Keel
Keel: A broad fund administration platform with a free plan and paid tiers for scaling managers. Ranked #2 of 30 in Fund Administration Software by our editors (9.3/10); pricing: Free plan · 30-day trial; best for funds prioritizing a free starting plan.
At a glance
- Editor score9.3 / 10
- PricingFree plan · 30-day trial
- Best forFunds prioritizing a free starting plan
- Free planYes
- Paid from$3,500/mo
- Investor portalYes
- Facts checked21 Sep 2026
Where it wins
- Free plan with a 30-day free trial
- Covers capital calls, waterfalls, NAV, reporting, and tax support
- Investor portal with capital accounts, statements, and analytics
Where it doesn't
- Multi-fund capabilities are reserved for higher tiers
- Plaid is the listed integration
- Paid plans scale to $6,000 per month
Our verdict on Keel
Keel is a cloud fund-administration platform for private-equity, venture-capital, family-office, search-fund, and independent investment managers. Its feature set covers investor onboarding, KYC, commitments, capital calls, bank reconciliation, distributions, allocation waterfalls, performance reporting, investor portals, tax documents, and capital-account tracking. The platform is designed primarily for single-entity funds, while multi-fund capabilities and enterprise features are available in higher tiers.
Pricing is structured across five monthly plans. Free costs $0 per month and provides a free starting option. Starter costs $500 per fund per month, while Single Fund costs $1,250 per fund per month. Multi-Fund costs $3,500 per month and includes three entities, with each additional entity priced at $500. Enterprise costs $6,000 per month. The published plans show a 30-day free trial, giving smaller managers a lower-commitment way to evaluate the platform before choosing a paid tier.
Keel’s breadth makes it suitable for managers that want administration workflows in one web and API-accessible platform. It combines investor records and portals with capital-account tracking, capital-call preparation and delivery, bank-ledger reconciliation, distributions, European and American waterfalls with GP catch-up, and reporting for NAV, MOIC, TVPI, DPI, and IRR. Tax reporting support includes K-1, W-8, 1042-S, and K-3 documents, while AI-assisted workflows address capital calls, investment reviews, and performance updates. Managers seeking a focused single-fund system can start with the lower tiers; teams requiring multiple entities should assess the higher-tier pricing and scope.
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Keel pricing
Keel fact sheet
| Free plan | Yes |
|---|---|
| Paid from | $3,500/mo |
| Investor portal | Yes |
| Capital account tracking | Yes |
| NAV workflows | Yes |
| Allocation waterfalls | Yes |
| Capital call workflows | Yes |
| Investor limit | Not verified |
| Free trial | 30 days · card required |
| Deployment | Cloud |
| Platforms | Web |
| Compliance & security | SSO/SAML, 2FA |
| Support | |
| Built for | Small business, Mid-market, Enterprise (editorial estimate) |
| Integrations | 1 integrations: Plaid |
| Pricing | Free plan · 30-day trial (source) |
| Website | keelmanager.com |
| Facts checked | 21 Sep 2026 |
Keel integrations
Keel lists 1 integrations on its own site.
- Plaid
Alternatives to Keel
- PerfonaA broad fund administration system with transparent starting prices and a 14-day trial.9.4
- Ashta.aiA broad fund-operations platform for teams managing complex investor and accounting workflows.9.2
- Carta Fund ManagementA fund administration suite combining accounting, investor workflows, analytics, and administrator support.9.1
Keel vs the competition
- Keel vs Perfona
- Keel vs Ashta.ai
- Keel vs Carta Fund Management
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- Keel vs Selene
- Keel vs Formidium
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Reviewed by iTechGuides Editors · Editorial team · Updated Oct 2026
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