Fund-Ops Cost Benchmark

See what your fund's back-office costs — administration, audit, tax, legal — add up to as a share of committed capital, and how that share falls as you scale. Free, no signup.

Committed capital (fund size)

Your annual fund-level operating spend — exclude the management fee and carried interest:

Fund administration

Audit & tax

Legal & compliance

Software & other ops

Updates as you type.

Ops cost / committed

0.320%

Per $1M committed

$3,200

Line item	Annual	% of total
Fund administration	$60,000	38%
Audit & tax	$45,000	28%
Legal & compliance	$35,000	22%
Software & other ops	$20,000	13%
Total annual ops	$160,000

Your fund-level operating cost is 0.320% of committed capital — $3,200 per $1M committed. Whether that's efficient depends on your fund's size, structure, and service scope. Use the reference below as context, not a target.

Fixed-cost scaling

Most back-office costs are largely fixed. If this same annual spend ($160,000) held steady as you raise larger funds, its share of committed capital would fall:

Fund size	Committed	Ops % of committed
Your fund	$50,000,000	0.320%
2× larger	$100,000,000	0.160%
4× larger	$200,000,000	0.080%

Illustrative: assumes your operating spend stays the same as fund size grows. In practice some costs scale with activity.

How does this compare?

Fund operating costs vary widely by size, structure, domicile, and complexity — there is no single “right” number. As a directional reference, several industry practitioners estimate that fund-level operating expenses (administration, audit, tax, legal — excluding the management fee and carried interest) commonly fall in the low tenths of a percent to roughly half a percent of committed capital per year, and that a baseline of roughly $50K–$150K per year in fixed costs applies regardless of fund size. Because these costs are largely fixed, smaller funds almost always show a higher percentage than larger funds — this is expected, not a red flag.

Sources: VC Beast, altHQ (2025), VC Lab. These are practitioner estimates, not a measured benchmark. Ranges are directional and will not match every fund.

Directional only. Not tax, legal, accounting, or investment advice. Excludes management fee and carried interest. Actual costs vary by domicile, structure, service providers, and fund complexity.

A big share of that fixed spend is document work — DDQs, K-1 tie-outs, LPA terms, FP&A. Fundry's AI agents do it from your real documents, so ops cost doesn't scale with headcount.