Overview

Keel brings investor onboarding, capital activity, reporting, and tax workflows into one platform, with a branded portal for investors. It supports single-entity funds today; master-feeder and other multi-entity structures are described as coming soon. That makes current entity scope a key buying constraint, not a minor plan distinction.

For more options, see our Fund Administration Software list.

Key features

Fund operations and economics

Workflows cover commitments, capital calls, bank reconciliation, distributions, performance reporting, and tax tasks. Keel also supports NAV workflows and capital-account tracking, plus European and American waterfalls with GP catch-up, carried interest, preferred returns, hurdles, and recallable capital. This breadth suits managers who need to administer fund economics alongside routine investor operations, rather than simply track deals.

Investor access and AI review

The investor portal provides capital-call notices, live capital-account balances, statements, tax documents, and fund analytics. The AI Suite processes emailed call notices, deal materials, and portfolio updates for review, but requires manager confirmation before it creates or issues actions. That human checkpoint is useful for oversight, though the AI should not be treated as autonomous administration.

Currencies, tax, and integrations

Funds can use USD, EUR, GBP, or JPY. Tax support includes K-1 and foreign-investor forms such as W-8, 1042-S, and K-3. Plaid live bank sync is available on paid tiers but is unavailable in some countries; accounting integration is listed with the AI Suite on Multi-Fund and Enterprise. Web subscription documents and investor tax reporting are paid add-ons on eligible tiers, so buyers should account for those separately.

Security and controls

Keel states that 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 a dedicated database and data-residency option. Security diligence questions can be sent to security@keelmanager.com.

Pricing

Keel offers a free tier and paid plans, with a 30-day trial on Single Fund and Multi-Fund. Published monthly prices are early-adopter rates, and some plans show higher prior prices; confirm the applicable rate before committing.

Free: 0.00 GBP per free, with one entity and up to 10 active investors. It requires no credit card and has no time limit. This is a useful starting point for a small fund, but the investor cap and single entity limit its role as operations grow.
Starter: 265.00 GBP per month, billed £265/fund / mo (Early Adopter; £380/fund / mo shown as prior price). It includes one entity, unlimited active investors, and monthly billing from signup. It removes the free tier’s investor cap, but not its one-entity ceiling.
Single Fund: 605.00 GBP per month, billed £605/fund / mo (Early Adopter; £945/fund / mo shown as prior price). It covers one entity, unlimited active investors, and a 30-day free trial; web subscription documents are an add-on. Choose it when a single-entity operation needs the trial or eligible paid capabilities.
Multi-Fund: 1515.00 GBP per month, billed £1,515/mo (Early Adopter; £2,650/mo shown as prior price). Three entities are included, with + £380 / entity after, unlimited active investors, and a 30-day free trial. It is the clearest option for managers with several entities, though the coming-soon status of multi-entity structures should be confirmed against the specific setup.
Enterprise: 4540.00 GBP per contact, billed from £4,540 / mo + per fund. It includes unlimited entities, a dedicated database/data-residency option, SAML/enterprise SSO, API and webhooks, and white-labeling. This is aimed at larger operations needing those controls; the per-fund charge also matters when budgeting.

Free access is not a time-limited trial. The published 30-day trial applies to Single Fund and Multi-Fund. Add-on costs for subscription documents and investor tax reporting should be included when comparing eligible tiers.

Platforms

Keel is available on the web and through an API. Plaid bank sync depends on a paid tier and country availability.

Who it's for

Keel is a strong fit for managers of single-entity private-market funds who want investor communications, capital activity, fund economics, and reporting in one system. The free tier can serve a very small operation, while Starter removes the active-investor cap without expanding entity capacity. It is not the right choice for a firm that must administer multi-entity or master-feeder structures immediately, or one that requires SOC 2 or ISO 27001 certification.

Pros and cons

Pro: Workflows span onboarding through distributions, reporting, and tax, reducing the need to piece together separate fund-administration functions.
Pro: The branded investor portal combines notices, balances, statements, tax documents, and analytics for investors.
Pro: The free tier has no time limit or credit-card requirement, making it practical for a small fund to start with one entity and up to 10 active investors.
Con: Multi-entity structures are not supported today, limiting firms that need them now regardless of the plan’s entity allowance.
Con: Web subscription documents and investor tax reporting are add-ons on eligible tiers, and Plaid sync is country-dependent.
Con: Keel is not yet SOC 2 or ISO 27001 certified, which may disqualify it for firms with those requirements.

Alternatives

Hemrock is worth considering for teams that want self-hosting: its free plan covers all funds, SPVs, and the team with no per-seat fees, while running on the team’s own infrastructure.
Dynamo CRM & Deal Management may suit buyers focused on CRM and deal management; pricing is available by demo request.
Juniper Square is another paid option to compare.
Allvue Investment Management is a paid web option with custom pricing available by demo request.
aama.io is a paid alternative with a per-deal Syndicate SPV plan priced at 2.50 USD per once, capped at a USD 3,500 minimum and USD 10,000 maximum per deal, with unlimited investors per deal.
Ark is another paid web-based fund administration option.
Formidium is another paid web-based option.
fundflow is another paid web-based option.

Verdict

Choose Keel if you run a single-entity private-market fund and want administration, investor access, and fund economics in one platform, with a no-time-limit free tier for a small operation. Look elsewhere if multi-entity support is essential today or formal SOC 2/ISO 27001 certification is a requirement.

	Keel	Ventari
Free plan	Yes	No
Free trial	Yes	No
Paid from	£265/mo	—
Open source	No	No
Platforms	api, Web	Web
Free plan	Yes	—
Paid from	500 /mo	—
Investor portal	Yes	Yes
Capital account tracking	Yes	Yes
NAV workflows	Yes	—
Allocation waterfalls	Yes	Yes
Capital call workflows	Yes	Yes

Keel vs Ventari

Keel

Ventari