Private Equity Fund Accounting

DAVID LENTINELLO

Huntington, New York, ***** (C) 631-***-**** ***********@*****.***

Seasoned professional who offers extensive experience in fund accounting / fund administration, regulatory reporting, and security valuation for Private Equity and Debt Funds, Hedge Funds, Limited Partnerships and SMA’s, BDC’s and RIC’s (1940 Act funds). Possess strong work ethic, leadership skills and special talent for project management and client service.

CORE COMPETENCIES

Domestic and international equities, fixed-income, alternative assets, foreign and emerging market securities and foreign exchange, MBS, ABS, CMO’s, CLO’s, municipals, corporates debt, structured debt, subordinated debt, distressed credit, Reg cap securities and money market securities

Open-end fund and closed-end fund specialist, private equity, private debt, hedge funds, hub and spoke funds, fund of funds, REIT funds, SPV’s and BDC’s.

Expense budgeting and accrual analysis, revenue forecasting and dividend projections

IRS Tax reporting, Tax Withholding, Federal, State, Income and Excise tax returns, K-1’s and 1099’s, RIC Compliance Tests, Form ADV and Form PF.

1940 Act experience and U.S. GAAP Investment accounting principles, SEC regulation requirements under the 1933 and 1934 Acts.

PROFESSIONAL EXPERIENCE

Constellation Advisers LLC (part of IQEQ) (August 2021 - Present)

Managing Director – CFO Services and Fund Accounting

Provides outsourced CFO accounting and finance services for a book of business of 20+ clients, generating revenues of $1.5MM, including private equity firms, hedge funds and family offices.

Oversee launch process for new funds, SPV’s and co-investment vehicles, including service provider selection, budgets and forecasts, accounting administrators / systems, banking, payroll / benefits, tax and legal services and contract renewals.

Maintains books and records in Bill.com, Quick Books and Expensify on behalf of the Management Company (GP) and prepare formal monthly / quarterly financial statements, cash controls, credit card recons, set up income and expense accrual, budgets, expense processing, cash flow analysis, income projections and accounts payable.

For Fund oversight, I function in a control capacity over cash movements, provide income and expense accruals, expense payments, review the monthly / quarterly Fund NAV packs, investor allocations, review and recalculate management fee and incentive / performance fees (including hurdles, high-water marks, rebalancing and true ups), review side letter agreements and recalculate / review waterfall carried interest calculations.

Review portfolio valuations, returns and performance, equity raises and exit events.

Work closely with Fund administrators, fund auditors, tax advisors and preparers and other third-party service providers.

Review the Fund’s tax returns and K-1s, investor letters and shareholder statements and prepare 1099’s.

Arrowmark Partners LLC. (August 2020 - August 2021)

StoneCastle Partners LLC. (December 2013 - August 2020)

Fund Controller - StoneCastle Financial Corp (Arrowmark Partners bought SCFC 2/2020)

Manage all aspects of the daily fund accounting and financial reporting duties of StoneCastle Financial Corp. (“SCFC” closed end RIC – Portfolio consists of subordinated term loans, private debt, preferred stock, CLO’s, trust preferred securities and partnerships) including the preparation of quarterly financial statements, regulatory filings (N-SAR, NQ, NCSR, 8-K’s, N-2 and Prospectus updates) and proxy materials.

Setting accounting policies and financial reporting disclosures, evaluations of proposals for new products and changes to existing products. Assist in creation and/or oversight of the development, implementation of innovative products and ongoing analysis and rationalization of the product line.

Prepare RIC compliance tests and oversee tax administration and tax filings and manage the establishment of tax policy for the Fund.

Manage the overall relationship with the Board of Trustees for the Fund, ensuring the Board reporting meets all regulatory requirements and preparing comprehensive board reporting materials for quarterly meetings.

Oversee draw down and pay down transactions from a $70 million bank loan and manage cash balances for Fund’s short-term investments.

Facilitated the closing of a $250M Bank Securitization CLO involving 35 banks.

Prepare press releases and investor relations and marketing materials including quarterly earnings release scrips and investor calls.

Partner with portfolio managers, legal, risk and regulatory compliance, sales and technology teams to ensure that the appropriate infrastructure is in place to support current and future initiatives.

The Reserve Management Corporation (March 2007- May 2011)

Director of Fund Administration - The Reserve Funds Firm closed asset management business

Successfully managed the planned liquidation of 27 RIC’s (1940 Act funds) and distribution of $90 billion of assets back to shareholders over the course of three years. Firm closed its Asset management and advisory business in September 2011.

Reported into the CFO and was responsible for the fund accounting oversight and financial reporting for the Reserve Funds ($90 billion in assets, 27 Funds including 73 share classes).

Managed staff of 15 accountants. Prepared semiannual and annual financial statements, SEC filings (N-SAR, N-CSR, 24-F2, NQ, N1-A, 10-K, 10-Q). Prepared the Funds Tax withholding, Federal, State, Income and Excise tax returns including all gain/loss work papers for ROCSOP, Wash Sales and Short Sales.

Facilitated annual fund audits with external auditors, SAS-70 audits and SEC audits.

Calculated daily Net Asset Values based on daily financial transactions, dividend factors and yields for all registered investment companies, offshore funds and Limited Partnerships.

Prepared Schedule K 1’s for partnerships. Monitor SarbOx and US GAAP compliant audited annual financial statements.

Prepared monthly management reporting, material for audit committee and board books for Fund Trustees.

JPMorgan Chase & Co. (March 2002 – March 2007)

Vice President, Private Equity Fund Accounting Manager

Managed the Investment Accounting team for Private Equity Fund Services (formally JPMorgan Partners). Private Equity Funds included Heritage JP Morgan and Chase private equity investments (137 funds and 2,700 security positions). Maintained accounting in Investran portfolio system for purchases, sales, corporate actions, income and expense accruals, capital calls, distributions and waterfall calculations. Developed quality assurance controls, procedures and documentation. Prepared financial statements and facilitated annual fund audits. Prepared cost allocations, staff budgeting and initiated compilation of all metrics data for Private Equity Fund Services department.

Recipient of professional outstanding leadership awards in 2005 and 2004.

Morgan Stanley Investment Management (February1995 - March 2002)

Assistant Vice President, Fund Accounting Manager

Responsible for the daily mutual fund accounting and financial reporting administration of 25 open and closed-end mutual funds (1940 Act Registered Investment Companies). Funds included proprietary money market funds, leveraged fixed-income funds, municipal bonds and prime income trust funds.

Staff comprised of 18 accountants. Prepared annual and semi-annual financial statements and required SEC filings.

Facilitated annual fund audits with external auditors and prepared board meeting materials.

Worked with custodial banks, transfer agent, financial printers and external service providers. Employed GAAP accounting for daily NAV calculations, staff budgeting, cost projections, tax and fund compliance matters of domestic and foreign mutual funds.

Familiarity with Multi-Class and Hub and Spoke structured funds, Investment Company Act of 1940, Securities Acts of 1933 and 1934.

CONSULTING EXPERIENCE

StoneCastle Partners LLC. - Mutual Fund Specialist (September 2013 – December 2013)

Managed the process for the commencement of StoneCastle Financial Corp (Closed End RIC). Prepared the Fund prospectus (429 and N2 SEC Filing), documented Fund accounting processes, valuation and Fund regulatory and Compliance procedures.

FDIC - Mortgage Revenue Reporting Analyst (July 2013 – August 2013)

Responsible for the analysis of mortgage revenue on various priority deals that FGIC insured.

Neuberger Berman - Sales Data Reporting (July 2012 – February 2013)

Prepared performance metrics, reconciliation dashboards and KPI’s for measuring and monitoring sales volume, timing and data quality.

Bank of New York Mellon - Financial Reporting (January 2012 – May 2012)

Managed the financial reporting function for the dedicated client team of Prudential Mutual Funds. Prepared annual, semi-annual reports, NSAR, NCSR, 24-F2, NQ, 10-K, 10-Q filings.

Ambac Financial Group - Financial Reporting (October 2011 – November 2011)

Responsible for the 3rd quarter accounting close for Ambac Financial Group. Prepared 10-K and 10-Q filings and compliance analysis, model pricing, rate/volume analysis and analyze cash flows for asset-backed securities.

COMPUTER / ACCOUNTING SYSTEMS

Experienced with DST, Invest One, Princeton Financial’s PAM accounting system and Multi-Currency Horizon (MCH) accounting systems, Investran, Portia, Spectra, Broadridge ADP and SalesVision, Fund Station, SAS Transfer Agent system and Bloomberg. Advanced user of Microsoft Excel, WORD and PowerPoint. Use Bill.com, Quick Books and Expensify to maintain invoicing and financial statements.

EDUCATION, PROFESSIONAL DEVLOPMENT

Adelphi University Graduate School of Business

M.B.A. in Corporate Finance

St. Francis College

Bachelor of Science in Accounting; Minor in Economics

Attended Investment Company Institute annual Tax and Accounting conferences, Complex Securities and Private Equity Classes (offered by PriceWaterhouse Coopers), Series 7 and Series 63 overview courses, Management Skills and Anti-Money Laundering classes.

VOLUNTEERING

Member of LIFT of New York – Team leader who organized clothing drives, food drives and holiday toy drives at StoneCastle Partners LLC 2013 - 2020.

Volunteered in a Soup Kitchen in Harlem 2012.

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