Fund administration pricing benchmark: every published price, quoted verbatim and dated
The table
Every fund administration provider we track, with the price it publishes, linked to the page we read, and the date we read it.
| Platform | Delivery | Fund types | Sweet spot | Published price | LP portal | Last verified |
|---|---|---|---|---|---|---|
| AngelList | Software-enabled administration | VC funds, rolling funds, SPVs | Venture funds that want one provider for admin, banking and tax | 0.1% of fund size + $10K/yr (Institutional); 0.15% + $20K/yr (Full Service) | Yes | Oct 9, 2026 |
| Fundwave | Software | VC, PE | Single funds up to $250M wanting published per-fund pricing | Fund admin from $800/mo per fund; investor portal from $400/mo; admin plus portal from $1,000/mo; onboarding fee extra | Separate product | Oct 9, 2026 |
| FundCount | Software | PE, hedge, family offices, administrators | Firms that want partnership accounting and the general ledger in one system | From $38,389/yr (Private Equity); from $26,950/yr (Fund Administration); Fund Admin Incubator from $14,450/yr; implementation and hosting extra | Not stated | Oct 9, 2026 |
| Allocations | Software-enabled administration | SPVs and funds; venture, real estate, crypto, secondaries | Managers who want a flat published fee per SPV or per fund with onboarding and K-1s included | Standard SPV $9,950 one-time; Premium SPV $19,500 one-time; Fund $19,500 per year; extras per investor, close and call | Yes | Oct 9, 2026 |
| Sydecar | Software-enabled administration | SPVs, small VC funds | Syndicate leads and sub-$20M funds that want turnkey formation and admin | SPVs from $4,500 one-time (2% of capital raised, $2,500 to $12,500, plus a $2,000 regulatory fee); add-ons $3,000 each; no recurring fee | Yes | Oct 9, 2026 |
| Vessel | Software plus administration | VC and PE funds, SPVs, co-invest vehicles | Fund I to multi-fund GPs who want LP intelligence, fundraising, onboarding, admin and reporting in one system | Quote-based | Yes | Oct 9, 2026 |
| Carta | Software plus administration | VC funds, SPVs | Managers already on its cap table and SPV products | Quote-based | Yes | Oct 9, 2026 |
| Juniper Square | Software plus administration | VC, PE, credit, real estate | Multi-fund GPs with institutional LP bases | Quote-based | Yes | Oct 9, 2026 |
| Allvue | Software | PE, credit, VC | Multi-fund PE and credit managers, and the administrators that serve them | Quote-based | Yes | Oct 9, 2026 |
| Standish Management | Administration | VC, PE, growth | Institutional venture firms that want an independent administrator named in their Form ADV | Quote-based | Yes | Oct 9, 2026 |
| Aduro Advisors | Administration | VC, PE | Emerging and established venture managers that want a services administrator | Quote-based | Yes | Oct 9, 2026 |
| Gen II Fund Services | Administration | PE, private credit, real assets, infrastructure, funds of funds | Institutional private capital managers that want a large tech-enabled administrator | Quote-based | Yes | Oct 9, 2026 |
| NAV Fund Services | Administration | Hedge, PE, VC, real estate, private credit, digital assets | Emerging and mid-sized managers that want an administrator with a fast stated transition timeline | Quote-based | Yes | Oct 9, 2026 |
| Apex Group | Administration | Multi-asset; PE, VC, real assets, credit | Managers that want administration, middle office and a portal from one global provider, with Flow's software for emerging managers | Quote-based | Yes | Oct 9, 2026 |
Worked examples by fund size
Published prices only, annualised, for a single fund with no SPVs. Quote-based vendors are excluded because we will not estimate.
| Fund size | AngelList Institutional (0.1% + $10K) | AngelList Full Service (0.15% + $20K) | Fundwave admin + portal (Growth tier, $1,500/mo) | FundCount Fund Administration (from $26,950) | Allocations Fund ($19,500) |
|---|---|---|---|---|---|
| $10M | $20,000 | $35,000 | $18,000 | $26,950 | $19,500 |
| $20M | $30,000 | $50,000 | $18,000 | $26,950 | $19,500 |
| $50M | $60,000 | $95,000 | $18,000 | $26,950 | $19,500 |
| $100M | $110,000 | $170,000 | $18,000 | $26,950 | $19,500 |
Read the table with its caveats. AngelList's figure includes administration, banking and tax, and carries a one-time implementation fee and a minimum fund size it does not publish. Fundwave's is software you operate, at the Growth tier for funds up to $250M, plus a one-time onboarding fee from $3,500, and its administration service is unpriced. FundCount's is a software licence plus unpriced implementation and hosting. Allocations' fund plan covers up to 249 venture investors with per-investor and per-close extras. The point of the table is the shape: a percentage-of-fund fee overtakes a flat fee somewhere between $10M and $20M.
How to read it
Published prices are a floor for the conversation, not a market rate. The three vendors that publish are at different points: AngelList's formula bundles administration, banking and tax for a venture fund on its template; Fundwave's tiers are for the accounting software alone, with the portal sold separately; FundCount's licences are for an accounting system that an administrator or a controller operates.
For a quote-based vendor, the useful move is to ask them to price the same scope the AngelList formula covers for your fund size, so that the quotes are comparable.
Method
We read each vendor's pricing page or, where none exists, its product page, on the date in the Last verified column, and copied the figure verbatim. Where a vendor publishes a formula, the formula is recorded, not a worked example. Where nothing is published, the cell says Quote-based. We did not call vendors, infer from case studies, or use third-party estimates.
Frequently asked questions
Why are most cells 'Quote-based'?
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Sources
- AngelList venture fund pricingwww.angellist.com/pricing/venture-funds
- Fundwave fund admin pricingwww.fundwave.com/pricing/fund-admin/
- FundCount pricingfundcount.com/pricing
Terms used in this article
- Fund administrator A fund administrator is the firm, or the software operated in-house, that maintains a private fund's books: partner capital accounts, capital call and distribution processing, fee and waterfall calculations, NAV, investor statements and audit support.
- Management fee The management fee is an annual charge paid by the fund to the management company, typically 2% of committed capital during the investment period, often stepping down afterwards to a lower rate or a basis of invested capital, to cover salaries, rent and the cost of running the firm.