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.

Plan	Price and limits	Best fit
Free	Free; 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	265.00 GBP per 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	605.00 GBP per 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	1515.00 GBP per 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.
Enterprise	4540.00 GBP per contact, 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 USD per once 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 1500.00 USD per month.

Fundwave may appeal to buyers comparing a paid fund-administration plan priced at 800.00 USD per 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 1000500.00 USD per 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.

	Ashta.ai	Keel
Free plan	No	Yes
Free trial	Yes	Yes
Paid from		£265/mo
Platforms	Web	api, Web
Free plan	No	Yes
Investor portal	Yes	Yes
Capital account tracking	Yes	Yes
NAV workflows	Yes	Yes
Allocation waterfalls	Yes	Yes
Capital call workflows	Yes	Yes
Paid from		500 /mo

Ashta.ai vs Keel

Ashta.ai

Keel