Every quarter, GPs sign off on the close pack their fund administrator produces, carrying the fiduciary responsibility for its contents. A mistake that surfaces at audit means rework and a delayed close. A miscalculated capital account that reaches an LP means a restatement, a difficult conversation, and broken trust.
Until now, the way to catch errors has been by hand, with teams spending hours working through a stack of statements, checking the numbers, line by line. That all changes with our new Admin Oversight Agent, called Fay. It reviews your close pack automatically and flags errors and inconsistencies before the package ever leaves your desk.
Not only are errors caught, but your team also gets their time back. Fay cuts financial statement review time by ~80% and frees senior staff for more strategic work.
How it works
To use it, simply upload the close pack your administrator produces (including financial statements, PCAPs, supporting workbooks) and the agent will run more than 150 accuracy and consistency checks across every document in a single pass. You can also add your own custom checks to the standard library. AI powers the data extraction and reasoning, while deterministic code does the math which ensures the answer never drifts from run to run.
This automated review will catch things like:
- A beginning-of-period balance on the statement of changes that doesn't match last quarter's ending balance
- An LP's PCAP ending balance disagreeing with the partners' capital total in the financials
- A management fee that doesn't tie to the fee calculation in the workbook
- Independent rounding making per-partner allocations sum to a total that's off
- A commitment figure quoted in a footnote that doesn't match the schedule it references
- A footnote disclosure that went stale: carried forward from last quarter after the underlying number changed
Once the agent has completed its review, your team only needs to spend time addressing the identified issues, not the majority of checks that passed. Every error links directly to the source page it came from, so it can be quickly acknowledged, dismissed, or escalated. Each check, finding, and reviewer decision is also logged with “who, when, and why,” so the audit trail is built into the review rather than reconstructed after the fact.
Where it came from
We built the Admin Oversight Agent to first solve our own team's challenges. Juniper Square administers more than $300 billion in private markets assets across more than 5,500 entities, and our fund administration team reviews hundreds of draft close packs every quarter for some of the largest and most complex GPs in the world. Until recently, that team's review process was manual, with roughly an hour of QA performed per financial statement, which added up to countless hours of senior accountant time every quarter. Now every deliverable produced by our fund administration team runs through the agent before a client sees it, and today we’re making that same capability available to all GPs, regardless of who their administrator is.
A decade spent inside how fund administration actually works taught us exactly where close packs go wrong. The Admin Oversight Agent's check library was written in partnership with Juniper Square's expert fund accountants, turning what they catch by instinct into checks that run every time, and then hardening those checks against hundreds of real close packs across every asset class and format.
Our expertise in AI also shaped key decisions for the agent, especially around how to ensure accuracy in calculations. While the Agent’s reasoning is powered by AI, the underlying math for the checks is run deterministic software code. Unlike with AI chatbots, which are inherently variable and unpredictable, this approach yields the same answer on every run. Behind that sits a continuous evaluation program that tests each check against documents with known-correct answers, re-run whenever the underlying model changes.
Our customers are already seeing the results. "The Admin Oversight Agent delivers real efficiency and it's accurate," says Charlie Kellogg, CFO of Singerman Real Estate. "It shortens my team's review time every quarter and gives me peace of mind on the accuracy of the deliverable."
Learn more
The Admin Oversight Agent is available today to all private markets GPs and works with any fund administrator's output. There's no integration, no GL connection, and no data migration required. Simply drop in your documents and it starts within seconds. Because the agent runs on GPX, for existing customers of Juniper Square it already knows your entity structure, LP roster, and prior-period numbers.
If Juniper Square is your fund administrator, you're already covered; every close pack we produce runs through the Admin Oversight Agent before it reaches you.