LP onboarding and KYC software for private funds compared: 12 options
The short answer
Onboarding is where a fundraise either keeps its momentum or loses two weeks per LP. The job has five parts: the subscription document itself, the investor questionnaire that establishes accreditation or qualified purchaser status, KYC and AML evidence, tax forms, and the signature. Most tools do the first and last well. The differences are in the middle, and in whether the LP's answers are stored so the next fund takes two minutes instead of twenty.
There are three kinds of tool in this table. Full platforms (Vessel, Juniper Square, Carta, AngelList, Sydecar, Allocations, Intralinks) bundle onboarding with administration or a portal. Specialist closing tools (Passthrough, Anduin) sit on top of any administrator. Verification engines (Persona, Sumsub, VerifyInvestor) do one check each and are what you plug into a flow you build yourself.
Twelve onboarding, closing and verification tools compared on delivery, fund types, sweet spot, published price, portal and the date we checked.
| 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 |
| Passthrough (iCapital) | Software | Private funds of all types | Managers who want subscription documents and KYC/AML as a standalone layer on top of any administrator | Quote-based | Not stated | Oct 9, 2026 |
| Anduin | Software | PE, VC, real estate, hedge, credit, infrastructure | Funds and their law firms that want digital subscription documents and onboarding at scale | Quote-based | Not stated | 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 |
| Carta | Software plus administration | VC funds, SPVs | Managers already on its cap table and SPV products | 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 |
| 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 |
| 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 |
| Intralinks FundCentre | Software | Alternative investment funds across asset classes | Managers who already use Intralinks data rooms and want fundraising, onboarding and reporting in the same place | Quote-based | Yes | Oct 9, 2026 |
| Persona | Software | Any; generic identity verification | Funds that run their own subscription flow and need a KYC and KYB engine behind it | Essential from $250/month on a 12-month term; Growth and Enterprise quote-based; pay per successful verification | No | Oct 9, 2026 |
| Sumsub | Software | Any; generic identity verification | Funds that want per-verification KYC and AML screening with a low monthly minimum | Basic $1.35 per verification (minimum $149/month); Compliance with AML monitoring $1.85 per verification (minimum $299/month) | No | Oct 9, 2026 |
| VerifyInvestor.com | Software | Any; Rule 506(c) offerings | Funds that generally solicit under Rule 506(c) and need attorney-reviewed accreditation letters | $69 per verification when the issuer pays; $3,105 for 50; $5,865 for 100; qualified purchaser verification quote-based | No | Oct 9, 2026 |
What the law requires, and what everyone expects anyway
The federal AML rule for investment advisers is not in force. FinCEN finalised it in August 2024 with a January 2026 compliance date, then postponed it in 2025; a final rule issued December 31, 2025 moved the effective date to January 1, 2028, and FinCEN has said it will revisit the scope. So a US venture or PE adviser has no federal AML program obligation today. Two things still bind you: OFAC sanctions, which apply to every US person, and the expectations of your bank, your administrator and your institutional LPs, all of whom will ask for KYC evidence before money moves. Build the flow as if the rule were in force; it is cheaper than retrofitting it in 2027.
Accreditation is a separate question. A 506(b) raise needs a self-certification questionnaire. A 506(c) raise, where you solicited generally, needs reasonable verification steps, and the SEC staff said in March 2025 that a high minimum investment with written representations can count. A 3(c)(7) fund needs every LP to be a qualified purchaser, which for an individual means $5 million in investments.
Why Vessel is our pick for a fund that wants one record
Vessel's subscription flow is a guided questionnaire built from your actual documents, with KYC collected once and refreshed for future funds, continuous AML monitoring, and accreditation captured in the flow. The LP who completes it is the same record that receives capital calls and reads statements. The gaps: the digital signing page does not mention W-9 and W-8 collection or qualified purchaser verification by name, so confirm both in the demo. And there is no published price.
Passthrough is the pick if you want to keep your administrator and add a closing layer. It states 2,000+ funds, pre-fills returning investors, and offers either self-serve KYC workflows or a fully managed review in the US. iCapital agreed to acquire it in February 2026.
Who should choose which
- Fund I, 20 to 40 LPs, administrator already chosen. Use the administrator's closing process. Buy nothing.
- Any fund that wants onboarding, admin and reporting on one record. Vessel.
- Keep your administrator, add a proper closing layer. Passthrough, or Anduin if your law firm already uses it.
- Venture fund on the AngelList template. AngelList; closing is included in the administration fee.
- SPVs. Sydecar or Allocations, both with published flat fees and accredited-only investor bases.
- Building your own flow. Sumsub or Persona for KYC and AML; VerifyInvestor for 506(c) accreditation letters.
The tools, one by one
Who it is for. VC and PE GPs who want subscription documents, KYC, accreditation and signatures feeding the same system that runs the fund afterwards.
Delivery. Software plus an administration service.
Price. Quote-based.
Limits. Tax forms and qualified purchaser verification are not described on the product page; ask.
Who it is for. Managers, law firms and administrators who want subscription documents and KYC/AML as a standalone layer.
Delivery. Software, with a fully managed US KYC/AML review option.
Price. Quote-based. Subscription fees scale with AUM, documents and investors; KYC is an annual fee per investor screened. No per-seat charge.
Limits. Accreditation and tax form handling are not described on the pages we read.
Who it is for. Funds and law firms that want documents digitised exactly as drafted, KYC checklists generated per investor type and jurisdiction, W-9 and W-8 handled, and returning investors pre-filled. Named clients include Blackstone, KKR and Carlyle.
Delivery. Software with its own e-signature supporting advanced and qualified signatures.
Price. Quote-based.
Limits. Institutional in orientation; a first fund may find the process heavier than it needs.
Who it is for. GPs who want configurable subscription flows with integrated global watchlist, sanctions and PEP screening, risk ratings and annual refresh, for US, Cayman and Luxembourg funds. Juniper Square states 300,000+ subscriptions completed.
Delivery. Software plus a human compliance team.
Price. Quote-based.
Limits. Whether onboarding can be bought without the wider platform is not stated.
Who it is for. Funds administered on Carta, where closings, KYC and signatures live inside the fund administration product.
Delivery. Software plus administration.
Price. Quote-based. Carta's pricing page describes a price per stakeholder with a minimum annual fee; deal closings appear from its Build package upward.
Limits. Closings do not appear to be sold standalone.
Who it is for. Venture funds, rolling funds and SPVs on AngelList's template, with digital subscriptions and a data room included.
Delivery. Software-enabled administration.
Price. Published: 0.1% of fund size plus $10,000 a year (Institutional) or 0.15% plus $20,000 (Full Service), plus a one-time implementation fee, subject to a minimum fund size that is not stated.
Limits. KYC and accreditation detail is thin on the pricing page.
Who it is for. Syndicate leads and small venture funds forming Delaware SPVs with accredited investors.
Delivery. Software-enabled administration with KYC, KYB, AML and onboarding included.
Price. Published: SPVs from $4,500 one-time, calculated as 2% of capital raised between $2,500 and $12,500 plus a $2,000 regulatory fee; $3,000 add-ons for non-US investments, additional closes and US pass-through entities.
Limits. Accredited investors only, USD only, Delaware LLCs only, 100 or 250 investor caps.
Who it is for. Managers who want a flat published fee per SPV or fund with onboarding, KYC, accreditation and e-signature in one flow.
Delivery. Software-enabled administration.
Price. Published: Standard SPV $9,950 one-time (up to 35 investors), Premium SPV $19,500 one-time (up to 50), Fund $19,500 a year (up to 249 investors for venture). Extra investors $100 each; off-platform LP onboarding $1,000 per LP.
Limits. Investor caps per plan; distribution fees on exit.
Who it is for. Large managers that want subscription packages generated and signed inside the Intralinks data room, with a built-in risk rating calculator and country risk profiles.
Delivery. Software with DocuSign signing.
Price. Quote-based.
Limits. Institutional pricing.
Who it is for. Funds that run their own subscription flow and need a KYC and KYB engine behind it.
Delivery. Software.
Price. Published: Essential from $250 a month on a 12-month term, charged per successful verification; Growth and Enterprise quote-based.
Limits. Generic identity verification, not fund-specific.
Who it is for. Funds that want per-verification KYC with optional AML monitoring and a low minimum.
Delivery. Software.
Price. Published: $1.35 per verification with a $149 monthly minimum on Basic; $1.85 per verification with a $299 minimum on Compliance, which adds AML screening and monitoring. Successful verifications only are charged.
Limits. Generic; you build the subscription flow around it.
Who it is for. Funds raising under Rule 506(c) that need attorney-reviewed accreditation letters.
Delivery. Software with attorney review.
Price. Published: $69 per verification when the issuer pays, $3,105 for a 50-pack, $5,865 for 100. Qualified purchaser and 506(b) verification are quote-based.
Limits. Accreditation only; no KYC, no documents.
What we did
We read each vendor's own pages on October 9, 2026 and recorded what was written there. Regulatory statements come from FinCEN and SEC pages linked in the sources. Where a tool's page did not mention a capability, we say so rather than assume it.
Frequently asked questions
Is a US private fund legally required to run KYC and AML on its LPs?
What is the difference between KYC and accreditation?
Do I have to verify accredited investor status?
How long should LP onboarding take?
What tax forms do I collect at onboarding?
Sources
- Passthrough FAQs (pricing basis)www.passthrough.com/faqs
- Anduin fund subscriptionanduintransact.com/solutions/anduin-fund-subscription
- Vessel digital signingwww.vessel.co/products/digital-signing
- Juniper Square investor onboardingwww.junipersquare.com/platform/investor-onboarding
- Carta pricingcarta.com/pricing/
- AngelList venture fund pricingwww.angellist.com/pricing/venture-funds
- Sydecar pricingwww.sydecar.io/pricing
- Allocations feeswww.allocations.com/fees
- Persona pricingwithpersona.com/pricing
- Sumsub pricingsumsub.com/pricing/
- VerifyInvestor pricingverifyinvestor.com/accredited-investor-verification
- FinCEN final rule postponing the investment adviser AML rule to 2028www.fincen.gov/news/news-releases/fincen-issues-final-rule-postpone-effective-date-investment-adviser-rule-2028
- SEC: accredited investorswww.sec.gov/resources-small-businesses/capital-raising-building-blocks/accredited-investors
- SEC staff no-action letter on verification, March 12, 2025www.sec.gov/rules-regulations/no-action-interpretive-exemptive-letters/division-corporation-finance-no-action/latham-watkins-503c-031225
Terms used in this article
- KYC and AML KYC (know your customer) and AML (anti-money-laundering) are the checks a fund performs on each prospective limited partner before accepting their subscription: verifying identity and beneficial ownership, screening against sanctions and politically exposed person lists, and documenting the source of funds, with records kept for audit and regulatory review.
- Qualified purchaser A qualified purchaser is an investor who meets the Investment Company Act threshold, generally an individual or family company with at least $5 million in investments or an entity with at least $25 million, which a fund relying on the Section 3(c)(7) exemption must verify for every limited partner.
- Side letter A side letter is a bilateral agreement between a fund and a single limited partner that grants that LP terms beyond the limited partnership agreement, such as a management fee discount, most-favoured-nation rights, co-investment rights, excuse rights or additional reporting, and must be tracked and honoured in every subsequent calculation and notice.
- 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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