Overview

Keel is fund administration software for private equity, venture capital, family offices, search funds and independent sponsors. It is best suited to managers administering single-entity funds who want investor operations and fund economics in one platform. Its broad workflow coverage is appealing, but firms needing multi-entity structures today should look elsewhere.

Managers can handle investor activity, reporting and tax workflows alongside a branded investor portal. The Free plan offers a way to start with one entity, while more active operations will need paid plans and may need add-ons.

For more options, see our Fund Administration Software list.

Key features

Fund operations and economics

Keel supports onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting and tax workflows. Its NAV and capital-account workflows sit alongside European and American distribution waterfalls, GP catch-up, carried interest, preferred returns, hurdles and recallable capital. This breadth suits managers who need to run fund economics as well as routine administration; it may be more than a small operation needs.

Investor portal and AI review

Investors get a branded portal for 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 managers must confirm before it creates or issues actions. That confirmation step keeps decisions with the manager, though the workflow is not fully hands-off.

Currencies, tax and integrations

Keel supports USD, EUR, GBP and JPY fund currencies and describes support for K-1 and foreign-investor forms including W-8, 1042-S and K-3. Plaid live bank sync is available on paid tiers, but not in some countries. Accounting integration is included with the AI Suite on Multi-Fund and Enterprise, so teams on lower tiers should not assume they get that connection.

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 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. Teams with certification requirements should weigh that status before adopting it; security diligence questions can be sent to security@keelmanager.com.

Pricing

Keel is freemium, with a free tier, paid plans and a 30-day trial on Single Fund and Multi-Fund. Paid plans are billed monthly from signup where stated. The listed early-adopter prices are:

Plan	Price	What it includes	Best fit
Free	0.00 GBP per free	One entity, up to 10 active investors, no credit card and no time limit	Small funds evaluating core workflows within a tight investor cap
Starter	265.00 GBP per month	£265 per fund per month; one entity and unlimited active investors	Single-entity funds needing more investor capacity without a trial period
Single Fund	605.00 GBP per month	£605 per fund per month; one entity, unlimited active investors and a 30-day free trial; web subscription documents are an add-on	Managers wanting a trial and a broader single-fund setup
Multi-Fund	1515.00 GBP per month	£1,515 per month; three entities included, £380 per additional entity, unlimited active investors and a 30-day free trial	Managers running multiple entities, subject to Keel's current scope
Enterprise	4540.00 GBP per contact	From £4,540 per month plus per fund; unlimited entities, dedicated database/data residency, SAML/enterprise SSO, API and webhooks, and white-label	Organizations needing enterprise access controls or deployment options

The Free plan's one-entity and 10-investor limits make it a modest starting point, not a fit for a growing investor base. Starter removes the active-investor cap but remains single-entity. Single Fund adds a 30-day trial, while web subscription documents and investor tax reporting are paid add-ons on eligible tiers. Multi-Fund includes three entities, with each additional entity priced at £380; Enterprise has custom pricing terms beyond its stated starting point. The displayed prior prices are £380 per fund per month for Starter, £945 per fund per month for Single Fund and £2,650 per month for Multi-Fund.

A demo can be booked at demo@keelmanager.com.

Platforms

Keel is available on the web and through an API. The API is an Enterprise plan feature; teams choosing a lower tier should not assume API access is included.

Who it's for

Keel is a strong candidate for managers of single-entity private equity, venture capital, family office, search fund or independent-sponsor vehicles who want investor access, fund operations and fund-economics workflows together. It is less suitable for firms that need multi-entity or master-feeder administration now, require SOC 2 or ISO 27001 certification, or need Plaid bank sync in a country where the integration is unavailable.

Pros and cons

Pros: Broad administration and fund-economics coverage lets managers handle capital activity, reporting, tax workflows and waterfalls in one platform.
Pros: The investor portal combines notices, balances, statements, tax documents and analytics, giving investors a dedicated access point.
Pros: Free access has no time limit or credit-card requirement, making it possible to start with one entity and up to 10 active investors.
Cons: Current administration is limited to single-entity funds, so multi-entity and master-feeder needs are a blocker today.
Cons: Web subscription documents and investor tax reporting are paid add-ons on eligible tiers, which can raise the cost of a more complete workflow.
Cons: Keel is not yet SOC 2 or ISO 27001 certified, a concern for buyers whose compliance requirements demand those certifications.

Alternatives

Hemrock is worth considering if self-hosting matters: its free plan runs on your infrastructure, covers all funds, SPVs and team members with no per-seat fees, and has estimated running costs of roughly $0 to $75 a month.

Formidium is a paid alternative available across web, desktop, mobile and API platforms.

ModelTree is a paid option with a free trial and web and Windows support.

Perfona is a paid web and API alternative with a free trial and a Portfolio Technology plan.

Ashta.ai is a web-based paid option with a free trial; its Compliance Desk charges $29.00 USD per client, with the first 10 verifications free and no subscription.

Allvue Investment Management offers paid web and extension access with custom pricing by demo request.

Juniper Square is another paid option, with Android, iOS, web and API platforms.

AdminSphere is a paid option across web, mobile and API platforms.

Verdict

Choose Keel if you manage a single-entity fund and want administration, investor access and fund-economics workflows under one roof, with AI-assisted processing subject to manager confirmation. Look elsewhere if your structure requires multiple entities today, your compliance policy requires SOC 2 or ISO 27001, or the add-on and plan costs do not fit your budget.

	Hemrock	Keel
Free plan	Yes	Yes
Free trial	No	Yes
Paid from	$250/mo	£265/mo
Open source	No	No
Platforms	api, self-hosted, Web	api, Web
Free plan	Yes	Yes
Paid from	—	500 /mo
Investor portal	—	Yes
Capital account tracking	—	Yes
NAV workflows	—	Yes
Allocation waterfalls	—	Yes
Capital call workflows	—	Yes

Hemrock vs Keel

Hemrock

Keel