Who Administers Private Funds? Administrators by Market Share

SS&C is the administrator private funds name most often in their SEC filings: 4,653 funds, 10.8% of those that report an administrator. Citco and State Street follow, and 25% of funds with an administrator name at least one of the three.

This count covers the 60,924 private funds reported by 5,678 SEC-registered advisers on Form ADV, from filings through December 31, 2024, the latest period the SEC has published in full. 71% of those funds report an administrator on Form ADV.

The 25 administrators private funds name most

Each fund is counted once for each company it names, so a fund that uses two administrators counts for both, and the shares add up to more than the whole.

Rank	Administrator	Private funds	Share of funds with an administrator	Gross assets of those funds	Hedge funds	Private equity funds	Source
1	SS&C	4,653	10.8%	$2.99 trillion	1,877	2,061	SEC
2	Citco	3,090	7.2%	$1.97 trillion	1,265	1,148	SEC
3	State Street	3,089	7.2%	$1.97 trillion	805	903	SEC
4	SEI	2,769	6.4%	$1.20 trillion	1,032	1,042	SEC
5	Gen II Fund Services	2,655	6.2%	$768 billion	24	2,089	SEC
6	U.S. Bank	1,666	3.9%	$617 billion	432	190	SEC
7	Apex Group	1,587	3.7%	$420 billion	202	989	SEC
8	Standish Management	1,546	3.6%	$382 billion	28	936	SEC
9	BNY	1,375	3.2%	$1.08 trillion	543	126	SEC
10	Alter Domus	1,348	3.1%	$285 billion	90	774	SEC
11	NAV Consulting	1,300	3.0%	$105 billion	522	396	SEC
12	Northern Trust	1,156	2.7%	$1.51 trillion	556	243	SEC
13	Carta	910	2.1%	$68.4 billion	35	428	SEC
14	J.P. Morgan	778	1.8%	$444 billion	290	287	SEC
15	IQ-EQ	768	1.8%	$105 billion	22	513	SEC
16	Morgan Stanley Fund Services	765	1.8%	$718 billion	536	183	SEC
17	HedgeServ	712	1.7%	$430 billion	462	172	SEC
18	MUFG Investor Services	652	1.5%	$377 billion	336	184	SEC
19	Ultimus	645	1.5%	$161 billion	36	360	SEC
20	UMB Fund Services	515	1.2%	$68.6 billion	151	225	SEC
21	Maples Fund Services	463	1.1%	$172 billion	32	35	SEC
22	Aduro Advisors	326	0.8%	$23.5 billion	0	84	SEC
23	Virtus Partners	314	0.7%	$127 billion	5	5	SEC
24	TMF Group	288	0.7%	$49.0 billion	40	145	SEC
25	HC Global Fund Services	282	0.7%	$14.9 billion	50	133	SEC

Download this table (CSV), free, with every filed name grouped under each administrator. The full dataset, every fund with its adviser, type, gross assets and administrator, is one email away.

The market by fund type

• Hedge funds name SS&C more than any other administrator; private equity funds name Gen II Fund Services.
• 3% of funds with an administrator use one that is a related person of the adviser: an administrator inside the manager's own group, according to SEC data.
• The filings name 60 administrator companies that this page groups, and 88% of all administrator entries resolve to one of them, in SEC Form ADV filings.

Administration is one of the few parts of a private fund's operations visible from outside. An administrator keeps the fund's books and prepares what investors receive, so the choice shapes a manager's fund accounting and investor reporting.

What this means for technology buyers

Whether a manager outsources administration or brings it in-house, these guides cover the systems around it:

• Subscription and capital call management: investor onboarding and capital calls.
• NAV calculation and waterfall distribution systems: private equity and venture capital fund economics.
• Investor relations and reporting platforms: what investors see.
• Hedge fund operations platforms for emerging managers: a first fund's operating stack.

Designing the operating model? The Private Equity Business Architecture Toolkit and the Hedge Funds Business Architecture Toolkit map what a manager does in-house and what it hands to providers.

More from Finantrix Atlas

• Which prime brokers hedge funds use
• Largest private fund managers
• Largest hedge fund firms

How this was counted

Form ADV asks each adviser, for every private fund it reports in Schedule D, Section 7.B.(1), to name the fund's administrator. This page takes each SEC-registered adviser's latest filing up to December 31, 2024, leaves out advisers whose latest filing is more than fifteen months older, and counts every fund and every administrator it names.

Filed names are typed by the adviser, so one company appears under many spellings. They are grouped by company under two rules checked on every build: no filed name may match two companies, and at least 85% of administrator entries must resolve. A former name in the filing ("formerly…") is set aside and a current one ("now…") is used; ownership changes the filing does not mention are not applied.

Limits

• As of the SEC's latest full release. The SEC publishes Form ADV filing data in periods; the latest runs through December 31, 2024. A switch of administrator since then is not reflected.
• Registered advisers only. Exempt reporting advisers report private funds too, many of them venture capital funds, and are not counted here.
• Counts of funds, not revenue. A small fund counts the same as a large one; gross assets are shown so the difference is visible.
• Grouping is a judgment. The filed names under each company are in the free table, so any grouping can be checked or redone.

Cite this

Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.

SS&C is named as administrator by 10.8% of the private funds of SEC-registered advisers that report one, according to a Finantrix Atlas analysis of Form ADV filings through December 31, 2024.

25% of private funds with an administrator name SS&C, Citco or State Street, according to Finantrix Atlas analysis of SEC Form ADV data.

Suggested citation: Finantrix Atlas, "Who Administers Private Funds?", from SEC Form ADV filings through December 31, 2024. https://www.finantrix.com/articles/private-fund-administrators

Embed the chart:

<a href="https://www.finantrix.com/articles/private-fund-administrators"><img src="https://www.finantrix.com/atlas/private-fund-administrators.png" alt="Private fund administrators by number of funds, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/private-fund-administrators">Finantrix Atlas</a>, from SEC Form ADV data.</p>

Frequently asked questions

Q: What is the largest private fund administrator? A: Counted by the number of private funds that name it on Form ADV, SS&C, with 4,653 funds of SEC-registered advisers in filings through December 31, 2024.

Q: Which administrator do hedge funds use most? A: SS&C is named by more hedge funds than any other administrator in SEC Form ADV filings.

Q: Which administrator do private equity funds use most? A: Gen II Fund Services is named by more private equity funds than any other administrator in SEC Form ADV filings.