently with the LPA and side letters.

Treasury Oversight

• Step in on wire input when the Senior Fund Accountant is unavailable, and review payment models and callback verifications.
• Own the bank relationship and account structure, including oversight of account openings.
• Review cash reconciliations across all entities and own resolution of aged or unexplained breaks.
• Own platform liquidity: cash forecasts, call sizing, expense funding, and use/repayment of subscription or credit facilities.

Audit & Administrator Oversight

• Own the external audit relationship: planning, timeline, PBC coordination, negotiation of accounting positions, and resolution of adjustments.
• Own the administrator relationship: service levels, deliverable calendar, quality expectations, error tracking, and escalation.

Governance, Process & Team

• Maintain internal controls over fund accounting, wire release, and expense approval.
• Review K-1 support and coordinate with the client on tax reporting; approve partner-level allocation data before it goes to tax preparers.
• Develop and supervise the Senior Fund…