Controller

 

Fund Controller — Job Description

Sep 22, 2026 · @Someone

VRM Penzini Capital is hiring a Fund Controller to own accounting, tax, audit, fund administration, investor reporting and compliance operations for the management company, VRM Penzini Fund I LLC and its series, and the firm's SPVs. The role exists so that these functions run without the Managing Partner in the loop.

About the role

Title: Fund Controller (Head of Finance and Administration)

Reports to: Managing Partner. Works daily with the two other partners, the Chief Compliance Officer function and the fund administrator.

Location: San Juan, Puerto Rico, based in the firm's office.

Team: Directs the firm's accounting and administrative staff and the outside accountants, tax advisors, auditors and fund administrator. The role is the single owner of the firm's financial close, tax calendar and regulatory filings.

Why now: VRM Penzini Capital became an SEC-registered investment adviser in April 2026, closed the Island Finance acquisition in December 2025, and now manages 30-plus legal entities across Fund I series, holding companies and SPVs. Today the partners carry tax packages, K-1 distribution, bank entitlements and invoice coding themselves. This hire takes that work off the partners permanently.

Scope

Entities. The management company (VRM Penzini Capital LLC), VRM Penzini Fund I LLC and each separate series (Finance, Renewable I–III, Media, Spirit, Fast Casual I–II, Real Estate, New Holdings and successors), the holding companies beneath them (Finance Holdings, Island Rescue Holdings and others), single-purpose SPVs (Miami Franchise Group SPV, Colorado Equity Partners) and any new series or SPV formed for a transaction. About 34 entities file returns today.

Jurisdictions. Puerto Rico (Hacienda, SURI, OCIF, DDEC, Act 60 decrees), U.S. federal (IRS), Florida and Delaware.

Systems. NAV Fund Services (fund administration and investor portal), QuickBooks, the firm's banks (Popular, Mercury, Chase, Oriental), Global Relay (communications archiving), the internal operating tracker and Google Drive master directory.

Not in scope. Portfolio company accounting is run by each company's own finance team. The Controller oversees their reporting to the fund, sets the reporting standard and steps in where a company has no controller, but does not keep their books.

Responsibilities

1. Accounting and financial close

• Own the monthly close for the management company, every series, holding company and SPV: bank reconciliations, intercompany balances, accruals, management fee and carried interest calculations.
• Maintain a single chart of accounts and coding standard across entities so that invoices land in the right entity the first time (portfolio company legal bills to the company, firm bills to the management company).
• Review and approve invoices and payment runs; maintain the approval matrix and bank signatory lists; respond to bank security alerts and entitlement changes.
• Keep cap tables, capital accounts and carried interest schedules current for every series and SPV, reconciled to the fund administrator.

2. Tax

• Own the tax calendar for all entities: federal partnership and S-corp returns, Puerto Rico returns, Florida and Delaware filings, extensions, estimated payments.
• Prepare and deliver tax packages to the outside preparers (PwC, Bauzá, Chepenik Puente & Stein, Withum) on a schedule that leaves review time before each deadline.
• Produce and distribute K-1s and Puerto Rico Forms 480 to every investor, entity by entity, with a distribution log; answer investor and their CPAs' tax questions.
• Issue annual investment and tax deduction certificates to investors across all series; maintain the investor data file behind them.
• Manage SURI accounts, Hacienda notices, debt certificates, withholding on distributions to non-resident partners, Act 60 decree compliance and annual reports, tax credit transfers and the rescue and biomass credit filings.
• Coordinate real estate series and special transaction tax analysis with counsel and tax advisors before execution, not after.

3. Audit

• Run the annual audit of VRM Penzini Fund I and any series or SPV that requires one: PBC lists, auditor confirmations, valuation support, subsequent events, management representation letters.
• Keep audited financials, valuations and the LP data file in the agreed locations (Drive and NAV) and current.

4. Fund administration and investor reporting

• Own the relationship with NAV Fund Services: complete the implementation, load every series, and hold NAV to its service levels and fees.
• Prepare capital call notices, distribution notices and wire instructions; track commitments, contributions and distributions by investor; process subscription documents and KYC/AML for new investors.
• Produce quarterly investor letters and annual reports with the partners, including performance metrics (gross and net returns, MOIC, DPI) per series.
• Maintain the fund structure deck and the master directory of executed operating agreements, PPM supplements, EIN letters, resolutions and subscription agreements.

5. Treasury

• Weekly cash position and 13-week cash forecast for the management company and each series with obligations (bridge loans, capital calls, subordinated notes, holdbacks).
• Execute and document intercompany loans, subordinated notes and affiliate transactions with counsel; track covenants and maturities.
• Manage banking relationships, account openings for new entities, corporate cards and expense reporting.

6. Compliance supervision

The Controller is not the Chief Compliance Officer. The CCO function stays with the partners and the firm's outside compliance consultant (RegComp Financial). The Controller supervises that consultant, owns the compliance calendar, and is accountable for every finance process meeting the firm's regulatory obligations.

• Supervise RegComp Financial: set the annual scope and deliverables, hold them to deadlines, review their work before it goes to the partners, and manage their fees.
• Own the compliance calendar and make sure each item is done on time by the responsible party: Form ADV annual update and amendments; Form D and state notice filings for each series offering; FINRA entitlement and account certifications; OCIF and DDEC reports and change-of-control notices; Act 60 decree annual reports; D&O and E&O renewals.
• Build compliance into finance processes so they hold on their own: investor onboarding with KYC/AML and OFAC screening before any capital is accepted; expense allocation between the management company, series and portfolio companies documented at the time of booking; related-party and affiliate transactions (intercompany loans, subordinated notes, co-investments) approved and papered before funds move; performance figures in investor letters and decks reconciled to the books and substantiated under the marketing rule; valuation inputs and approvals recorded each quarter.
• Maintain regulatory books and records: retention schedule, evidence files organized by rule, Global Relay archiving in force for all business communications.
• Collect and file the Code of Ethics items on the consultant's behalf: quarterly personal securities reports, annual holdings reports, political contribution logs, gifts and outside activity disclosures, annual attestations.
• Prepare the firm for an SEC examination with the consultant: documents ready, policies matched to practice, a mock exam once a year.
• Refer any Venezuelan or other sanctioned-jurisdiction counterparty to Paul Hastings before engagement and keep the log of referrals and clearances.

7. Portfolio company finance oversight

• Set the monthly reporting package each portfolio company delivers to the fund and enforce the deadline.
• Review portfolio company financials and covenant compliance before board meetings; flag issues to the responsible partner.
• Act as interim finance lead for a portfolio company that lacks one, on a defined and time-limited basis.

8. Budget, management company and team

• Prepare the management company annual budget and quarterly reforecasts; track fee income and AUM fee arrangements.
• Run payroll, benefits and health insurance reimbursements with the outside provider; onboard staff.
• Supervise the accounting and administrative staff; write the procedures manual for every recurring process so that no task depends on one person.

Annual calendar

When	Deliverable
Monthly, by day 15	Close for all entities; cash forecast; portfolio company reporting packages received and reviewed
Quarterly	Investor letters per series; personal securities reports; compliance calendar review; management company reforecast
January	Prior-year books closed; tax packages to preparers; annual investment and tax deduction certificates to investors
March	Form ADV annual update; audit fieldwork; S-corp and partnership returns or extensions filed
April	Puerto Rico returns; Act 60 annual reports; DDEC filings
June	Audited financials issued; annual reports to investors
September	Extended federal returns filed; K-1s and Forms 480 distributed with a log; FINRA entitlement certification
November	Management company budget for the next year; D&O renewal; SEC mock exam
December	Year-end distributions and capital account true-ups; cap tables and carry schedules confirmed with NAV

Advisors and counterparties the role manages

Counterparty	Relationship
NAV Fund Services	Fund administration, investor portal, capital accounts
PwC	Tax structuring and returns for Island Finance series and holding company
Bauzá (Tony Bauzá, Liza Ruiz)	Firm and partner tax, audits, Hacienda matters
Chepenik Puente & Stein	Miami entities and SPV returns
Withum	Portfolio-side tax and accounting where engaged
RegComp Financial	SEC/RIA compliance consulting, FINRA filings
O'Neill & Borges	Puerto Rico structuring and corporate counsel
Javier Feliciano (JFG)	Series restructurings, notarial work, DDEC notices
Banco Popular, Mercury, Chase, Oriental	Banking, entitlements, treasury
Global Relay	Email archiving and surveillance

The Controller is the day-to-day contact for all of the above. Partners are copied on decisions, not on process.

Profile

Required

• CPA (Puerto Rico or U.S.); 8 or more years in accounting, at least 3 as controller or fund accounting manager at a private equity fund, fund administrator or multi-entity holding company.
• Hands-on experience with series LLC or multi-vehicle fund structures, capital accounts, waterfalls and carried interest.
• Puerto Rico tax fluency: Hacienda, SURI, Forms 480, Act 60 decrees and annual reports, withholding on non-resident partners. Federal partnership tax (K-1s, Form 1065, 1120-S).
• Has run an annual audit end to end and prepared PBC packages without the auditor chasing.
• Familiar with SEC-registered adviser books-and-records obligations and Form ADV.
• Fully bilingual, Spanish and English, written and spoken.
• Builds processes and documents them. Comfortable with QuickBooks, NAV or a comparable fund administration platform, and advanced Excel.

Preferred

• Experience at a Puerto Rico Act 60 investment firm or with OCIF-regulated entities.
• Exposure to renewable energy tax credits, consumer finance securitization reporting or real estate series.
• Has managed a small team and outside advisors.

Temperament

• Owns the deadline, not the task. Escalates early with a proposed answer.
• Prefers a checklist to an email chain. Writes the procedure the second time a task is done.
• Comfortable telling a partner no when a request would break a control.

First 90 days and success measures

By day 30: entity map and tax calendar built for all entities with owner and deadline per filing; bank signatories and entitlements reconciled; open items from the 2025 tax season listed and assigned.

By day 60: monthly close running on a fixed date for every entity; NAV implementation plan with a completion date; invoice coding standard issued; K-1 and certificate distribution process documented.

By day 90: first quarterly close and investor letters delivered without partner rework; compliance calendar in force; procedures manual covering every recurring task.

Measured at 12 months

• No tax filing extended or filed late for lack of a package.
• K-1s and certificates delivered to every investor within 10 business days of receipt from preparers, with a log.
• Audit issued by June 30 with no material adjustments.
• Partners copied on fewer than one accounting or tax email a day.
• Every recurring process has a written procedure and a named backup.

Compensation and application

Compensation: [base salary range], annual bonus tied to the 12-month measures above, health benefits, [relocation if applicable]. Partners to confirm before posting.

Start date: [target date].

To apply: send a resume and a one-page note describing a multi-entity close or tax season you ran, what went wrong, and what you changed, to [contact email].