Run every fund you manage, in one place.
Capital calls, bank reconciliation, the LP portal, performance and tax — for private equity, venture, family offices, and anyone running a fund with limited partners. Institutional-grade, self-serve, and free to start.
One platform for every fund structure
Built for every fund with limited partners.
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 LP reporting in one system.
From first fund to Fund IV — and the SPVs in between.
Stand up a vehicle fast, onboard LPs 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 & LPs
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-LP 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 & LP portal
A branded LP 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 LPs — 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 K-1. Each stage is a real product screen, with the same canonical fund math running behind it.
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, LP, 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, LP portal, raise, reconciliation, tax and analytics in a single platform — not a stitched stack of point tools.
From first prospect to final K-1 — 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-LP & group allocations with branded notices.
Reconciliation
Bank sync — every wire matched to the penny.
Performance & reporting
NAV, TVPI/IRR, and LP statements on demand.
Distributions & exits
Carried-interest waterfalls and payout-vs-reinvest.
Tax & K-1
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 LP signs in to their own branded portal with everything that matters to them in one place — capital calls, capital-account balances, K-1s, and LP & fund analytics. Fewer “where’s my K-1?” emails, more confidence at re-up time.
Keel vs the alternatives.
The incumbents are capable — and expensive, sales-led, and not built for how you operate. Spreadsheets are free, until they cost you a misstated capital account.
| What matters to a GP | Keel | Incumbent platform (Carta-class) | Spreadsheets + administrator |
|---|---|---|---|
| Start for free | ✓ a real fund, $0 | ✗ $1.5k+/mo | ~ free, but manual |
| Pricing model | Per fund, transparent | Per-entity + per-AUM, opaque | Your time + admin retainer |
| Time to first capital call | Minutes — self-serve | Weeks — sales + migration | Days — error-prone |
| Reconciled to the penny | ✓ automatic | ~ manual-assisted | ✗ manual |
| Branded LP portal | ✓ | ✓ | ✗ |
| Foreign currency + foreign tax | ✓ built in | ~ add-on | ✗ |
| AI inbox routing (calls & commitments) | ✓ | ~ limited | ✗ |
| Search-fund support | ✓ unique | ✗ | ✗ |
| One unified system | ✓ | ~ modules + add-ons | ✗ stitched |
| Migration fee | $0 | $2k–$10k | — |
| Your data, exportable anytime | ✓ always | ~ varies | ✓ |
Reflects publicly-described positioning; “incumbent” is a representative composite, not one named vendor.
Priced on funds, not AUM. Start free.
Every tier includes correct-to-the-penny math, the audit trail, security, and the LP portal. You pay for scale and the advanced toolkit — never for accuracy. Monthly pricing shown; annual billing saves ~2 months.
Free
- ✓1 fund · up to 15 LPs
- ✓Admin + investor portal · LP ledgers
- ✓Capital calls · cash distributions
- ✓Direct, search-fund & participation investments
- ✓USD + foreign currency · PE metrics
Single Fund
- ✓Everything in Free, unlimited LPs & calls
- ✓Fundraising + web subscription docs
- ✓Plaid sync + month-end reconciliation
- ✓US K-1s · branded notices · custom domain
- ✓Mark-to-market + Fund Value
Multi-Fund
- ✓Multiple funds + consolidated reporting
- ✓Catch-up calls · bridge advances · groups
- ✓AI Suite + accounting integration
- ✓Foreign tax (W-8 / 1042-S / K-3)
- ✓Cross-fund LP portal · advanced analytics
Enterprise
- ✓Unlimited funds · SSO / SAML
- ✓Dedicated DB / data residency
- ✓API + webhooks · white-label
- ✓Legal-counsel portal · audit export
- ✓SLA + dedicated success manager
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 LP 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 LPs, and issue a reconciled capital call today. Upgrade only when you outgrow the free tier.