What does a fund of funds need from reporting software?

Last reviewed: 19 August 2026

A fund of funds reports on two layers at once. It receives calls and distributions from the funds it invests in, and it issues its own to its investors. Reporting software has to keep both in step, roll up look through exposure to what sits underneath, and hold the manager selection reasoning behind each allocation.

Key takeaways

/Two layers of cashflow, one register.
/Look through needs loaded holdings, not commentary.
/The selection decision is part of the record, not a memory.

The cash timing between layers is the operational problem. Underlying managers call on their own schedule, and the fund of funds has to meet those calls while managing its own drawdowns and any facility it uses.

Look through is the reporting problem. Investors want to know their real exposure by sector and geography, which means holdings underneath the funds have to be loaded and rolled up rather than described in a commentary paragraph.

Reuben AI gives allocators a manager directory, side by side comparison, a diligence workspace per manager and a triangulated view across analysts, alongside dedicated fund of funds surfaces for managers, portfolio of funds and completions.

How Reuben AI compares

What the two layers require.

Attribute	Reuben AI	Spreadsheet
Downward layer	Commitments to underlying funds with their calls and distributions	Tracked manually per manager
Upward layer	Own investors, calls, distributions and locked reporting	Separate workbook
Look through	Underlying holdings loaded and rolled up	Rebuilt each quarter

Frequently asked questions

Does this suit endowments and pensions too?

Yes. Allocators run the same selection and monitoring work, without the second layer of their own fund investors.

Can secondary purchases of fund interests be held?

Yes, as positions with their own cost, date and cashflow history.

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APAReuben AI. (2026). What does a fund of funds need from reporting software?. Reuben AI. Retrieved 19 August 2026, from https://www.goreuben.com/answers/fund-of-funds-reporting-software
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