Fund Administration Software Pricing Compared (2026)

Fund administration software pricing is one of the most opaque markets in fintech. Most platforms hide their pricing behind "Contact Sales" buttons, make you sit through a demo before revealing numbers, and quote wildly different prices depending on your fund size, negotiation ability, and how badly their sales rep needs to hit quota that quarter.

This creates a real problem for emerging managers. When you're raising a $5M or $15M fund, you need to allocate your management fee budget with precision. You can't make informed decisions when the pricing for half the tools on your shortlist is hidden behind a sales call.

We researched pricing across 8 major fund administration platforms to give you the most transparent comparison available. Where platforms don't publish pricing, we've used market data, user reports, and direct conversations with GPs to estimate ranges. These estimates may not perfectly match your quote — but they'll get you within striking distance.

Why Fund Admin Pricing Is So Confusing

Before we compare numbers, it helps to understand why this market is so opaque:

1. Price discrimination. Platforms charge different amounts based on fund size, which is economically rational but frustrating for buyers. A $5M fund and a $500M fund have very different price sensitivity.
2. Bundling complexity. Some platforms bundle fund admin with cap table management, LP portals, and other features. Others price each module separately. Comparing "all-in" costs requires understanding exactly what's included.
3. Service vs. software. Some platforms (Carta, NAV Fund Services) provide fund administration as a managed service — they do the work for you. Others (Archstone, Allvue) provide software that helps you do the work yourself. These are fundamentally different products at different price points.
4. Implementation fees. One-time setup, migration, and onboarding fees can range from $0 to $50,000+, dramatically affecting first-year costs.

The Pricing Comparison

1. Carta — $5,000-$50,000+/year

Type: Managed service + software Best for: Funds with complex structures who want third-party NAV and K-1 preparation Published pricing: No (Contact Sales)

Carta's fund administration pricing varies by fund size and complexity: - $5M-$25M fund: $5,000-$15,000/year - $25M-$100M fund: $15,000-$35,000/year - $100M+ fund: $35,000-$75,000+/year

What's included: NAV calculation, capital call/distribution processing, investor allocations, K-1 preparation, basic LP portal, audit support.

What's not included: Data room, deal pipeline, LP reporting/communications, portfolio monitoring, compliance tracking, AI tools.

Hidden costs: 5-10% annual price escalators, per-entity fees for SPVs ($200-500/mo each), per-seat charges on some tiers, migration fees ($2,000-$10,000+).

2. AngelList — Custom (% of AUM + Fees)

Type: Managed service Best for: Syndicates, rolling funds, and emerging managers outsourcing everything Published pricing: Partially (syndicate carry splits are public)

AngelList prices fund services as a percentage of AUM plus per-entity and per-transaction fees: - Syndicate deals: Platform takes 5% of carry, plus per-deal fees - Managed funds: Custom pricing, typically $10,000-$30,000+/year depending on fund size and service level - Rolling funds: Custom pricing based on subscription amount

What's included: Fund formation, banking, fund admin, tax preparation, compliance, LP portal.

What's not included: Deal pipeline CRM, portfolio monitoring, document analytics, AI tools.

Hidden costs: Platform fees on each transaction, carry sharing (you give up a portion of your economics), banking fees.

3. Juniper Square — $24,000-$120,000+/year

Type: Software platform Best for: Institutional managers ($100M+) with dedicated operations teams Published pricing: No (Contact Sales)

Juniper Square is enterprise software priced accordingly: - Base platform: $2,000-$5,000/mo ($24,000-$60,000/year) - Full suite with all modules: $5,000-$10,000+/mo ($60,000-$120,000+/year) - Implementation: $5,000-$50,000+ one-time

What's included: LP reporting, fundraising CRM, capital activity, investor portal, fund accounting, document management.

What's not included: AI tools, deal pipeline (for VC-style deal flow), compliance automation.

Hidden costs: Implementation and professional services fees, multi-year commitments, per-user charges beyond base allocation.

4. NAV Fund Services — $8,000-$40,000+/year

Type: Managed service Best for: Funds wanting a traditional, independent fund administrator Published pricing: No (Contact Sales)

NAV Fund Services is a traditional fund administrator — a service firm, not a software company: - Emerging fund ($5M-$25M): $8,000-$18,000/year - Mid-size fund ($25M-$100M): $18,000-$40,000/year - Large fund ($100M+): Custom pricing

What's included: NAV calculation, financial statements, capital call/distribution notices, investor reporting, tax coordination, audit support.

What's not included: Any software tools. NAV provides a service, not a platform. You still need all your own software for data rooms, deal tracking, LP communications, compliance, etc.

Hidden costs: Additional charges for complex transactions, rush processing, special reporting requests, and investor onboarding.

5. SS&C Technologies — $30,000-$200,000+/year

Type: Enterprise managed service + software Best for: Large, institutional funds ($100M+) with complex multi-strategy operations Published pricing: No (Contact Sales)

SS&C is the largest fund administrator in the world, serving funds with billions in AUM: - Minimum engagement: Typically $30,000+/year - Mid-market: $50,000-$100,000/year - Enterprise: $100,000-$200,000+/year

What's included: Full-service fund administration, accounting, regulatory reporting, investor services, transfer agency, compliance.

What's not included: Software tools for day-to-day GP operations. SS&C provides institutional services, not operational software.

Hidden costs: Implementation can take 3-6 months with significant professional services costs. Multi-year commitments are standard.

Relevance for emerging managers: Virtually none. SS&C's minimum engagement levels and service orientation make it impractical for funds under $100M.

6. Allvue Systems — $20,000-$80,000+/year

Type: Software platform Best for: PE/VC firms managing multiple funds who need portfolio monitoring and fund accounting Published pricing: No (Contact Sales)

Allvue provides fund management software (not services) for private markets: - Base platform: Approximately $20,000-$40,000/year - Full suite: $40,000-$80,000+/year - Implementation: $10,000-$30,000+

What's included: Fund accounting, portfolio management, investor reporting, CRM, data management.

What's not included: AI tools, compliance automation, data room with analytics.

Hidden costs: Significant implementation costs, training requirements, and ongoing support fees.

Relevance for emerging managers: Limited. Allvue targets established firms with dedicated ops teams, not lean emerging managers.

7. Fundwave — $3,600-$18,000+/year

Type: Software platform Best for: Small to mid-size fund managers looking for affordable fund admin software Published pricing: Partially (some plans visible)

Fundwave offers more affordable fund management software than most enterprise competitors: - Starter: Approximately $300/mo ($3,600/year) for basic fund admin - Professional: Approximately $600-$900/mo ($7,200-$10,800/year) - Enterprise: $1,000-$1,500/mo ($12,000-$18,000/year)

What's included: Fund accounting, investor portal, capital calls, distributions, NAV tracking, reporting.

What's not included: Data room, deal pipeline, AI tools, compliance automation, fundraising CRM.

Hidden costs: Implementation fees, limited support on lower tiers, additional charges for customization.

8. Archstone — $3,564-$5,964/year

Type: Software platform Best for: Emerging VC managers ($3M-$30M) who want one platform for everything Published pricing: Yes, fully transparent at [/pricing](/pricing)

Archstone is the most affordable comprehensive option on this list: - Starter: $297/mo ($3,564/year) — Data room, LP portal (25 LPs), portfolio tracker (20 companies), basic Archie AI - Pro: $497/mo ($5,964/year) — Everything unlimited, full deal pipeline, cap table, compliance, fund ops, AI

What's included: Data room, LP portal, deal pipeline, portfolio tracker, cap table, compliance dashboard, fund operations, Archie AI (23 tools), fundraising CRM, co-investment module.

What's not included: Third-party fund administration services (NAV calculation, K-1 preparation). Archstone is software that helps you manage operations, not a service that does it for you.

Hidden costs: None. No per-seat charges, no annual escalators, no setup fees, no per-entity charges.

The Pricing Table

| Platform | Annual Cost | Type | Pricing Transparency | Emerging Manager Fit | |---|---|---|---|---| | Archstone | $3,564-$5,964 | Software | Full | Excellent | | Fundwave | $3,600-$18,000+ | Software | Partial | Good | | Carta | $5,000-$75,000+ | Service + Software | None | Moderate | | NAV Fund Services | $8,000-$40,000+ | Service | None | Moderate | | AngelList | $10,000-$30,000+ | Service | Partial | Good (syndicates) | | Allvue | $20,000-$80,000+ | Software | None | Poor | | Juniper Square | $24,000-$120,000+ | Software | None | Poor | | SS&C | $30,000-$200,000+ | Service | None | None |

The Emerging Manager Sweet Spot: $3M-$30M

The fund administration market has a glaring gap in the $3M-$30M range. This is where the majority of new VC funds launch, and it's precisely where most solutions are either too expensive or too basic.

Too expensive: Carta's fund admin starts at $5K/year but quickly escalates with entities and price increases. Juniper Square, Allvue, and SS&C are priced for institutional funds. For a $10M fund generating $200K/year in management fees, spending $15K-$30K+ on fund admin alone consumes 7.5-15% of gross revenue — before you've paid rent, hired anyone, or subscribed to the four other tools you still need.

Too basic: DocSend gives you a data room. Visible gives you LP updates. Pulley gives you a cap table. Each solves one problem, none of them integrate, and you're still managing the operational core in spreadsheets.

The Goldilocks option: Archstone sits in this gap deliberately. At $297-$497/mo, it covers the full operational workflow — data room, LP portal, deal pipeline, portfolio tracker, cap table, compliance, fund operations, and AI automation — at a price point that makes sense for emerging fund economics. It's not a service (you won't get a third-party NAV calculation), but it's comprehensive software with AI assistance that makes running your own operations feasible even on a two-person team.

Service vs. Software: Which Model Do You Need?

This is the fundamental question that determines which pricing category you're shopping in:

You Need a Service If: - You have no operational experience and need someone else to calculate NAV, process capital calls, and prepare K-1s - Your LPs require an independent, third-party fund administrator - You're managing complex multi-entity structures with international LPs that require specialized tax handling - You have the budget to spend $10,000-$50,000+/year on fund administration

You Need Software If: - You want to understand and control your own fund operations - You have basic financial literacy and can learn fund accounting fundamentals (or have a CFO/controller) - Your LPs don't require an independent third-party administrator - You want to keep costs under control and maximize your management fee economics - You value AI assistance that helps you execute workflows rather than outsourcing them entirely

The Hybrid Approach

Many emerging managers use a hybrid: software for day-to-day operations and a CPA or part-time controller for K-1 preparation and audit support. This typically costs:

• - Archstone: $297-$497/mo ($3,564-$5,964/year)
• - Part-time fund accountant: $2,000-$5,000/year
• - Total: $5,564-$10,964/year

Compare that to full-service fund administration at $15,000-$50,000/year, and the economics are clear for emerging managers.

How to Choose: A Decision Framework

1. What's your fund size?
2. - Under $10M: Archstone Starter or Fundwave basic. Service-based fund admin is hard to justify economically.
3. - $10M-$30M: Archstone Pro or a hybrid approach (Archstone + part-time accountant). Carta is viable but expensive with complementary tools.
4. - $30M-$100M: Carta fund admin or Fundwave professional. Consider Archstone Pro if you want to keep costs lean.
5. - $100M+: Carta, Juniper Square, or Allvue. Full-service options like SS&C and NAV become relevant.

2. Do your LPs require a third-party administrator? - Yes: Carta, NAV Fund Services, AngelList, or SS&C. - No: Archstone, Fundwave, or a hybrid approach.

3. How many tools are you currently using? - 1-2 tools: You might be underserved. Consider what you're missing. - 3-5 tools: You're in the fragmentation zone. An integrated platform like Archstone will save money and time. - 6+ tools: You're definitely overpaying. Consolidation should be a priority.

4. What's your management fee budget for software? - Under 3% of management fees: Archstone is your only comprehensive option. - 3-7%: Carta-centered stack or Archstone, depending on LP requirements. - 7%+: Consider whether your fund economics support this allocation, or whether consolidation could free up budget for higher-impact spending.

The Bottom Line

Fund administration software pricing ranges from $3,564/year to $200,000+/year, and the right choice depends entirely on your fund size, LP requirements, and operational philosophy.

For the vast majority of emerging managers running funds between $3M and $30M, the answer is increasingly clear: comprehensive, affordable software that puts you in control of your operations — supplemented by targeted professional services where needed — beats expensive, fragmented, or institutional-grade alternatives.

[See Archstone's transparent pricing](/pricing) or [start a free 14-day trial](/pricing) to experience the platform firsthand.