“LPs today demand more than performance, they want transparency, accountability and alignment”. George adds. “Real-time, detailed reporting tailored to their specific needs is becoming the norm, not a bonus. They expect to see real impact and measurable outcomes”. 

He notes that fee sensitivity is growing, with investors pushing for more favourable economics, including co-investment rights and reduced management fees. Due diligence has become more rigorous, and larger LPs are leveraging their scale to secure bespoke mandates, separate accounts and greater strategic influence. 

Investors are no longer passive, they are strategic partners. For fund managers, the message is clear: adapt or fall behind. 

Fund administrators as partners 

For BDO, the role of the fund administrator is being quietly but fundamentally rewritten. What was once a back-office support function is now central to a fund’s operational and strategic success. Administrators are being embedded in execution, investor relations, regulatory readiness and performance storytelling. They’re also being brought into transactions earlier to model waterfalls, validate allocations and stress-test structures in real time. 

“Fund administrators are expected to act as business partners” - George Bagkalas, partner, BDO fund services 

“The role is evolving fast,” says George. “Fund administrators have gone from bookkeepers to data hubs.” Today, they are expected to deliver real-time insights and serve as a single source of truth for both fund managers and investors. From onboarding and capital calls to direct investor support and tailored reporting, administrators are now actively supporting front-office activities as well. 

They should be true business partners, supporting fund launches, leaner operations and the full fund lifecycle. As George puts it, “Fund administrators are expected to act as business partners.” They should be driving the adoption of technology by offering API integration, automated workflows and increasingly seamless connectivity with their systems. 

Fund administrators are no longer behind the scenes. They are becoming drivers of performance, transparency, and trust. 

How BDO can help  

BDO’s experts apply the practical experience and knowledge gained from working as fund administrators, both locally and worldwide.   

Please reach out to your local BDO firm’s fund services leaders and alternative investment specialists for more information. 

Author: George Bagkalas - Partner - CF Fund Services SA 

George brings over 18 years of experience in alternative investments in Europe and the US to his role as partner in BDO fund services, with a focus on servicing asset managers across asset classes and a specialisation in private equity. 

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