Juniper Square Fay launches to check fund administration errors

Juniper Square Fay, a new AI agent for private markets fund administration review, has been launched to help general partners identify errors in administrator deliverables before they reach auditors or limited partners, the company said. Juniper Square said the Admin Oversight Agent runs more than 150 accuracy and consistency checks and can reduce financial statement review time by about 80% for CFOs and controllers.

The company, which describes itself as the operations partner to more than 2,300 private markets general partners, said Fay is the first in a planned group of GPX Agents built into its fund operating system. In June, Juniper Square introduced Headless GPX and said it would allow general partners to use the AI system of their choice with its platform.

Juniper Square said the product is aimed at a common control issue in private funds: general partners retain fiduciary responsibility for materials prepared by fund administrators, even when the administration work is outsourced. The company said the agent is designed to narrow the review burden to exceptions that require human judgment.

Michael Megaw, senior vice-president of enterprise platforms at Juniper Square, said general partners often still review administrator outputs manually. He said manual review can increase cost and allow errors to reach investors, while the agent is intended to provide AI-supported oversight before documents are released.

How does Juniper Square Fay work?

Fay reviews documents produced by third-party administrators or internal accounting teams, including financial statements, partner capital account statements and supporting workbooks, according to Juniper Square. The agent compares figures across documents, checks whether balances carry correctly between periods and flags issues such as calculation errors or inconsistent numbers.

Juniper Square said each finding points back to the relevant documents, allowing reviewers to examine the issue before a reporting package is finalised. The company said the system uses AI to read documents and extract data from different formats, while calculations are performed in deterministic code so the same input produces the same mathematical result.

The agent runs on Juniper Square’s GPX platform. The company said that gives it access to a customer’s entity structure, limited partner roster and prior-period figures, and that customers can add their own checks to the standard library.

From internal control tool to GPX product

Juniper Square said Fay began as an internal review tool for its own fund administration business, which oversees more than $300 billion in assets under administration. The company said its administration team now uses the agent to review every deliverable before it goes to a client.

The checks were tested against hundreds of close packages from large and complex general partners, according to Juniper Square. The company said it is now offering the same review capability to general partners regardless of which administrator they use.

Alex Robinson, Juniper Square’s co-founder and chief executive, said the agent reflects the company’s experience with fund administration workflows, exceptions and recurring errors across general partners and administrators. He said building a tool that finance teams can rely on requires tested checks, stable calculations and knowledge of what to examine.

Dylan Boudreaux, chief financial officer of ApexOne Investment Partners, said the agent gives the firm added assurance before financials are sent to investors.

Juniper Square said the Admin Oversight Agent is available for purchase inside GPX. It works with files from any fund administrator, requires no integration or data onboarding, and starts reviewing deliverables within seconds after they are loaded into Juniper Square, the company said.

This story draws on original reporting from Finextra Research.