Administrator check
Your administrator keeps the books. Who checks the administrator?
Drop in the administrator’s statements, the LPA and the fund’s bank statements. FundAgent recomputes every investor’s figures, date by date and to the cent, and explains each difference with its evidence. You keep your administrator; nothing moves.
at stake
- 8 differences · 2 explained · 6 sent to the administrator
- Administrator: Example Fund Services S.A.
| Difference | Amount | Decision |
|---|---|---|
| Contribution booked to Evergreen Foundation instead of Cedar Family Office SA | Sent | |
| Distribution paid on 25 Jun 2026 to Brightwater Endowment Trust, missing from the statement | Sent | |
| Fees at 2.00% instead of the 1.50% the LPA sets · Delta Insurance plc | Sent | |
| Fees at 2.00% instead of the 1.50% the LPA sets · Brightwater Endowment Trust | Sent | |
| Fees at 2.00% instead of the 1.50% the LPA sets · Evergreen Foundation | Sent | |
| Fees at 2.00% instead of the 1.50% the LPA sets · Cedar Family Office SA | Sent | |
| Fees at 2.00% instead of the 1.50% the LPA sets · Alpine Pension Fund | Explained | |
| Quarterly fee rounded up · Delta Insurance plc | Explained |
- 26 figures could not be verified: the ending NAV needs valuations. Never counted as agreeing.
- 4 bank movements without an investor, listed for a person to attribute.
Click any amount to open its evidence.
How it works
Four files. Then every figure, recomputed.
Only the administrator’s statements are needed to start. Before you run the check, it tells you what it will not be able to verify with what you have given it, and the check then says exactly the same.
- 1
The fund and its administrator
Name, legal form, currency, administrator and first closing date, which tells whether the bank covers the whole life of the fund.
- 2
The administrator’s statements
Capital accounts, investor statements or the NAV pack, in Excel, CSV or PDF. It shows what it read: investors, dates, sign conventions, ignored columns.
- 3
The LPA
Fee schedule and basis, equalisation, preferred return: each term with its exact quotation, approved by a second person before it counts.
- 4
The bank statements
camt.053, MT940 or CSV. Movements are attributed by reference or by name, never by guessing between two investors; the rest is listed for a person.
The LPA
The terms you agreed, read and approved.
The calculation uses the LPA, not the administrator’s settings. Each term keeps the sentence it came from, and nothing counts until a second person has approved it.
Quoted, not paraphrased
Every rate and convention carries its clause, opened at the passage in the document.
Approved before it counts
A proposed term is visible but unused until someone other than its preparer approves it; a change is a new proposal.
| Term | Value read |
|---|---|
| Management fee, 2025clause 8.1 | |
| Management fee, from 2026clause 8.1 | |
| Day count and paymentclause 8.2 | |
| Equalisationclause 8.3 | |
| Preferred returnclause 12.1 |
Approved by Alexandre Weber · a second person, before any term counts
Each difference
An amount, a cause and its chain of evidence.
Every difference states its amount and direction, its probable cause and the documents behind it: the statement row, the bank line, the LPA clause. Open any amount above to see it.
Decided under four eyes
Send a difference to the administrator, or accept it as explained with a comment. Accepting needs a reviewer.
Decisions hold for the exact amount
If the amount changes at the next check, the decision is shown as made on an earlier amount, to review.
Exported for the administrator
The diagnosis exports to PDF and Excel: summary, differences, evidence, what could not be verified, and the hash of the check.
Every quarter
A report your board can rely on.
Each quarter, the check compares itself with the previous one: new differences, those the administrator corrected, amounts that changed, and the trend of the amount at stake. The oversight report is prepared by one person and approved by another.
Frozen when prepared
The report is a sealed snapshot: a decision taken afterwards does not alter it.
Plain about its limits
What could not be verified is stated, and the report says it is a control report, not an audit.
For the board of the management company or the depositary
Oversight of the administrator, second quarter 2026
- 1Amount at stake, open, corrected and explained differences, figures verified
- 2Changes since the previous quarter, and the trend of the amount at stake
- 3Each difference with its decision, its author and its comment
- 4What could not be verified
- 5The documents checked, each with its hash
- Prepared by
- Camille Laurent
- Approved and signed off by
- Alexandre Weber
- SHA-256 of the check
3398c194ad7ac361…5ed6c246
Sealed by the report’s SHA-256 and an RFC 3161 timestamp when a timestamping authority is configured.
A control report, not an audit.
Its limits, by design
What the check never does.
Count a figure it could not verify
Unverifiable figures are listed apart, never counted as agreeing.
Let a language model do the arithmetic
The calculation is deterministic and decimal-exact; no model computes a figure.
Guess who paid
A bank movement is attributed by reference or name, or left for a person to attribute.
Ask you to move your fund
No migration, no access to your administrator’s systems: their files are enough.
When you are ready, run the fund on FundAgent.
The same exactness, the same four-eyes controls and the same evidence, applied to your own books: the quarter close in one action, approved by someone else.
Bring last quarter’s statements.
In a demo session we run the check with you on the demonstration fund, or on your own files if you wish. Pricing on request.
Amount at stake
Information and evidence
€430,024.51
How this figure is obtained
The six differences still open, after the two explained by a reviewer.
Composition
6 items- Contribution booked to Evergreen Foundation instead of Cedar Family Office SA€234,567.89
- Distribution paid on 25 Jun 2026 to Brightwater Endowment Trust, missing from the statement€150,000.00
- Fees at 2.00% instead of the 1.50% the LPA sets · Delta Insurance plc€18,978.53
- Fees at 2.00% instead of the 1.50% the LPA sets · Brightwater Endowment Trust€12,397.26
- Fees at 2.00% instead of the 1.50% the LPA sets · Evergreen Foundation€8,264.84
- Fees at 2.00% instead of the 1.50% the LPA sets · Cedar Family Office SA€5,815.99
The 6 items add up to this figure to the cent.
Verified figures
Information and evidence
109 / 130
How this figure is obtained
Each figure on the administrator’s statements is recomputed from the LPA and the bank: 130 compared, 109 agree and 21 differ, grouped into 8 differences.
26 further figures could not be verified because the ending NAV needs valuations. They are listed separately and never counted as agreeing.
Contribution booked to Evergreen Foundation instead of Cedar Family Office SA
Information and evidence
€234,567.89
How this figure is obtained
Contributions received from Cedar Family Office SA, attributed by bank reference, compared with the administrator’s capital account at 31 March 2026.
The same amount appears in Evergreen Foundation’s capital account: the administrator credited the wrong investor.
Composition
2 items- Contributions proven by the bank4 receipts from Cedar Family Office SA€1,290,123.40
- Contributions on the administrator’s statement31 Mar 2026−€1,055,555.51
The 2 items add up to this figure to the cent.
Sources behind this figure
Lumen Growth Partners - bank 2025.staline 3
:61:2501200120C351851,84NTRFCALL1-LP-003//BK250003 :86:?32Cedar Family Office SA?20CALL1 LP-003
Lumen Growth Partners - bank 2025.staline 8
:61:2505150515C234567,89NTRFCALL2-LP-003//BK250008 :86:?32Cedar Family Office SA?20CALL2 LP-003
Lumen Growth Partners - bank 2025.staline 13
:61:2510101010C469135,78NTRFCALL3-LP-003//BK250013 :86:?32Cedar Family Office SA?20CALL3 LP-003
Lumen Growth Partners - bank 2026.csvrow 4
2026-02-12;2026-02-12;Cedar Family Office SA;CALL4 LP-003;;234567.89;EUR
Lumen Growth Partners - capital accounts Q1 2026.xlsxCapital accounts, row 21
2026-03-31 LP-003 Cedar Family Office 2345678.91 1055555.51 -117283.95
Distribution paid on 25 Jun 2026 to Brightwater Endowment Trust, missing from the statement
Information and evidence
€150,000.00
How this figure is obtained
Distributions paid to Brightwater Endowment Trust, read from the bank statement, compared with its capital account statement at 30 June 2026.
Composition
2 items- Distributions paid, per the bank20 Mar and 25 Jun 2026€400,000.00
- Distributions on the administrator’s statement30 Jun 2026−€250,000.00
The 2 items add up to this figure to the cent.
Sources behind this figure
Lumen Growth Partners - bank 2026.csv
2026-03-20;2026-03-20;Brightwater Endowment Trust;DIST1 LP-002;250000.00;;EUR
Lumen Growth Partners - bank 2026.csv
2026-06-25;2026-06-25;Brightwater Endowment Trust;DIST2 LP-002;150000.00;;EUR
Lumen Growth Partners - capital account statements Q2 2026.pdf
Distributions (0.00) (250,000.00)
Fees at 2.00% instead of the 1.50% the LPA sets · Delta Insurance plc
Information and evidence
€18,978.53
How this figure is obtained
Management fees recomputed quarter by quarter from the approved LPA terms and the investor’s commitment.
Composition
3 items- Fees charged by the administratorCumulative at 30 Jun 2026€229,000.54
- Fees due under the LPA2.00% in 2025, 1.50% from 1 Jan 2026, ACT/365−€210,021.99
- Rounding, reported as a separate difference−€0.02
The 3 items add up to this figure to the cent.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 8.1
8.1 The Management Fee shall be equal to 2.00% per annum of Commitments from 1 January 2025 until 31 December 2025, and thereafter 1.50% per annum of Commitments from 1 January 2026.
Lumen Growth Partners - capital account statements Q2 2026.pdf
Management fees (38,166.76) (229,000.54)
Fees at 2.00% instead of the 1.50% the LPA sets · Brightwater Endowment Trust
Information and evidence
€12,397.26
How this figure is obtained
Management fees recomputed quarter by quarter from the approved LPA terms and the investor’s commitment.
Composition
2 items- Fees charged by the administratorCumulative at 30 Jun 2026€149,589.04
- Fees due under the LPA2.00% in 2025, 1.50% from 1 Jan 2026, ACT/365−€137,191.78
The 2 items add up to this figure to the cent.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 8.1
8.1 The Management Fee shall be equal to 2.00% per annum of Commitments from 1 January 2025 until 31 December 2025, and thereafter 1.50% per annum of Commitments from 1 January 2026.
Fees at 2.00% instead of the 1.50% the LPA sets · Evergreen Foundation
Information and evidence
€8,264.84
How this figure is obtained
Management fees recomputed quarter by quarter from the approved LPA terms and the investor’s commitment.
Composition
2 items- Fees charged by the administratorCumulative at 30 Jun 2026€99,726.02
- Fees due under the LPA2.00% in 2025, 1.50% from 1 Jan 2026, ACT/365−€91,461.18
The 2 items add up to this figure to the cent.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 8.1
8.1 The Management Fee shall be equal to 2.00% per annum of Commitments from 1 January 2025 until 31 December 2025, and thereafter 1.50% per annum of Commitments from 1 January 2026.
Fees at 2.00% instead of the 1.50% the LPA sets · Cedar Family Office SA
Information and evidence
€5,815.99
How this figure is obtained
Management fees recomputed quarter by quarter from the approved LPA terms and the investor’s commitment.
Composition
2 items- Fees charged by the administratorCumulative at 30 Jun 2026€70,177.56
- Fees due under the LPA2.00% in 2025, 1.50% from 1 Jan 2026, ACT/365−€64,361.57
The 2 items add up to this figure to the cent.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 8.1
8.1 The Management Fee shall be equal to 2.00% per annum of Commitments from 1 January 2025 until 31 December 2025, and thereafter 1.50% per annum of Commitments from 1 January 2026.
Fees at 2.00% instead of the 1.50% the LPA sets · Alpine Pension Fund
Information and evidence
€24,794.52
How this figure is obtained
Management fees recomputed quarter by quarter from the approved LPA terms and the investor’s commitment.
Alpine Pension Fund’s side letter defers the fee step-down to 1 July 2026; confirmed with the administrator.
Composition
2 items- Fees charged by the administratorCumulative at 30 Jun 2026€299,178.08
- Fees due under the LPA2.00% in 2025, 1.50% from 1 Jan 2026, ACT/365−€274,383.56
The 2 items add up to this figure to the cent.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 8.1
8.1 The Management Fee shall be equal to 2.00% per annum of Commitments from 1 January 2025 until 31 December 2025, and thereafter 1.50% per annum of Commitments from 1 January 2026.
Quarterly fee rounded up · Delta Insurance plc
Information and evidence
€0.02
How this figure is obtained
Management fees recomputed quarter by quarter from the approved LPA terms and the investor’s commitment.
The administrator’s system rounds each quarterly fee up to the cent; accepted for 2026 and corrected from Q3.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 8.2
8.2 The Management Fee is calculated on an Actual/365 basis and is payable quarterly in advance.
Management fee, 2025
Information and evidence
2.00% of commitments
How this figure is obtained
Read from the LPA with its exact quotation. A term counts in the calculation only once a second person has approved it; a change is a new proposal, reviewed again.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 8.1
8.1 The Management Fee shall be equal to 2.00% per annum of Commitments from 1 January 2025 until 31 December 2025, and thereafter 1.50% per annum of Commitments from 1 January 2026.
Management fee, from 2026
Information and evidence
1.50% of commitments
How this figure is obtained
Read from the LPA with its exact quotation. A term counts in the calculation only once a second person has approved it; a change is a new proposal, reviewed again.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 8.1
8.1 The Management Fee shall be equal to 2.00% per annum of Commitments from 1 January 2025 until 31 December 2025, and thereafter 1.50% per annum of Commitments from 1 January 2026.
Day count and payment
Information and evidence
ACT/365, quarterly in advance
How this figure is obtained
Read from the LPA with its exact quotation. A term counts in the calculation only once a second person has approved it; a change is a new proposal, reviewed again.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 8.2
8.2 The Management Fee is calculated on an Actual/365 basis and is payable quarterly in advance.
Equalisation
Information and evidence
Required
How this figure is obtained
Read from the LPA with its exact quotation. A term counts in the calculation only once a second person has approved it; a change is a new proposal, reviewed again.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 8.3
8.3 Equalisation is required: Subsequent Investors bear the Management Fee as if admitted at the Initial Closing.
Preferred return
Information and evidence
8%, compounded annually
How this figure is obtained
Read from the LPA with its exact quotation. A term counts in the calculation only once a second person has approved it; a change is a new proposal, reviewed again.
Sources behind this figure
Lumen Growth Partners - LPA.pdfclause 12.1
12.1 The Preferred Return is 8% per annum, compounded annually, on an Actual/365 basis.