Overview

Keel is fund administration software for private equity, venture capital, family offices, search funds, and independent sponsors. It suits managers who want investor operations and fund administration in one system, but its current single-entity scope rules out firms that need multi-entity structures today.

Its breadth is a draw for single-entity funds: workflows run from onboarding and capital calls through reporting and tax documents, with a branded investor portal alongside manager tools. The free tier is useful for a small fund’s first steps; larger or more demanding operations will need paid plans and, for some features, add-ons.

For more options, see our Fund Administration Software list.

Key features

Administration and fund economics

Keel covers onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting, and tax workflows. It also supports NAV workflows, capital-account tracking, and both European and American distribution waterfalls, including GP catch-up, carried interest, preferred returns, hurdles, and recallable capital. That range makes it relevant to managers handling fund economics as well as routine investor administration, rather than only contact and deal tracking.

Investor access and AI Suite

The branded investor portal gives investors capital-call notices, real-time capital-account balances, statements, tax documents, and fund analytics. The AI Suite processes emailed capital-call notices, deal materials, and portfolio updates for review, but a manager must confirm before it creates or issues actions. That confirmation requirement keeps the manager in control; it is not an autonomous execution system.

Currencies, tax, and integrations

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. Plaid live bank sync is available on paid tiers, though it is unavailable in some countries. Accounting integration is listed with the AI Suite on Multi-Fund and Enterprise, so firms needing that connection should budget for one of those tiers.

Security and compliance

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, tenant isolation, and a seven-year audit trail. It is not yet SOC 2 or ISO 27001 certified, which may be a deciding limitation for organizations with certification requirements. Multi-Fund and Enterprise include a dedicated database and data-residency option. Security diligence questions can be sent to security@keelmanager.com.

Pricing

Keel has a free tier, paid tiers, and a 30-day trial on Single Fund and Multi-Fund. The displayed early-adopter prices are in GBP; Starter and Single Fund show earlier prices as well. Choose by entity count and required capabilities, not just headline cost.

Plan	Price and terms	What it fits
Free	0.00 GBP per free; no credit card or time limit. One entity and up to 10 active investors.	A small fund evaluating basic administration. The investor cap makes it a poor fit once the fund grows beyond ten active investors.
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 has outgrown Free. It removes the active-investor cap, but does not include the stated 30-day trial or web subscription documents add-on.
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 add-on.	A single fund that wants a trial and can use the subscription-documents add-on. It still does not expand beyond one entity.
Multi-Fund	1515.00 GBP per month; billed £1,515/mo (Early Adopter; £2,650/mo shown as prior price). Three entities included, then + £380 / entity after; unlimited active investors; 30-day free trial.	Managers running multiple entities who need room to grow. Additional entities add a stated monthly cost, and multi-entity structures are not yet administered today.
Enterprise	4540.00 GBP per contact; billed from £4,540 / mo + per fund. Unlimited entities, dedicated DB / data residency, SAML / enterprise SSO, API + webhooks, and white-label.	Organizations needing enterprise access controls, integrations, or dedicated infrastructure. The per-fund charge is additional to the starting monthly price.

Web subscription documents and investor tax reporting are paid add-ons on eligible tiers, so those costs should be included when budgeting for a document-heavy operation. The free plan's one-entity and ten-investor caps are meaningful constraints; paid plans remove the investor cap, while entity capacity rises by tier. Enterprise is custom pricing despite its stated starting point and per-fund charge.

Platforms

Keel is available on web and through an API. That combination supports browser-based fund work and programmatic access, while the Enterprise plan specifically includes API and webhooks.

Who it's for

Keel is best suited to private-market managers administering single-entity funds who want investor access, capital activity, fund economics, and reporting together. Free can suit a fund with up to ten active investors; Starter is the direct step up for unlimited investors in one entity. Single Fund and Multi-Fund add a 30-day trial, while Multi-Fund and Enterprise target broader entity and infrastructure needs.

It is not the right choice today for a firm that must administer master-feeder or other multi-entity structures, because those structures are described as coming soon. Organizations whose procurement depends on SOC 2 or ISO 27001 certification should also look elsewhere or resolve that requirement before committing.

Pros and cons

Pros

Broad fund workflows: onboarding, capital calls, distributions, reporting, tax, and fund economics sit within one administration product.
Useful investor portal: investors can reach statements, tax documents, balances, notices, and analytics without relying solely on manager communications.
Manager confirmation for AI actions: the AI Suite reviews incoming materials but requires confirmation before creating or issuing actions.
Clear entry point: Free has no time limit or credit-card requirement, and paid tiers offer a path to unlimited active investors.

Cons

Single-entity scope today: multi-entity structures are not yet supported, limiting suitability for more complex fund setups.
Certification gap: Keel is not yet SOC 2 or ISO 27001 certified, a potential blocker for regulated or policy-bound buyers.
Feature costs can climb: subscription documents and investor tax reporting are paid add-ons, and Multi-Fund charges £380 / entity after its three included entities.
Integration caveats: Plaid sync is unavailable in some countries, and accounting integration is tied to Multi-Fund and Enterprise.

Alternatives

Choose Hemrock if self-hosting and avoiding per-seat fees matter more than Keel's hosted setup: its free plan runs on your infrastructure for all funds, SPVs, and team, with estimated running costs roughly $0 to $75 a month.

Choose Dynamo CRM & Deal Management if you want a paid product spanning Android, iOS, web, and API; pricing is obtained through a demo request.

Choose Fundwave if you need a paid, multi-platform fund-admin option and its Fund Admin Seed plan's $800/mo. price and fund/AUM scope suit your operation.

aama.io is another paid, multi-platform option, with per-deal syndicate SPV and monthly fund-administrator plans.

Juniper Square is a paid, multi-platform alternative.

Infra One is a web-based alternative with paid Essentials and Professional plans.

Allvue Investment Management is a web-based option with custom pricing available by demo request.

ModelTree is a paid web and Windows alternative with a free trial.

Verdict

Keel is a strong fit for single-entity private-market managers who want administration workflows and investor access in one product, with manager sign-off retained over AI-driven actions. Its broad operational coverage is the main reason to choose it; its current single-entity scope and lack of SOC 2 or ISO 27001 certification are the clearest reasons to look elsewhere.

	Keel	Valence
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	Yes
Allocation waterfalls	Yes	Yes
Capital call workflows	Yes	Yes

Keel vs Valence

Keel

Valence