Real Estate Fund Accounting Supervisor

2 weeks ago

Newport Beach, California, United States CapRock Partners Management Inc Full time
Job Overview

About CapRock Partners Management Inc:
CapRock is a prominent player in the industrial investment and development sector within the Western United States. Our focus lies in acquiring middle-market value-add industrial properties, typically ranging from $20M to $50M per acquisition, along with large-scale Class A logistics developments across various states including California, Arizona, Texas, Washington, and Nevada. Since our inception in 2009, we have successfully acquired, developed, or have in our pipeline over 30 million square feet of industrial real estate.

Our Mission:
We seek individuals who embody a dynamic, entrepreneurial spirit and possess a creative approach to problem-solving. If you take pride in delivering high-quality work while maintaining a light-hearted attitude, you will thrive in our environment. Our objective is to provide our investors with institutional quality service infused with an entrepreneurial ethos. This commitment extends to our finance and accounting team, where we aim to deliver superior reporting and analysis for investors, external parties, regulators, and management decision-making. Our team collaborates with all internal departments, functioning as a business partner rather than a mere back-office entity.

Core Values:
We hold our values in high regard, and we hope they resonate with you:

  • Prioritizing PEOPLE over projects
  • Aiming for EXCELLENCE
  • Upholding FIDUCIARY responsibility as a sacred trust
  • Maintaining unwavering INTEGRITY
  • Feeling BLESSED to be a blessing
  • Recognizing that industrial real estate is a TEAM SPORT
  • Understanding that NO is not an answer

Position Summary:
The Fund Accounting Manager will oversee the daily accounting and financial reporting for CapRock's fund and joint venture vehicles focused on real estate investments. Key responsibilities include:

  • Supervising and monitoring the daily operations of the accounting team and third-party fund administrator related to the Company’s investment funds, including the establishment and ongoing review of accounting policies and procedures.
  • Reviewing fund distribution and capital call calculations along with related investor notifications, ensuring timely payments and accurate updates to the accounting ERP system and investor reporting portals.
  • Evaluating asset management and other necessary fee calculations to ensure compliance with fund governing documents.
  • Verifying that fund transactions are recorded in accordance with governing fund documents, advisory agreements, and other legal agreements.
  • Managing accounting personnel and third-party fund administrators in the preparation of quarterly and annual fund financial statements in accordance with US GAAP for investment companies.
  • Overseeing the preparation of quarterly fund performance reports.
  • Monitoring loan guarantor covenant compliance, including reviewing related calculations and certifications.
  • Reviewing distribution waterfalls and carried interest calculations for accuracy based on each Fund's governing documents.
  • Supporting the Portfolio Management team during the preparation of quarterly investment valuations.
  • Coordinating annual fund financial statement audits to ensure timely completion and acting as the primary liaison to external fund auditors.
  • Collaborating with Fund tax consultants to assist in the preparation of Fund tax returns, investor K-1s, and related supporting documents.
  • Assisting with various administrative and operational matters related to fund subsidiaries structured as Real Estate Investment Trusts (REITs), including quarterly REIT compliance testing and coordination with Fund REIT consultants.
  • Researching technical GAAP and operational issues to ensure proper accounting treatment of complex fund transactions.
  • Working closely with the Acquisition Team, Asset Management Team, and property accounting team on investment acquisitions and dispositions to ensure accurate booking and reporting.
  • Collaborating with in-house legal and third-party counsel on fund agreements and legal entity formations.
  • Responding to various investor requests for reports and information.
  • Supervising, mentoring, and developing the Company’s accounting staff.
  • Maintaining and developing effective internal controls and procedures.
  • Performing additional duties as required.

Qualifications:
To be successful in this role, candidates should possess:

  • A four-year college degree in a business-related field, preferably in accounting.
  • A minimum of six (6) years of financial accounting experience in real estate investment, real estate development, private equity, or investment advisory, or four (4) years of public accounting experience in related fields.
  • CPA certification is preferred.
  • Experience with Yardi is advantageous.
  • A general understanding of investment company accounting matters (ASC 946).
  • Experience in REIT accounting/operations is a plus.
  • Exceptional attention to detail and critical thinking skills.
  • Proficiency in Microsoft Excel.
  • Strong verbal and written communication abilities.

Work Environment:
This position typically requires 40 hours of work per week during standard business hours, Monday through Friday, from 8:00 AM to 5:00 PM. CapRock values its employees and fosters a collaborative culture. We believe that in-person collaboration is key to our success, and therefore, employees are expected to work from a CapRock office three days a week, except in limited circumstances permitted by company policy.

Benefits:
We offer a highly competitive base salary along with yearly bonuses based on the overall success of the company and individual contributions. Our benefits package includes:

  • 100% employer-paid medical PPO, dental, and vision coverage for employees and eligible dependents.
  • 15 days of paid time off (PTO).
  • 10 paid holidays.
  • A fun, collaborative, and team-oriented work environment.

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