Fund administration is the operational and accounting work supporting venture capital funds. It includes LP reporting (quarterly statements, annual financials), NAV calculations (net asset value per LP), capital call processing (collecting committed capital from LPs as deployed), distribution accounting (allocating exits and proceeds), tax compliance (K-1 generation), audit support, and other back-office operations. The work is typically performed by third-party fund administration firms (Carta Fund Administration, Standish Management, SS&C, etc.) rather than the venture firm itself. The discipline is invisible to founders but critical for the fund's LP relationships and regulatory compliance. Founders don't deal wi...