Keel is fund administration software for private equity, venture capital, family offices, search funds and independent sponsors. It supports investor onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting and tax workflows. Its fund economics include European and American distribution waterfalls, GP catch-up, carried interest, preferred returns, hurdles and recallable capital. Investors get a branded portal for 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. 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. Single-entity funds are administered today; multi-entity structures, including master-feeder structures, are described as coming soon. The Free tier is 0.00 GBP per free for one entity and up to 10 active investors. Paid plans start at 265.00 GBP per month, while the site also describes paid tiers from $500/mo. Keel says it is not yet SOC 2 or ISO 27001 certified.
Who it is for
Keel is aimed at fund managers and administrators in private equity, venture capital, family offices, search funds and independent sponsors. Its free tier may fit a single-entity fund with up to 10 active investors; larger or multi-fund operations have paid tiers.
What is good
- Covers investor onboarding through distributions and tax workflows.
- Supports multiple waterfall and carried-interest structures.
- Provides investors a branded portal with balances and documents.
- AI-processed materials require manager confirmation before action.
- Offers USD, EUR, GBP and JPY fund currencies.
What to know first
- Free tier is limited to one entity and 10 active investors.
- Multi-entity structures are not yet available.
- Not yet SOC 2 or ISO 27001 certified.
- Paid plans start at 265.00 GBP per month.
Verdict
Keel brings fund operations, investor access and fund-economics workflows together, with AI processing subject to manager confirmation. Check the current single-entity scope, plan limits and stated certification status before choosing it.
Keel plans and pricing
All plansCompared on fund administration software
- Free plan
- Yes
- Paid from
- $500/mo
- Investor portal
- Yes
- Capital account tracking
- Yes
- NAV workflows
- Yes
- Allocation waterfalls
- Yes
- Capital call workflows
- Yes
