Nearly nine in ten private capital general partners (88%) say their finance and operations teams spend between 11% and 50% of their time validating, reconciling, recalculating or recreating outputs from their fund administrators. The figure comes from Future Private Capital CFO 2026, a report released November 10 by CSC, which surveyed more than 300 GPs and 200 limited partners across North America, Europe, the UK and Asia Pacific.
In plain terms, many fund managers pay an administrator to produce numbers and then pay their own staff to check or rebuild them. At the top of that range, half of a finance team’s week goes to rework.
Outsourcing is still the plan
The finding has not pushed GPs back in house. 70% say they are targeting primarily outsourced operations or co-sourcing with a single strategic provider, and 97% of LPs expect outsourcing to specialist providers to increase. The shift is toward fewer, larger provider relationships with data delivered in one place. CSC’s Marshall Saffer described finance teams as absorbing the work of connecting more structures, systems and providers.
LPs are asking about cyber and AI
74% of LPs say IT systems and cybersecurity matter in operational due diligence. Only 14% of GPs describe their cyber and operational resilience for critical fund operations as very robust, a gap that will surface in fundraising conversations.
On AI, LPs want three things from managers that use it in fund operations: transparency on data sources and lineage, independent model validation or audit reports, and evidence of human review and override. Those are the same controls regulators ask of banks, now arriving in private markets through investor questionnaires.
Consider the source
CSC is itself a fund administrator, so a survey showing GPs unhappy with administrator outputs and planning to consolidate providers supports its sales case. The report does not say how much of the rework stems from administrator error versus GPs’ own data spread across systems. CSC’s 2025 edition of the same study flagged data quality as the top LP concern, so the theme is consistent year to year.
