Carta alternatives for fund administration: 7 options by reason for leaving
Why managers leave Carta
Three reasons come up in almost every conversation: the quote is higher than expected once SPVs and tax are added; the fund wants fundraising and onboarding tooling that Carta does not sell; or an institutional LP has asked for an independent administrator named in the Form ADV. Each reason points to a different list, so this page is organised by reason rather than by feature.
Seven Carta alternatives compared on delivery model, fund types, sweet spot, published price, LP portal and date verified.
| Platform | Delivery | Fund types | Sweet spot | Published price | LP portal | Last verified |
|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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 |
The alternatives by reason, at a glance
| Reason you are leaving Carta | Look at | What you give up |
|---|---|---|
| The quote grew with SPVs and tax | AngelList, Fundwave, FundCount, Allocations | Carta's portfolio integration |
| You want fundraising, onboarding and reporting on one record | Vessel | Carta's longer administration track record |
| An LP wants an independent administrator in the Form ADV | Standish Management, Aduro Advisors | Software you operate yourself |
| You run many small SPVs | Sydecar, Allocations | A single fund platform |
| Your portfolio is leaving Carta too | Any of the above | Nothing; the integration argument is gone |
If you are leaving for a published price
Who it is for. Venture funds on the AngelList template that want administration, banking and tax from one provider with a formula they can read before a call.
Price. Published: 0.1% of fund size plus $10,000 a year for Institutional, 0.15% plus $20,000 for Full Service.
Limits. The formula is the ceiling as well as the floor. Structures outside the template are quoted.
Who it is for. Single funds up to about $250M that want the accounting engine on a flat per-fund tier.
Price. Published tiers from $800 a month per fund, plus onboarding. The LP portal is sold separately.
Limits. Software only. You or your controller operate it.
Who it is for. Firms that want partnership accounting and the general ledger in one licence.
Price. Published annual licences from $26,950.
Limits. Accounting-led; a self-serve LP portal is not stated.
If you are leaving for fundraising, onboarding and reporting in one system
Who it is for. Fund I to multi-fund GPs who want LP discovery, the data room, subscription documents, KYC, capital calls, distributions and LP reporting as one record.
Price. Quote-based, which is the downside next to the three vendors above.
Limits. Not an independent administrator in the Form ADV sense, and no portfolio company cap tables.
If an LP wants an independent administrator
Who it is for. Venture firms whose anchor LP expects an independent administrator named in the Form ADV.
Price. Quote-based.
Limits. A services firm; ask which platform they will run for you and the caseload of your team.
Who it is for. Emerging and established venture managers that want a services administrator with a venture focus.
Price. Quote-based.
Limits. As with Standish, the value is the people.
If you run many small SPVs
Who it is for. Syndicate leads and sub-$20M funds that want turnkey SPV formation and administration.
Price. Quote-based.
Limits. Built around SPVs first; confirm fund administration is in scope for a ten-year vehicle.
How to run the switch
Read the exit clause in your Carta agreement first; notice periods of 60 to 90 days are common across administrators and set your timeline. Time the cutover to a quarter end. Ask the new provider, in writing, to take the full history, not just cutover balances, and agree with your auditor which provider supports the transition-year audit. Our guide to switching administrators walks through the six steps.
What we did
We read each vendor's own pages on October 9, 2026 and recorded only what was written there. Standish and Aduro serve a bot wall to automated readers, so their rows draw on press coverage.
Frequently asked questions
What is the cheapest Carta alternative for a small venture fund?
Can I move from Carta to another administrator mid-fund?
Is Vessel a direct Carta replacement?
Sources
- Carta fund administrationcarta.com/fund-management/fund-administration/
- 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.
- Capital account A capital account is the running balance of a single partner's economic interest in a fund: contributions in, allocations of income, gains and losses, less distributions out.
- LP portal (investor portal) An LP portal, or investor portal, is the secure website where a fund's limited partners log in to view their capital account statements, capital call and distribution notices, quarterly reports, tax documents and fund legal documents, replacing email and PDF distribution.
For people actually running a fund
One operating problem a week: capital calls, K-1s, LP reporting, waterfall math, onboarding. Every Tuesday. Free.
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