Built for single-entity → one-fund investment managers — PE, VC, family offices, and search-fund investors.
Each manager can operate as many single-fund entities as they need — each with its own capital pool, investor group, and economics.
Each entity can manage investments, issue capital calls, make distributions, run fee waterfalls, deliver investor reporting, and handle complex edge-case workflows — purpose-built for managers running one fund and one entity (25 countries supported).
Multi-entity fund administration — including feeder-fund structures — is coming soon. Institutional-grade. Self-serve. Free to start.
One platform for every fund structure
Built for investment managers who need an end to end fund management platform.
One platform across structures — pick yours to see how it fits.
Buyout & growth funds, run end-to-end.
From Fund I to a multi-fund platform — calls, waterfalls, and investor reporting in one system.
From first fund to Fund IV — and the SPVs in between.
Stand up a vehicle fast, onboard investors in minutes, mark the book continuously.
Direct deals, funds, and co-investments — one ledger.
A single source of truth across entities, households, and currencies.
The only platform that speaks search fund.
The structures the horizontal tools never modeled — first-class, not bolted on.
Deal-by-deal, without the overhead.
Spin up an SPV per deal, raise, close, and report — without a fund-admin retainer.
One operating system, the whole fund lifecycle.
Raise, call, reconcile, report, and file — without stitching together five vendors or a spreadsheet graveyard.
Onboard investors
Prospect portal, web subscription documents, KYC/accreditation, and data room — investors onboard themselves, correctly the first time.
Manage investments & commitments
Commitments plus direct, search-fund & participation investments — reserves, transfers, and amendments, all in one portfolio.
Issue capital calls
Per-investor and group/household allocations, branded notices with delivery tracking, USD and foreign-currency commitments.
Bank reconciliation
Bank sync + capital-call and month-end close + full bank-ledger reconciliation — every wire matched, every account balanced to the penny.
Distributions & realizations
Exits, carried-interest waterfalls, and payout-vs-reinvest elections — proceeds settle through the bank ledger.
Fund analytics
Time-based performance (TVPI · DPI · MOIC · IRR), Total Fund Value, and industry/sector breakdowns — one canonical calculation.
Investor reporting & portal
A branded investor portal with real-time capital accounts and statements on demand — the same numbers you see.
Tax
K-1s for US investors, and W-8 / 1042-S / K-3 for foreign and entity investors — generated from the fund's own activity.
AI automation
AI routes capital calls & commitments from your inbox, reviews inbound deals, and drafts summaries — you confirm, it never guesses your money.
The whole platform, end to end.
Click through a fund's life — onboarding to tax reporting. Each stage is a real product screen, with the same canonical fund math running behind it.
Onboard a whole fund in an afternoon
A fund with 30 investors and 15 capital calls means hundreds of allocations and wires to match by hand. Keel’s guided onboarding and auto-matched reconciliation do it in an afternoon.
See the real product, recorded
Short walkthroughs of the workflows tenants run every day — narrated in your language.
Your inbox becomes your back office.
Forward a capital-call notice, a signed commitment, or a portfolio update to your fund's inbox — AI reads it and runs the whole workflow end to end. You approve at each gate; it never issues a call, creates a commitment, or moves money on its own.
This is the actual triage view
AI reads the email and the attached PDF, then hands you a plain-language summary, the extracted fields, and — for a deal — a drafted investment memo. You decide.
📎 Every inbound document is auto-filed in the vault — labeled, dated, and linked to its fund, investor, call, or deal. AI assists; you decide — it drafts, extracts, and files; it never issues a call, moves money, or finalizes a figure without your confirmation.
The fund platform you can actually adopt.
Accurate numbers and AI are table stakes — we nail them. What sets Keel apart is that a manager can start today, for free, without a sales process.
Start free
Run a real first close on the free tier. No incumbent lets a manager start at zero — they begin at $1,500+/mo.
Priced per fund
Transparent, fund-count pricing. No per-entity fees, no per-AUM surcharge, no surprise migration bill.
Self-serve
Live in minutes. Sign up and run your fund yourself — not a six-week onboarding with a five-figure data-migration fee.
One system
Admin, investor portal, raise, reconciliation, tax and analytics in a single platform — not a stitched stack of point tools.
From first prospect to final tax statement — one platform.
Every stage of a fund's life lives in one system — no handoffs between a CRM, a spreadsheet, a fund administrator, and a tax preparer.
Prospect & raise
Pipeline, branded data room, and web subscription docs.
Onboard & KYC
Accreditation, entity & household setup — investors self-serve.
Commitments
Signed subscriptions convert straight into commitments.
Capital calls
Per-investor & group allocations with branded notices.
Reconciliation
Bank sync — every wire matched to the penny.
Performance & reporting
NAV, TVPI/IRR, and investor statements on demand.
Distributions & exits
Carried-interest waterfalls and payout-vs-reinvest.
Tax & statements
K-1s and W-8 / 1042-S / K-3, from fund activity.
Every prospect gets their own portal — to commit and sign online.
Each prospect is invited into their own branded prospect portal: review the data room, complete accreditation, and make a commitment by signing web-based subscription documents — no paper, no PDFs by email. The signed subscription flows straight into a funded commitment.
| NDA | Signed |
| Accreditation | Verified |
| Subscription agreement | In progress |
| Private placement memorandum | |
| Limited partnership agreement | |
| Track record & case studies |
Every investor gets their own Investor Portal.
Each investor signs in to their own branded portal with everything that matters to them in one place — capital calls, capital-account balances, tax statements, and investor & fund analytics. Fewer “where’s my tax statement?” emails, more confidence at re-up time.
The hard parts, handled
The fund math institutional administrators charge a premium for — computed to the penny, standard at every fund tier.
Distribution waterfalls
European whole-fund and American deal-by-deal — with GP catch-up — computed automatically on every realization, not in a spreadsheet.
Carry, hurdle & catch-up
Carried interest with a preferred-return hurdle and full GP catch-up, calculated from your fund's own terms.
Recallable capital
Recyclable distributions with your recall window and extensions — callable headroom tracked and surfaced automatically.
Secondary transfers
Full, partial, and funded-only investor transfers with correct capital-account accounting, date-aware to the effective date.
Multi-currency
Run funds in USD, EUR, GBP, or JPY — every figure in the fund's own currency, foreign investments handled.
Country-aware tax forms
Pre-populated statutory tax forms — US Schedule K-1 and country equivalents — handed to your accountant to finalize.
Start where you are
Bring an existing fund onto Keel at any stage of its life — mid-life, fully deployed, or winding down. Backfill historical capital calls, commitments, transfers and distributions to the penny, and every account reconciles from day one. No clean-slate restart required.
The fund structures Keel administers
Single-entity funds, fully administered today — with multi-entity master–feeder structures on the near-term roadmap.
Available today
Single-entity funds, administered end to end — and run as many as your mandate requires.
- Single-fund
- Multi-fund
On the horizon
Multi-entity fund architecture — master, feeders, parallels and vehicles linked into one structure.
- Vehicles
- Structure & flows
- Investor portal
Model your own structure — any jurisdiction, any shape — and see what it costs to run on Keel.
Model your structureSolid teal = available today · dashed brass = on the roadmap.
Priced on funds, not AUM. Start free.
Every tier includes correct-to-the-penny math, the audit trail, security, and the investor portal. You pay for scale and the advanced toolkit — never for accuracy. Free stays free. Monthly pricing shown; annual billing saves ~2 months.
Early Adopter pricing — lock in these rates through December 31, 2026. Standard pricing applies after.
Free
Starter
Single Fund
Multi-Fund
Enterprise
Change plan or cancel anytime. Upgrade or downgrade in a click — changes take effect immediately. Cancel whenever you like — your plan stays active until the end of the billing period, then stops. Every change asks you to confirm first. Self-serve through Stripe: no lock-in, no sales call, no cancellation fee.
See everything included in each plan
| What you get | Free | Starter | Single Fund | Multi-Fund | Enterprise |
|---|---|---|---|---|---|
| Explore the platform | Your first raise | Run one fund, fully | Operate a firm | Institutional-grade | |
| $0 /mo | $350 /fund / mo | $799 /fund / mo | $1,999 /mo | $6,000 | |
| Plan limits | |||||
| Entities included · A standalone fund counts as one. In a multi-entity structure each filing entity — master, feeder, blocker, SPV — counts as one. | 1 | 1 | 1 | 3 | Unlimited |
| Active investors | 10 | Unlimited | Unlimited | Unlimited | Unlimited |
| Fund administration | |||||
| Onboard an existing fund at any lifecycle stage (historical backfill) | ✓ | ✓ | ✓ | ✓ | ✓ |
| Bank ledger + CSV uploads · reconciliation | ✓ | ✓ | ✓ | ✓ | ✓ |
| Plaid live bank sync · available in your country | — | ✓ | ✓ | ✓ | ✓ |
| Manage investors — onboarding, KYC, groups & households | ✓ | ✓ | ✓ | ✓ | ✓ |
| Manage commitments — called, uncalled & PIC tracking | ✓ | ✓ | ✓ | ✓ | ✓ |
| Capital calls — issue, allocate & send notices | ✓ | ✓ | ✓ | ✓ | ✓ |
| Commitment upsizes & amendments | ✓ | ✓ | ✓ | ✓ | ✓ |
| Direct investments & 3rd-party participations | ✓ | ✓ | ✓ | ✓ | ✓ |
| Realizations — distributed, retained or reinvested | ✓ | ✓ | ✓ | ✓ | ✓ |
| Bridge advances & investor loans | ✓ | ✓ | ✓ | ✓ | ✓ |
| Secondary investor transfers (full · partial · funded-only) | ✓ | ✓ | ✓ | ✓ | ✓ |
| Management fees, waivers & per-investor discounts | ✓ | ✓ | ✓ | ✓ | ✓ |
| Distribution waterfalls — European & American, with GP catch-up | ✓ | ✓ | ✓ | ✓ | ✓ |
| Carried interest, preferred return & hurdle | ✓ | ✓ | ✓ | ✓ | ✓ |
| Recallable capital (recyclable distributions) | ✓ | ✓ | ✓ | ✓ | ✓ |
| Multi-currency funds & commitments (USD · EUR · GBP · JPY) | ✓ | ✓ | ✓ | ✓ | ✓ |
| Documents & investor data room | ✓ | ✓ | ✓ | ✓ | ✓ |
| Investor portal + ledgers | ✓ | ✓ | ✓ | ✓ | ✓ |
| Performance + Mark-to-market (MOIC · TVPI · IRR · Fund Value) | ✓ | ✓ | ✓ | ✓ | ✓ |
| Mark-to-market + Fund Value | ✓ | ✓ | ✓ | ✓ | ✓ |
| Custom statements & reports (positions · exports) | ✓ | ✓ | ✓ | ✓ | ✓ |
| Single sign-on (Google login) | ✓ | ✓ | ✓ | ✓ | ✓ |
| GP clawback (excess-carry give-back) | Soon | Soon | Soon | Soon | Soon |
| Equalization interest (subsequent closes) | Soon | Soon | Soon | Soon | Soon |
| Fundraising & growth | |||||
| Fundraising + prospect portal | — | — | ✓ | ✓ | ✓ |
| Web subscription documents | — | — | Add-on | Add-on | Add-on |
| Custom domain + branded notices | — | ✓ | ✓ | ✓ | ✓ |
| Investor tax reporting (Schedule K-1) | Add-on | Add-on | Add-on | Add-on | Add-on |
| General ledger — chart of accounts & trial balance | Add-on | Add-on | Add-on | Add-on | Add-on |
| Create & send presentations (annual letter · fundraising · performance) | — | — | ✓ | ✓ | ✓ |
| Scale & enterprise | |||||
| Multiple funds, managed in one place | — | — | — | ✓ | ✓ |
| AI Suite + accounting integration + analytics | — | — | — | ✓ | ✓ |
| Dedicated DB / data residency | — | — | — | — | ✓ |
| SAML / enterprise SSO | — | — | — | — | ✓ |
| API + webhooks · white-label | — | — | — | — | ✓ |
| External accountant (CPA) portal | — | — | — | — | ✓ |
| External legal counsel portal | — | — | — | — | ✓ |
| Start free | Start raising | Start free trial | Start free trial | Contact us | |
Free is free forever — no card required. Single Fund & Multi-Fund include a 30-day free trial (card required; nothing is charged until day 31). Starter bills monthly from signup.
Every number, reconciled and audited — automatically.
The boring guarantees that let you sleep: correctness you don't have to police, and a record you can hand to an auditor or an investor at any time.
To the penny
Capital calls, distributions, NAV and cost basis reconcile to the bank — auto-recomputed, never stale.
Nightly integrity checks
An automated gate proves every stored figure still equals its source formula — drift is caught before you see it.
Full audit trail
Who changed what, when — a 7-year record across every fund, investor and transaction.
Secure by default
MFA, encryption at rest, per-tenant isolation, and SSO on Enterprise.
Run your next capital call on Keel — free.
Set up your fund, invite your investors, and issue a reconciled capital call today. Upgrade only when you outgrow the free tier.