- 1Runs onAPI, Web
- 2CostsFree plan · free trial · paid from £265/mo
- 3Investor portalYes
- 4Capital account trackingYes
- 5NAV workflowsYes
- 6Allocation waterfallsYes
- 7Capital call workflowsYes
Overview
Keel is fund administration software for private equity, venture capital, family offices, search funds, and independent sponsors. Its workflows cover investor onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting, and tax tasks. For fund economics, it supports European and American distribution waterfalls, GP catch-up, carried interest, preferred returns, hurdles, and recallable capital. Investors can use a branded portal for capital-call notices, real-time account balances, statements, tax documents, and fund analytics. Its AI Suite reviews emailed capital-call notices, deal materials, and portfolio updates, but a manager must confirm before it creates or issues actions. Keel supports USD, EUR, GBP, and JPY fund currencies, plus K-1 and foreign-investor tax forms including W-8, 1042-S, and K-3. The Free tier costs 0.00 GBP per free and covers one entity and up to 10 active investors. Listed paid plans start at 265.00 GBP per month; the pricing note also says paid plans start at $500/mo. Keel administers single-entity funds today; multi-entity and master-feeder structures are coming soon.
Who it is for
Keel is aimed at private equity, venture capital, family offices, search funds, and independent sponsors managing fund administration. Its free tier may suit a small single-entity setup with up to 10 active investors.
What is good
- Workflows span onboarding through distributions and tax tasks
- Supports European and American distribution waterfalls
- Branded investor portal with balances and documents
- AI actions require manager confirmation
- Free tier covers one entity and 10 active investors
What to know first
- Multi-entity and master-feeder structures are coming soon
- Free tier is limited to one entity and 10 active investors
- Keel is not yet SOC 2 or ISO 27001 certified
- Plaid live bank sync is unavailable in some countries
Verdict
Keel covers a wide range of fund operations and investor access needs, with manager review built into its AI workflows. The Free tier has clear entity and investor limits, while multi-entity structures are not yet available.
Keel plans and pricing
All plansCompared on fund administration software
- Free plan
- Yeskeelmanager.com
- Paid from
- $500/mokeelmanager.com
- Investor portal
- Yeskeelmanager.com
- Capital account tracking
- Yeskeelmanager.com
- NAV workflows
- Yeskeelmanager.com
- Allocation waterfalls
- Yeskeelmanager.com
- Capital call workflows
- Yeskeelmanager.com
Facts
- Product
- Keel is fund administration software for private equity, venture capital, family offices, search funds, and independent sponsors.keelmanager.com · 29 Sept 2026
- Fund scope
- The site says single-entity funds are administered today and multi-entity structures, including master-feeder structures, are coming soon.keelmanager.com · 29 Sept 2026
- Fund workflows
- The platform supports investor onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting, and tax workflows.keelmanager.com · 29 Sept 2026
- Fund economics
- It supports European and American distribution waterfalls, GP catch-up, carried interest, preferred returns, hurdles, and recallable capital.keelmanager.com · 29 Sept 2026
- Investor access
- Investors have a branded portal with capital-call notices, real-time capital-account balances, statements, tax documents, and fund analytics.keelmanager.com · 29 Sept 2026
- AI features
- The AI Suite processes emailed capital-call notices, deal materials, and portfolio updates for review, while requiring manager confirmation before creating or issuing actions.keelmanager.com · 29 Sept 2026
- Currencies and tax
- Keel supports USD, EUR, GBP, and JPY fund currencies and describes K-1 and foreign-investor tax form support including W-8, 1042-S, and K-3.keelmanager.com · 29 Sept 2026
- Integrations
- Plaid live bank sync is available on paid tiers and is marked unavailable in some countries; accounting integration is listed with the AI Suite on Multi-Fund and Enterprise.keelmanager.com · 29 Sept 2026
- Plan limits
- The Free tier includes one entity and up to 10 active investors; web subscription documents and investor tax reporting are paid add-ons on eligible tiers.keelmanager.com · 29 Sept 2026
- Security
- Keel states that it uses TLS/HTTPS in transit, AES-256-GCM application-layer encryption for sensitive data at rest, mandatory administrator MFA, role-based access, and tenant isolation.keelmanager.com · 29 Sept 2026
- Audit and compliance
- Keel says it keeps a seven-year audit trail and is not yet SOC 2 or ISO 27001 certified.keelmanager.com · 29 Sept 2026
- Data residency
- A dedicated database and data-residency option is listed for Multi-Fund and Enterprise plans.keelmanager.com · 29 Sept 2026
- Support
- The site invites users to email [email protected] for security diligence questions and says a demo can be booked at [email protected].keelmanager.com · 29 Sept 2026
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Sources
- keelmanager.com/welcome· checked 29 Sept 2026
- keelmanager.com/security· checked 29 Sept 2026