Caproom vs Keel
Caproom
caproomfunds.com
Keel
keelmanager.comSide by side
| Figure | Caproom | Keel |
|---|---|---|
| Price from | — | Free |
| Free plan | — | Yes |
| Free trial | — | Yes |
| Open source | — | — |
| Web | Yes | Yes |
| API | — | Yes |
| Plans published | 4 | 7 |
| Spec score · Fund Administration Software | 7.5 (#15) | 8.5 (#3) |
| Fund workflows | The platform includes capital calls, distributions, NAV, waterfall and AIFMD engines, an investor portal, a data room and a document vault. | The platform supports investor onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting, and tax workflows. |
| Security | The site states that data is EU-hosted in Frankfurt, GDPR-native and third-party pentested, and describes its posture as ISO 27001/SOC 2 aligned. | 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. |
| Support | Self-serve includes email support; Assisted includes bi-weekly update calls and same-business-day response from a named founder contact. | The site invites users to email [email protected] for security diligence questions and says a demo can be booked at [email protected]. |
| Supported structures | Caproom states native support for Dutch CV, FGR, BV and Coöperatie fund structures. | Single-entity funds are supported today, while linked multi-entity master-feeder structures are described as coming soon. |
Plans
Caproom
- Fund formation€25,000, paid once
- Assisted fund operationsPriced on request
- Managed fund operationsPriced on request
- Self-serve fund operationsPriced on request
Keel
- FreeFree
- FreeFree
- Starter£350 a month
- Single Fund£799 a month
- Multi-Fund£1,999 a month
- EnterprisePriced on request
- Enterprise$6,000 a month
In their own words
Keel
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.