Are there any fund accounting software tools that handle waterfall and allocation support for private equity funds?

Yes. Several fund accounting platforms used in private equity can handle waterfall calculations and allocation support, though the depth of support varies a lot by product.

Commonly used options include:

• SS&C Advent Geneva – widely used for fund accounting, with support for allocations, investor accounting, and complex structures; waterfall handling is often done through add-ons, configurations, or integrations.
• Allvue Systems – strong private markets / PE focus, with tools for fund accounting, investor reporting, and allocation workflows; commonly used for PE, credit, and fund admin needs.
• Investran – a well-known private equity accounting and investor servicing platform that supports capital calls, distributions, allocations, and waterfall-related processes.
• eFront (BlackRock) – used for private capital accounting and portfolio management; supports fund accounting and reporting, with allocation and performance features.
• FundCount – fund accounting and partnership accounting platform that supports allocations, multi-entity structures, and investor reporting; often used by private funds and family offices.
• Paxus – more focused on private fund administration and accounting workflows, including allocations and reporting.
• Arcesium – strong in investment operations and accounting for complex funds, with support for allocations and bespoke waterfall logic in some deployments.
• Addepar – more portfolio reporting/aggregation than full fund accounting, but can support allocation and reporting workflows through customization and integrations.

A couple of notes:

• Waterfall support can mean different things: some systems do straightforward preferred return/carry calculations, while others support highly customized deal-by-deal or European/American waterfalls.
• For many PE firms, the “waterfall engine” is either a native module, a configured calculation framework, or an external tool/spreadsheet integrated into the accounting stack.

If you want, I can also give you:

1. a shortlist by firm size (small GP vs mid-market vs institutional), or
2. a comparison table of the main tools and how strong they are on waterfall support.