Lead Fund Controller, Private Funds R90663

at Wellington Management Company in Chicago, Illinois, United States

Job Description

Wellington Management offers comprehensive investment management capabilities that span nearly all segments of the global capital markets. Our investment solutions, tailored to the unique return and risk objectives of institutional clients in more than 60 countries, draw on a robust body of proprietary research and a collaborative culture that encourages independent thought and healthy debate. As a private partnership, we believe our ownership structure fosters a long-term view that aligns our perspectives with those of our clients.

Tracing our roots to 1928, Wellington Management Company, LLP is one of the world’s largest independent investment management firms. With over US$1 trillion in assets under management, we serve as a trusted adviser to institutional clients and mutual fund sponsors in over 60 countries. Our innovative investment solutions are built on the strength of proprietary, independent research and span the global capital markets, including equity, fixed income, multi-asset, and alternative strategies. As a private partnership whose sole business is investment management, our long-term views and interests are aligned with those of our clients. We are committed to attracting a talented and diverse workforce, and to fostering an open, collaborative, and inclusive culture because we believe multiple perspectives lead to more informed investment and business decisions. As an Equal Opportunity Employer, we welcome people with diverse life experiences, fresh ideas, and specialized subject-matter expertise. We have a hybrid work environment where both remote work and office play a critical role.

This is a unique and exciting opportunity to join Wellington’s private investment-focused fund operations team dedicated to our rapidly expanding private equity business. Fund Control & Operations - Private Funds (“FC&O”) plays an essential role in Wellington’s private funds business and is responsible for fund operations encompassing fund accounting, treasury, and financial reporting. Wellington has been investing in private markets for many years, launching its first dedicated private capital fund in 2014 and growing to over $8.5 billion in private investment platform AUM today. The business is planning for new vintages of its flagship funds focused on late-stage growth and venture investing and is expanding into other private asset classes beginning with private credit. The Lead Fund Controller, Private Funds will oversee several functions for Wellington’s Private Investment Funds, playing a key role in fund NAV oversight and annual audits, execution of capital calls and distributions, investor support, and contribution to cross-functional business initiatives. This role requires frequent collaboration with other Wellington teams and external service providers (e.g., Fund Administrators, Auditors, Investor Relations). The Lead Fund Controller, Private Funds will report to the team’s Manager of the Private Funds’ Fund Control & Operations team.

RESPONSIBILITIES

· Oversee the quarterly NAV and financial statement process for assigned funds, reviewing work prepared by our third-party administrator, including:

o Complex private portfolio company and/or private credit transactions

o Distribution waterfall and carried interest calculations

o Differing management fee arrangements

o Gross and net IRR calculations

o Ensuring accounting and presentation is consistent with U.S. GAAP and fund governing documents

· Assist with the funds’ day-to-day operations

o Planning and coordination of capitals calls and distributions, including reviewing calculations and notices produced by our third-party administrator

o Payment of fund fees and expenses

o Coordination of deal funding

· Oversee annual audit process for assigned funds, coordinating with fund administrator and auditors

· Contribute industry and operational knowledge to product development and new fund launches

· Help to enhance and expand the internal accounting and finance policies and procedures to ensure best practices are always being followed

· Assist Investment, Investor Relations, Tax, and Compliance teams, among others, providing information and data to respond to queries and performing ad hoc analyses based on the funds or investors’ activity

· Develop relationships with Wellington’s centralized teams and external service providers

· Lead and support projects, both large and small, associated with the funds, Wellington’s operational and systems infrastructure, and service providers

· Perform peer review of other team members and oversight of junior team members

QUALIFICATIONS

· Undergraduate degree in accounting or finance

· Completion or progress towards a CPA, CFA, or MBA is strongly favored

· 6-8+ years of experience from a public accounting firm, alternative investment firm, and/or fund administrator

· 3-5+ years of experience with private equity fund accounting and operations

· Knowledge of partnership accounting, closed-end fund structures (closes, capital calls, distributions), fee structures (management fees, carried interest, claw back), and private equity/private credit investment transactions

· Proficient knowledge of US GAAP and ability to research and apply technical accounting and financial statement presentation rules

· Experience in one or multiple private asset classes (private equity, credit, real estate, infrastructure)

· Experience with a variety of complex fund structures, such as master-feeders and parallel funds, Luxembourg-domiciled private funds, warehouses, and semi-liquid/evergreen structures

· Knowledge of private investment valuation approaches, methodologies, and related guidance

· Advanced Excel skills are required