Best Fund Administration Software in 2026
Updated
In short: Keel is ranked #1 of 30 as of 4 October 2026, ahead of ModelTree and Juniper Square. The best-ranked option with a free plan is Hemrock. The lowest first paid tier on this page is Infra One at $0.83/mo.
Fund administration software can support the capital and investor workflows a fund needs to manage. Compare capital account tracking and capital call workflows with NAV workflows and allocation waterfalls to see which activities are covered. Keel, ModelTree, and Juniper Square are among the options to consider. Investor portals and investor limits offer additional ways to assess investor access and scale. Free-plan availability and paid-from pricing round out the comparison. Start with the processes that matter to your fund, then weigh the listed workflow and investor-facing details against those needs.
30 fund administration software ranked on what their makers publish — plans and prices, free tiers, platforms and the facts on their own pages.
30ranked
2free plans on this page
$0.83/molowest paid tier
4 Oct 2026last checked
Input list Fund Administration Software 25 channels on this page · 113 of 200 spec lines stated by the makers
Ch Tool Free planPaid fromInvestor portalCapital account trackingNAV workflowsAllocation waterfallsCapital call workflowsInvestor limit Spec sheet Score
01 Keel Free planYesPaid from$500/moInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 7/8spec lines stated 7.3
02 ModelTree Free planNoPaid fromnot statedInvestor portalnot statedCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 5/8spec lines stated 7.0
03 Juniper Square Free plannot statedPaid fromnot statedInvestor portalnot statedCapital account trackingnot statedNAV workflowsnot statedAllocation waterfallsnot statedCapital call workflowsnot statedInvestor limitnot stated 0/8spec lines stated 6.9
04 aama.io Free planNoPaid from$625/moInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 7/8spec lines stated 6.8
05 Fundwave Free plannot statedPaid from$800/moInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limit100 investors 7/8spec lines stated 6.8
06 Hemrock Free planYesPaid fromnot statedInvestor portalnot statedCapital account trackingnot statedNAV workflowsnot statedAllocation waterfallsnot statedCapital call workflowsnot statedInvestor limitnot stated 1/8spec lines stated 6.8
07 Dynamo CRM & Deal Management Free plannot statedPaid fromnot statedInvestor portalnot statedCapital account trackingnot statedNAV workflowsnot statedAllocation waterfallsnot statedCapital call workflowsnot statedInvestor limitnot stated 0/8spec lines stated 6.7
08 Perfona Free planNoPaid from$500/moInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 7/8spec lines stated 6.7
09 AdminSphere Free plannot statedPaid fromnot statedInvestor portalnot statedCapital account trackingnot statedNAV workflowsYesAllocation waterfallsnot statedCapital call workflowsYesInvestor limitnot stated 2/8spec lines stated 6.6
10 Allvue Investment Management Free plannot statedPaid fromnot statedInvestor portalnot statedCapital account trackingnot statedNAV workflowsnot statedAllocation waterfallsnot statedCapital call workflowsnot statedInvestor limitnot stated 0/8spec lines stated 6.6
11 Ashta.ai Free planNoPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 6/8spec lines stated 6.6
12 Infra One Free planNoPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limit15 investors 7/8spec lines stated 6.5
13 Caproom Free planNoPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 6/8spec lines stated 6.3
14 VCF.co Free planNoPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limit50 investors 7/8spec lines stated 6.3
15 PoliBit Free planNoPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limit50 investors 7/8spec lines stated 6.2
16 Formidium Free plannot statedPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 5/8spec lines stated 5.9
17 Valence Free plannot statedPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 5/8spec lines stated 5.9
18 Archstone Free planNoPaid from$297/moInvestor portalYesCapital account trackingYesNAV workflowsnot statedAllocation waterfallsYesCapital call workflowsYesInvestor limit25 investors 7/8spec lines stated 5.8
19 Ark Free plannot statedPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsnot statedAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 4/8spec lines stated 5.8
20 Allocate Free plannot statedPaid fromnot statedInvestor portalnot statedCapital account trackingnot statedNAV workflowsnot statedAllocation waterfallsnot statedCapital call workflowsnot statedInvestor limitnot stated 0/8spec lines stated 5.7
21 Basis Free plannot statedPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsnot statedCapital call workflowsYesInvestor limitnot stated 4/8spec lines stated 5.7
22 bunch Free planNoPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsnot statedCapital call workflowsYesInvestor limitnot stated 5/8spec lines stated 5.7
23 Carta Fund Management Free planNoPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsnot statedAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 5/8spec lines stated 5.7
24 Entrilia Free plannot statedPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsnot statedAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 4/8spec lines stated 5.7
25 fundflow Free plannot statedPaid fromnot statedInvestor portalYesCapital account trackingYesNAV workflowsYesAllocation waterfallsYesCapital call workflowsYesInvestor limitnot stated 5/8spec lines stated 5.7
Is your tool on this list?
Numbered spots on this list can be sponsored. They are labelled, and the editorial order and scores never change for payment.
Questions about this list
Which fund administration software is ranked first on Specifiction?
Keel is ranked #1 of 30 with a score of 7.3. ModelTree is second and Juniper Square third.
How many of these have a free plan?
2 of the 25 on this page publish a free plan on their own pricing pages.
Which is the cheapest paid option?
On this page, Infra One has the lowest first paid tier we found: $0.83/mo.
How is this list ranked?
Ranked on what each maker publishes, the fullest spec sheet first: how deeply the product is documented, the platforms it runs on, a free tier or trial to test it, and its standing. Paid placements never change a rank.
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