Keel
What it is
Keel is fund administration software for private equity, venture capital, family offices, search funds, and independent sponsors. Its workflows cover investor onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting, and tax tasks. Fund economics include European and American distribution waterfalls, GP catch-up, carried interest, preferred returns, hurdles, and recallable capital. Investors have a branded portal with capital-call notices, real-time account balances, statements, tax documents, and fund analytics. The AI Suite reviews emailed capital-call notices, deal materials, and portfolio updates, but a manager must confirm before it creates or issues actions. Keel supports USD, EUR, GBP, and JPY fund currencies and describes K-1 and foreign-investor tax form support, including W-8, 1042-S, and K-3. The Free tier costs nothing and allows one entity and up to 10 active investors. Listed paid plans start at £265 a month; the site also gives a paid starting point of $500/mo. The product currently administers single-entity funds; multi-entity structures, including master-feeder funds, are described as coming soon.
For and against
For
- Workflows cover calls, distributions, reporting, and tax tasks
- Branded portal includes investor balances and documents
- Supports multiple fund currencies and tax forms
- Free tier allows one entity and up to 10 active investors
Against
- Free tier is limited to one entity and 10 active investors
- Multi-entity and master-feeder structures are coming soon
- AI-generated actions require manager confirmation
- Keel is not yet SOC 2 or ISO 27001 certified
The verdict
Keel brings fund workflows, investor access, and distribution economics into one platform, with a limited free tier and several paid plans. Teams needing multi-entity administration should note that those structures are described as coming soon.
Who it suits
Keel is aimed at private equity, venture capital, family office, search fund, and independent sponsor managers handling fund administration. Its investor portal also suits teams that provide investors with notices, statements, tax documents, and account information.
Plans and prices
Free
1 entity · 10 active investors · no Plaid live bank sync · no fundraising portal
Read 14 Oct 2026 · keelmanager.com
Starter
1 entity · unlimited active investors · Plaid bank sync · no fundraising portal
Read 14 Oct 2026 · keelmanager.com
Single Fund
1 entity · unlimited active investors · 30-day trial · fundraising portal included
Read 14 Oct 2026 · keelmanager.com
Multi-Fund
3 entities included · +$500/entity after · 30-day trial · multiple funds
Read 14 Oct 2026 · keelmanager.com
Enterprise
Unlimited entities · dedicated database/data residency · SAML/enterprise SSO · API and webhooks
Read 14 Oct 2026 · keelmanager.com
On the record
- AI automation
- AI reads emailed capital-call notices, deal materials and portfolio updates, drafts actions and summaries, and requires manager confirmation before execution.keelmanager.com · read 14 Oct 2026
- AI features
- The AI Suite processes emailed capital-call notices, deal materials, and portfolio updates for review, while requiring manager confirmation before creating or issuing actions.keelmanager.com · read 29 Sep 2026
- API and extensibility
- API, webhooks and white-label capabilities are listed only for Enterprise.keelmanager.com · read 14 Oct 2026
- Audit and compliance
- Keel says it keeps a seven-year audit trail and is not yet SOC 2 or ISO 27001 certified.keelmanager.com · read 29 Sep 2026
- Audit retention
- Administrator and operator actions are retained in a seven-year audit trail, and financial records are not hard-deleted.keelmanager.com · read 14 Oct 2026
- Bank reconciliation
- Keel supports CSV ledger uploads and Plaid-connected bank feeds to match wires and reconcile capital-call and month-end activity.keelmanager.com · read 14 Oct 2026
- Capital calls
- Managers can allocate calls per investor or household and send branded notices with delivery tracking.keelmanager.com · read 14 Oct 2026
- Commitments
- The system tracks called, uncalled and paid-in-capital commitments, including upsizes, amendments and transfers.keelmanager.com · read 14 Oct 2026
- Compliance status
- Keel explicitly says it is not yet SOC 2 or ISO 27001 certified.keelmanager.com · read 14 Oct 2026
- Currencies and tax
- Keel supports USD, EUR, GBP, and JPY fund currencies and describes K-1 and foreign-investor tax form support including W-8, 1042-S, and K-3.keelmanager.com · read 29 Sep 2026
- Data residency
- A dedicated database and data-residency option is listed for Multi-Fund and Enterprise plans.keelmanager.com · read 29 Sep 2026
- Distributions
- Realizations support distributed, retained or reinvested proceeds and carried-interest calculations.keelmanager.com · read 14 Oct 2026
- Documentation
- The public site exposes product, pricing, security, privacy, terms, Plaid disclosure and policy pages but no public API reference or SDK documentation.keelmanager.com · read 14 Oct 2026
- Fund economics
- It supports European and American distribution waterfalls, GP catch-up, carried interest, preferred returns, hurdles, and recallable capital.keelmanager.com · read 29 Sep 2026
- Fund scope
- The site says single-entity funds are administered today and multi-entity structures, including master-feeder structures, are coming soon.keelmanager.com · read 29 Sep 2026
- Fund workflows
- The platform supports investor onboarding, commitments, capital calls, bank reconciliation, distributions, performance reporting, and tax workflows.keelmanager.com · read 29 Sep 2026
- Independent announcement
- A LinkedIn post dated two months before the crawl said Keel's beta would open soon for private-equity, venture-capital and family-office managers.linkedin.com · read 14 Oct 2026
- Independent-directory identity issue
- The available G2, Capterra, GetApp and Software Advice pages use the name Keel for products unrelated to the keelmanager.com fund platform, so they provide no validated user sentiment for KeelManager.capterra.com · read 14 Oct 2026
