Keel
keelmanager.com
What it is
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 nothing and covers one entity and up to 10 active investors. Listed paid plans start at £265 a 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.
Spec sheet
- What it does
- Keel is a cloud fund-administration and investor-portal system for private-equity, venture-capital, family-office, search-fund and independent-sponsor managers.Read 14 Oct 2026 · keelmanager.com
- Product
- Keel is fund administration software for private equity, venture capital, family offices, search funds, and independent sponsors.Read 29 Sep 2026 · keelmanager.com
- Integrations
- Plaid is used as the optional bank-data aggregation provider for connected-account reconciliation.Read 14 Oct 2026 · keelmanager.com
- 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.Read 29 Sep 2026 · keelmanager.com
- Support
- The site invites users to email [email protected] for security diligence questions and says a demo can be booked at [email protected].Read 29 Sep 2026 · keelmanager.com
- AI automation
- AI reads emailed capital-call notices, deal materials and portfolio updates, drafts actions and summaries, and requires manager confirmation before execution.Read 14 Oct 2026 · keelmanager.com
- 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.Read 29 Sep 2026 · keelmanager.com
- API and extensibility
- API, webhooks and white-label capabilities are listed only for Enterprise.Read 14 Oct 2026 · keelmanager.com
- Audit and compliance
- Keel says it keeps a seven-year audit trail and is not yet SOC 2 or ISO 27001 certified.Read 29 Sep 2026 · keelmanager.com
- Audit retention
- Administrator and operator actions are retained in a seven-year audit trail, and financial records are not hard-deleted.Read 14 Oct 2026 · keelmanager.com
- Bank reconciliation
- Keel supports CSV ledger uploads and Plaid-connected bank feeds to match wires and reconcile capital-call and month-end activity.Read 14 Oct 2026 · keelmanager.com
- Capital calls
- Managers can allocate calls per investor or household and send branded notices with delivery tracking.Read 14 Oct 2026 · keelmanager.com
- Commitments
- The system tracks called, uncalled and paid-in-capital commitments, including upsizes, amendments and transfers.Read 14 Oct 2026 · keelmanager.com
- Compliance status
- Keel explicitly says it is not yet SOC 2 or ISO 27001 certified.Read 14 Oct 2026 · keelmanager.com
- 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.Read 29 Sep 2026 · keelmanager.com
- Data residency
- A dedicated database and data-residency option is listed for Multi-Fund and Enterprise plans.Read 29 Sep 2026 · keelmanager.com
- Distributions
- Realizations support distributed, retained or reinvested proceeds and carried-interest calculations.Read 14 Oct 2026 · keelmanager.com
- Documentation
- The public site exposes product, pricing, security, privacy, terms, Plaid disclosure and policy pages but no public API reference or SDK documentation.Read 14 Oct 2026 · keelmanager.com
- Fund economics
- It supports European and American distribution waterfalls, GP catch-up, carried interest, preferred returns, hurdles, and recallable capital.Read 29 Sep 2026 · keelmanager.com
- Fund scope
- The site says single-entity funds are administered today and multi-entity structures, including master-feeder structures, are coming soon.Read 29 Sep 2026 · keelmanager.com
- Fund workflows
- The platform supports investor onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting, and tax workflows.Read 29 Sep 2026 · keelmanager.com
- Independent announcement
- A LinkedIn post dated two months before the crawl said Keel's beta would open soon for private-equity, venture-capital and family-office managers.Read 14 Oct 2026 · linkedin.com
- Independent-directory identity issue
- The available G2, Capterra, GetApp and Software Advice pages use the name Keel for products unrelated to the keelmanager.com fund platform, so they provide no validated user sentiment for KeelManager.Read 14 Oct 2026 · capterra.com
- Investor access
- Investors have a branded portal with capital-call notices, real-time capital-account balances, statements, tax documents, and fund analytics.Read 29 Sep 2026 · keelmanager.com
- Investor onboarding
- Prospects can use branded data rooms, accreditation workflows and web subscription documents with electronic signatures.Read 14 Oct 2026 · keelmanager.com
- Investor portal
- Investors receive branded access to capital calls, balances, statements, tax documents and TVPI, DPI, MOIC and IRR analytics.Read 14 Oct 2026 · keelmanager.com
- Limit: enterprise gating
- Dedicated data residency, SAML, API/webhooks, white-labeling and external accountant or legal portals require Enterprise.Read 14 Oct 2026 · keelmanager.com
- Limit: roadmap features
- GP clawback and equalization-interest calculations are marked “Soon” across all plans.Read 14 Oct 2026 · keelmanager.com
- Limit: structure coverage
- Multi-entity architecture covering masters, feeders, parallels and linked vehicles is on the roadmap rather than available today.Read 14 Oct 2026 · keelmanager.com
- Multi-currency
- Funds and commitments can be run in USD, EUR, GBP or JPY with base-currency conversion.Read 14 Oct 2026 · keelmanager.com
- 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.Read 29 Sep 2026 · keelmanager.com
- Praise: affordability
- An independent LinkedIn post praises Keel as a lower-cost option for small funds and describes its beta as offering founding-fund spots free before discounted early access.Read 14 Oct 2026 · linkedin.com
- Privacy role
- For investor and prospect information entered by a subscribing firm, Keel describes itself as processor/service provider while the tenant remains controller.Read 14 Oct 2026 · keelmanager.com
- Rating on Capterra
- 0.0 out of 5 from 0 reviews; the listing describes an order-management product rather than fund administration.Read 14 Oct 2026 · capterra.com
- Rating on G2
- 0.0 out of 5 from 0 reviews; the listing is for Keel ERP and links to keel.es rather than keelmanager.com.Read 14 Oct 2026 · g2.com
- Rating on GetApp
- 0.0 out of 5 from 0 reviews; the listing categorizes Keel under order management and shows generic integrations and mobile platforms.Read 14 Oct 2026 · getapp.com
- Rating on Software Advice
- No user reviews are shown for the Keel listing; that page describes property-management software with a NZ$15 monthly plan.Read 14 Oct 2026 · softwareadvice.com
- Security controls
- Keel states that it uses TLS, AES-256-GCM application-layer encryption for sensitive fields, mandatory MFA, role-based access, tenant isolation and bounded sessions.Read 14 Oct 2026 · keelmanager.com
- Supported structures
- Single-entity funds are supported today, while linked multi-entity master-feeder structures are described as coming soon.Read 14 Oct 2026 · keelmanager.com
- Tax
- Keel generates data for US Schedule K-1 and foreign or entity forms including W-8, 1042-S and K-3.Read 14 Oct 2026 · keelmanager.com
- Terms status
- The published Terms of Service are marked draft, subject to legal review, with placeholders for effective date, jurisdiction and liability terms.Read 14 Oct 2026 · keelmanager.com
- Waterfalls
- The platform calculates European whole-fund and American deal-by-deal waterfalls with GP catch-up, preferred return and hurdle terms.Read 14 Oct 2026 · keelmanager.com
Plans and prices
Free Free 1 entity · 10 active investors · no credit card · no time limit Read 29 Sep 2026 · keelmanager.com
Free Free $0/mo; free forever 1 entity · 10 active investors · no Plaid live bank sync · no fundraising portal Read 14 Oct 2026 · keelmanager.com
Starter £350 a month $350/fund/mo Early Adopter; standard $500/fund/mo 1 entity · unlimited active investors · Plaid bank sync · no fundraising portal Read 14 Oct 2026 · keelmanager.com
Single Fund £799 a month $799/fund/mo Early Adopter; standard $1,250/fund/mo 1 entity · unlimited active investors · 30-day trial · fundraising portal included · subscription documents add-on Read 14 Oct 2026 · keelmanager.com
Multi-Fund £1,999 a month $1,999/mo Early Adopter; standard $3,500/mo 3 entities included · +$500/entity after · 30-day trial · multiple funds · AI Suite and accounting integration Read 14 Oct 2026 · keelmanager.com
Enterprise Priced on request from £4,540 / mo + per fund unlimited entities · dedicated DB / data residency · SAML / enterprise SSO · API + webhooks · white-label Read 29 Sep 2026 · keelmanager.com
Enterprise $6,000 a month from $6,000/mo + per fund Unlimited entities · dedicated database/data residency · SAML/enterprise SSO · API and webhooks · white-label · CPA and legal portals Read 14 Oct 2026 · keelmanager.com
Strong points and limits
Strong points
- 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
Limits
- 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
Who it suits
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.
Keel in depth
Read the full write-up
Overview
Keel is fund administration software for private equity, venture capital, family offices, search funds, and independent sponsors. It is best suited to managers who want fund operations and investor access in one platform. Its current single-entity scope makes it a poor fit for firms that need multi-entity structures now.
For a broader category comparison, see our Fund Administration Software list.
Key features
Fund administration and economics
Keel handles onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting, and tax workflows. It also supports capital-account tracking and NAV workflows, plus European and American distribution waterfalls with GP catch-up, carried interest, preferred returns, hurdles, and recallable capital. That combination suits managers who need to administer fund economics as well as routine investor activity; it is more than a deal-tracking tool.
Funds can use USD, EUR, GBP, and JPY currencies. Tax support includes K-1s and foreign-investor forms W-8, 1042-S, and K-3. Plaid live bank sync is available on paid tiers, though it is unavailable in some countries. Accounting integration is included with the AI Suite on Multi-Fund and Enterprise.
Investor access and AI review
The branded investor portal gives investors capital-call notices, real-time capital-account balances, statements, tax documents, and fund analytics. That can reduce the need to handle routine investor access separately, although web subscription documents and investor tax reporting are paid add-ons on eligible tiers.
The AI Suite processes emailed capital-call notices, deal materials, and portfolio updates for manager review. Requiring manager confirmation before creating or issuing actions keeps final control with the fund team, but the feature is a review aid rather than an autonomous workflow.
Security and compliance
Keel says it encrypts data in transit with TLS/HTTPS and sensitive data at rest with AES-256-GCM, requires administrator MFA, and uses role-based access and tenant isolation. It keeps a seven-year audit trail, but is not yet SOC 2 or ISO 27001 certified. Multi-Fund and Enterprise offer dedicated databases and data residency, which may matter to organizations with stricter deployment requirements.
Pricing
Keel is freemium, with paid plans billed monthly. Listed early-adopter prices are in GBP; the displayed prior prices provide useful context for the current rates.
PlanPrice and limitsBest fitFreefree; one entity, up to 10 active investors, no credit card, no time limit.A small fund evaluating the workflow or managing a limited investor base. The entity and investor caps make it unsuitable for growth beyond that scale.Starter£265 a month, billed £265/fund / mo (Early Adopter; £380/fund / mo shown as prior price); one entity, unlimited active investors, monthly billing from signup.A single-entity fund that needs more than 10 active investors but does not need the stated 30-day trial on Single Fund.Single Fund£605 a month, billed £605/fund / mo (Early Adopter; £945/fund / mo shown as prior price); one entity, unlimited active investors, 30-day free trial; web subscription documents are an add-on.A single fund seeking a trial period and the option to add web subscription documents.Multi-Fund£1,515 a month, billed £1,515/mo (Early Adopter; £2,650/mo shown as prior price); three entities included, + £380 / entity after, unlimited active investors, 30-day free trial.Managers administering multiple entities who can work within the current entity model; additional entities increase the monthly cost.Enterprisepriced on request, billed from £4,540 / mo + per fund; unlimited entities, dedicated DB / data residency, SAML / enterprise SSO, API + webhooks, white-label.Organizations needing enterprise identity, integration, branding, or data-residency options. Per-fund charges add to the starting monthly price.The free plan has no time limit, while Single Fund and Multi-Fund offer 30-day trials. The Starter price is lower, but lacks the explicitly stated trial; the free tier is the lowest-commitment route but capped at one entity and 10 active investors. Add-on charges for web subscription documents and investor tax reporting should be factored into eligible plans. Enterprise pricing is custom pricing beyond its stated starting amount and per-fund charge.
Platforms
Keel runs on the web and offers an API. Enterprise includes API and webhooks; paid tiers include Plaid live bank sync, subject to country availability.
Who it's for
Keel is a strong candidate for single-entity private-market managers who want administration, investor access, fund economics, and tax workflows in one system. Free can suit a very small investor base; Starter and Single Fund remove the investor cap, while Multi-Fund accommodates three entities before extra fees apply. Firms that require master-feeder or other multi-entity structures today should look elsewhere until Keel supports them.
Pros and cons
Broad administration coverage: onboarding, capital activity, reconciliation, distributions, reporting, and tax workflows sit alongside fund economics.
Investor portal with live account balances: gives investors access to notices, statements, tax documents, and analytics without relying solely on manager-delivered updates.
Manager approval in AI workflows: the AI Suite processes incoming materials but requires confirmation before actions are created or issued.
Clear free-tier constraints: one entity and 10 active investors may be enough to start, but quickly limit a growing fund.
Multi-entity gap: firms requiring master-feeder structures today cannot rely on Keel's current single-entity administration.
Certification gap: the stated security controls and audit trail do not replace SOC 2 or ISO 27001 certification for buyers who require either.
Alternatives
ModelTree is worth comparing for buyers seeking a paid web and Windows option with a free trial. Juniper Square is another paid alternative, with Android, iOS, API, and web platforms.
aama.io may suit buyers considering per-deal syndicate SPV pricing: its Syndicate SPV plan is $2.50 as a one-time purchase per deal, capped at a 3,500 USD minimum and 10,000 USD maximum, with unlimited investors per deal. It also has a Fund Administrators plan at $1,500 a month.
Fundwave may appeal to buyers comparing a paid fund-administration plan priced at $800 a month, with quarterly and annual options shown and a stated one-fund, up-to-$50-million-AUM limit per fund. Hemrock offers a free self-hosted option for all funds, SPVs, and team, with no per-seat fees; it runs on the buyer's infrastructure, with estimated running costs of roughly 0 to 75 USD a month.
Dynamo CRM & Deal Management is a paid alternative with ballpark pricing via demo request. Perfona offers a paid Portfolio Technology plan at $1,000,500 a month after a two-week free trial, billed monthly. AdminSphere uses custom jurisdiction-specific pricing.
Verdict
Choose Keel if you run a single-entity private-market fund and want administration, investor-facing access, and fund economics in one platform, with a free tier for up to 10 active investors. Look elsewhere if multi-entity structures are essential today or if SOC 2 or ISO 27001 certification is a procurement requirement.
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.
Where Specifiction places it
- Fund Administration Software#3 of 308.5
