Who administers and audits venture funds
Every venture fund has an administrator and an auditor. Once a year the firm has to name them, in public, in a filing almost nobody reads.
So we read them. 38,677 funds, 8,385 firms, and the companies that serve them. Which providers are winning clients, which are losing them, and which new funds have named nobody yet. Funds are matched to firms by Form D file number, and everything below is what the filings say.
- New fund, same administrator
- 86%
- New fund, same auditor
- 91%
- Form D ahead of Form ADV
- ~7 months
When a firm raises a new fund, 86% of the time the fund uses an administrator the firm already uses — so about 1 in 7 goes to a new one (3,888 new funds, 2012–2026; moves caused by one provider buying another are not counted as switches). For auditors, 9% change. And a new fund’s Form D reaches the SEC a median 212 days before the fund first appears in Form ADV: the Form D is the earliest public sign a provider decision is being made. New funds not yet in Form ADV.
Fund administrators
| Administrator | VC firms, 2026 | Share 2026 | Share 2023 | |
|---|---|---|---|---|
| 1 | Carta | 908 | 23% | 20% |
| 2 | Aduro | 742 | 18% | 18% |
| 3 | Standish | 484 | 12% | 11% |
| 4 | NAV Consulting | 162 | 4% | 1% |
| 5 | Apex | 132 | 3% | 3% |
| 6 | SS&C | 123 | 3% | 4% |
| 7 | Juniper Square | 110 | 3% | 2% |
| 8 | Alter Domus | 108 | 3% | 3% |
| 9 | Navigation Fund Services | 77 | 2% | 2% |
| 10 | IQ-EQ | 60 | 1% | 2% |
| 11 | Vector AIS | 47 | 1% | 0% |
| 12 | HC Global | 45 | 1% | 1% |
| 13 | Gen II | 44 | 1% | 1% |
| 14 | Ultimus LeverPoint | 43 | 1% | 2% |
| 15 | Decile Group | 42 | 1% | 1% |
Share = firms naming this administrator on any fund in a Form ADV filed that year, of the 4,026 (2026, filings through August) and 2,993 (2023) venture firms in our data that named one. A firm using two counts for both.
Auditors
| Auditor | VC firms, 2026 | Share 2026 | Share 2023 | |
|---|---|---|---|---|
| 1 | Frank Rimerman | 746 | 22% | 20% |
| 2 | BDO | 344 | 10% | 11% |
| 3 | KPMG | 333 | 10% | 10% |
| 4 | PwC | 279 | 8% | 9% |
| 5 | Deloitte | 242 | 7% | 7% |
| 6 | EY | 199 | 6% | 7% |
| 7 | Sensiba | 173 | 5% | 4% |
| 8 | RSM | 160 | 5% | 6% |
| 9 | Weaver | 134 | 4% | 3% |
| 10 | Withum | 83 | 2% | 3% |
| 11 | EisnerAmper | 79 | 2% | 2% |
| 12 | Baker Tilly | 78 | 2% | 1% |
| 13 | Plante Moran | 60 | 2% | 1% |
| 14 | CohnReznick | 58 | 2% | 1% |
| 15 | Moss Adams | 37 | 1% | 2% |
Share = firms naming this auditor on any fund in a Form ADV filed that year, of the 3,469 (2026, filings through August) and 2,733 (2023) venture firms in our data that named one. A firm using two counts for both.
First-time choices since 2021
New funds with no earlier administrator at the firm — mostly first-time managers — named these first (3,323 funds):
| Administrator | Funds | Share |
|---|---|---|
| Carta | 753 | 23% |
| Aduro | 528 | 16% |
| Standish | 278 | 8% |
| NAV Consulting | 103 | 3% |
| SS&C | 84 | 3% |
| Venture360 | 78 | 2% |
| Apex | 70 | 2% |
| Cornerstone | 68 | 2% |
| Juniper Square | 62 | 2% |
| Navigation Fund Services | 61 | 2% |
All providers with five or more venture clients
Carta · Aduro · AngelList (Belltower) · Standish · NAV Consulting · Apex · Alter Domus · Juniper Square · SS&C · IQ-EQ · Navigation Fund Services · HC Global · Vector AIS · Ultimus LeverPoint · TMF · Gen II · Kranz · Langham Hall · Petra · Flow · Citco · SEI · Linnovate · Aztec · Formidium · VMS · Dynamo · Intertrust · State Street · FTS · UMB · GP Fund Solutions · North Mountain · Cornerstone · Opus · Redbrick · Morgan Stanley · HedgeServ · JTC · 4Pines · Trident · Maples · EisnerAmper · Venture Back Office · Sydecar · Strata · Northern Trust · MG Stover
Frank Rimerman · BDO · KPMG · PwC · Deloitte · EY · Sensiba · RSM · Weaver · EisnerAmper · Baker Tilly · Withum · Plante Moran · CohnReznick · Moss Adams · Grant Thornton · Mazars/Forvis · Cherry Bekaert · LBMC · Spicer Jeffries · Bennett Thrasher · Cohen & Co · Richey May · Kost Forer (EY Israel) · Citrin · Mayer Hoffman · Marcum · BPM · BBD · Anchin · Haynie · Armanino · SC&H · Crowe · MNP
Source and limits. SEC Form ADV filing data, November 2011 to August 2026, Schedule D section 7.B.1. Providers are as reported by the adviser and may have changed since its last filing. Names are cleaned (“Standish Management, LLC” and “Standish Management” are one provider). Platform vehicles (AngelList, Sydecar and similar) are excluded from the shares above. Method.