logo
Certified Associate - Private Market Fund Operations

Certified Associate - Private Market Fund Operations
Fund administration professionals working with private market asset management firms and private fund administration service providers are responsible for managing capital calls, accounting for funds’ investments, expenses, income, and calculating NAVs (Net Asset Values) of private equity funds. This includes pricing and valuation for a range of assets, institutional loans, portfolio companies, real estate, etc. Fund accountants working for these funds are also responsible for the calculation of carried interest payable to the GPs, as well as preparing financial statements and tax statements for LPs.

 

The Skill Board Associate certification in Private Markets Fund Operations evaluates a candidate’s understanding of the private equity and private credit fund lifecycle and business processes supporting the administration of these private funds. It also assesses the candidate's ability to resolve common business problems in operations, enabling investment firms to deliver services to clients. The assessment is conducted through an online, remote-proctored test.

 

The Certified Business Operations Associate (CBOA) - Private Market Fund Operations certification is issued to candidates with 1+ years of career experience in capital markets business operations who successfully pass the assessment for the CBOA certification.
 

Next available assessment date:

Jan 9
Share
Online verifiable
Digital credentials verifiable via credly.com
Easily Shareable
Directly share digital badge on LinkedIn or display on resume
Who should get certified
  • Students aspiring to pursue a career as Fund Accountant with Private Equity and Fund Administration firms
  • Business Operations Associates working in investment management, custody and asset servicing firms
Candidates are evaluated for
  • Knowledge of Private Market fund operations
  • Knowledge of the Chart of Accounts and General Ledger (GL) preparation for an Investment Fund.
  • Understanding of the fund structures, capital call process, LP services and Reconciliation Control
  • Knowledge of NAV Calculation, including the calculation of Management Fees and Carried Interest.
  • Distribution of Income, Capital Gains and invested capital
     
Maintaining the certification
  • Certified Associates are required to either rectify after 3 years either by taking a recertification assessment or through continuing education credits
  • Continuing education credits may be earned by taking up equivalent or higher industry certification.
     
Assessment weightage by Knowledge Area
DomainWeightage

Capital Markets Basics

Role of Firms in Capital Markets, Buy-side vs. Sell-side, Public Markets and Traditional Asset Classes, Alternative Investments and Private Markets, Hedge Funds, Private Capital, Role of Private Capital in investment strategy, Private Markets investors

0%–10%

Fundamentals of Private Markets

Private Equity, Private Debt and Credit, Real Estate, Infrastructure, Deal valuation and Appraisal methods, Private Fund Structures, Fund governance structures (role of GPs, LPs, Advisory Boards), Roles of Service Providers (administrative, data, technology), Monitoring risks (operational, credit, market), Key market terminologies

10%–20%

Fundamentals of Private Equity and Private Credit

PE Fund Structures (PPM, LPA), PE Investment Strategies, Deal Lifecycle,o Debt Structures and Private Debt Funds, Types of Private Debt (e.g., Term Loans, Revolving Credit), Syndicated Loans and CLOs (Collateralized Loan Obligations), Securitization Basics, IRR (Internal Rate of Return) and DPI (Distributions to Paid-In). TVPI (Total Value to Paid-In) and MOIC (Multiple on Invested Capital).

10%–20%

Private Fund Administration

Private Fund Lifecycle Overview, KYC / AML, FATCA and CRS compliance for investors, Capital Call Management, Equalization and Equalization Interest,o Partnership Accounting Basics Chart of Accounts for Private Funds, Accrual Accounting and Journal Entries for PE Funds, Valuation and Net Asset Value (NAV) Calculation, Management of Fund Distributions o Accounting and reporting - fund wind-down.

30%–50%

Fund Fee Calculations

Management Fees, American vs. European Waterfall Structures, GP Catch-up and Carried Interest Calculation

10%–20%

Investor Reporting

Statement of Assets & Liabilities, Statement of Operations, Statement of Investment Portfolio, Statement of Cash Flows, Partners’ Capital Account (PCAP) Statements, K-1 Statements, Investran, Allvue, eFront

10%–20%

Regulations and Accounting Standards

US GAAP, IFRS, SEC Private Equity Regulations and Reporting Requirements (Form PF (SEC), EU Alternative Investment Fund Manager Directive (AIFMD), EU Foreign Subsidies Regulation (FSR), EU ESG Regulations, UK 2013 Alternative Investment Fund Managers Regulations

0%–10%