2026 Comparison
Archstone vs AngelList vs Carta vs Pulley: Which Fund Platform in 2026?
Four platforms, four different sweet spots. Here is how they compare on pricing, features, and fit for emerging fund managers.
Quick Answer
For emerging managers launching Fund I-III: Archstone is the best value. It delivers AI-powered fund operations (LP portal, capital calls, portfolio tracking, compliance) at $297/mo flat, with no AUM-based fees. AngelList is ideal if you need SPVs or rolling funds. Carta is the right choice for institutional firms above $100M. Pulley is a cap table tool, not a fund management platform.
Key Takeaways
- 1.Archstone is flat-rate ($297/mo) with AI-powered operations. AngelList charges 0.15% of AUM. Carta charges $3K-15K/mo.
- 2.Archstone and AngelList include tax/K-1 prep. Carta charges extra for it. Pulley does not offer it.
- 3.AngelList is the only platform with rolling funds and self-service SPV formation.
- 4.Carta has the best cap table management but is overkill (and overpriced) for most emerging managers.
- 5.Pulley is a startup cap table tool, not a fund management platform. It does not belong in most GP evaluations.
- 6.Archstone is the only platform with AI-assisted LP communications, compliance tracking, and automated reporting.
Feature Comparison Table
| Feature | Archstone | AngelList | Carta | Pulley |
|---|---|---|---|---|
| Best For | Emerging managers (Fund I-III) | Solo GPs & syndicates | Institutional firms ($100M+) | Startup cap tables |
| Pricing | $297/mo flat | 0.15% of AUM/yr | $3K-15K/mo | Free-$50/mo (cap table only) |
| Fund Administration | Yes (AI-assisted) | Yes (bundled) | Yes (modular) | Limited |
| LP Portal | Yes (real-time) | Yes | Yes (enterprise) | No |
| Capital Calls | Automated | Automated | Automated | No |
| K-1 / Tax Prep | Included | Included | Add-on | No |
| Cap Table | Basic | Basic | Best-in-class | Strong |
| AI Features | LP comms, compliance, reporting | None | None | None |
| Rolling Funds | No | Yes (exclusive) | No | No |
| SPV Formation | No | Yes (self-service) | Limited | No |
| Per-LP Fees | None | None | Varies | None |
| Setup Time | Same day | Same week | 4-8 weeks | Same day (cap table) |
Archstone
Top PickAI-powered fund management built for emerging managers
Archstone is a next-generation fund management platform purpose-built for emerging managers running Fund I through Fund III. It uses AI to automate the most painful parts of running a fund: LP communications, capital call notices, portfolio reporting, and compliance tracking. Unlike legacy tools that bolt on fund features as an afterthought, Archstone was designed from day one for the sub-$100M fund manager who needs real fund operations without enterprise complexity or enterprise pricing.
Pricing
Starts at $297/mo. No AUM-based fees, no per-LP charges. Flat-rate pricing that stays predictable as your fund grows.
Best For
First-time and emerging fund managers (Fund I-III) who want AI-assisted fund operations at a fraction of the cost of legacy platforms.
Website
archstone.appPros
+ Purpose-built for emerging managers, not an enterprise tool scaled down
+ AI-powered LP updates, capital calls, and compliance tracking
+ Flat-rate pricing ($297/mo) vs AUM-based or enterprise pricing
+ Modern UI with real-time portfolio dashboards
+ No per-LP or per-transaction fees
+ Same-day setup with no onboarding bottleneck
Cons
- Newer platform with less market tenure than Carta or AngelList
- No SPV formation or rolling fund support
- Integration ecosystem still expanding
AngelList
All-in-one for syndicates, rolling funds, and SPVs
AngelList Stack is the most mature all-in-one platform for solo GPs running rolling funds, syndicates, and traditional VC funds. It bundles fund formation, banking, tax, and investor reporting into a single product. AngelList pioneered the online syndicate model and remains the dominant platform for deal-by-deal investing.
Pricing
0.15% of committed capital annually. A $25M fund pays roughly $37,500/yr. SPVs take 5% of GP carry with no upfront cost.
Best For
Solo GPs and syndicate leads who want turnkey back-office operations with built-in LP discovery.
Website
angellist.comPros
+ True all-in-one: banking, tax, K-1s, and reporting bundled
+ Rolling fund structure is unique to AngelList
+ Self-service SPV formation in under a week
+ Large LP network for discovery and fundraising
Cons
- AUM-based pricing gets expensive as fund grows (a $50M fund pays $75K/yr)
- Less flexibility to use your own fund admin or counsel
- Platform lock-in makes migration painful
- No AI-assisted operations or automation
Carta
Enterprise incumbent for cap tables and fund admin
Carta is the largest and most established platform in the space, known for best-in-class cap table management. Its fund administration product is modular and configurable, supporting complex waterfall structures, multi-currency, and deep integrations with enterprise accounting systems. Carta serves institutional funds managing hundreds of millions.
Pricing
Fixed monthly pricing starting around $3,000/mo for basic fund admin, scaling to $10,000-15,000+/mo for multi-fund structures. Cap table and tax modules are separate add-ons.
Best For
Established firms with complex multi-fund structures, institutional LP requirements, and $100M+ under management.
Website
carta.comPros
+ Best-in-class cap table management with full 409A support
+ Deep enterprise integrations (Salesforce, NetSuite, QuickBooks)
+ Largest LP network and ecosystem
+ Robust multi-currency and international fund support
Cons
- Expensive for emerging managers ($36K-180K/yr)
- 4-8 week onboarding period
- Tax and compliance modules are paid add-ons
- Overkill for Fund I managers who need simplicity
Pulley
Affordable cap table management for startups
Pulley is a strong cap table management tool for startups, with a generous free tier and clean interface. It handles equity management, 409A valuations, and basic stakeholder tracking well. However, Pulley is not a fund management platform. It does not offer LP portals, capital calls, fund administration, or the operational tools that GPs need to run a fund.
Pricing
Free for up to 25 stakeholders. Paid plans from $50/mo. Fund management features are limited.
Best For
Startups needing affordable cap table management. Not a fit for GPs who need fund operations.
Website
pulley.comPros
+ Generous free tier for early-stage companies
+ Clean, intuitive interface
+ Transparent pricing with no hidden fees
+ Strong 409A valuation services
Cons
- Not a fund management platform (no LP portal, capital calls, or fund admin)
- No K-1 or tax preparation
- Limited usefulness for GPs beyond cap table tracking
- No GP-facing operational tools
Pricing Breakdown: What You Actually Pay
Pricing is where these platforms diverge most sharply. Archstone charges a flat $297/mo regardless of fund size. A $10M fund and a $50M fund pay the same amount. There are no AUM-based fees, no per-LP charges, and no surprise add-ons for tax prep or compliance features. For a $25M fund, that is $3,564/yr.
AngelList charges 0.15% of committed capital annually. A $25M fund pays $37,500/yr. A $50M fund pays $75,000/yr. The fee covers fund admin, banking, tax, and the LP portal. For SPVs, AngelList takes 5% of the GP's carried interest with no upfront cost. The AUM model works well for very small funds but scales poorly.
Carta uses fixed monthly pricing starting at $3,000/mo ($36K/yr) for basic fund admin, scaling to $10,000-15,000+/mo ($120K-180K/yr) for multi-fund structures. Cap table management, tax modules, and compliance features are priced separately. For a $25M emerging fund, Carta is 10-30x more expensive than Archstone.
Pulley is the cheapest option on paper, with a free tier and paid plans from $50/mo. But Pulley is a cap table tool. It does not offer fund administration, LP portals, capital calls, or tax preparation. Comparing Pulley's pricing to fund management platforms is misleading because it does not provide the same service. A GP using Pulley would still need a separate fund admin solution.
The Verdict: Which Platform for Which Manager
Choose Archstone if...
- ✓You are launching Fund I, II, or III
- ✓You want AI to handle LP comms and compliance
- ✓You want predictable flat-rate pricing
- ✓You need to be operational the same day you sign up
Choose AngelList if...
- ✓You run syndicates or rolling funds
- ✓You need self-service SPV formation
- ✓You want access to the LP discovery network
- ✓Your fund is under $50M AUM
Choose Carta if...
- ✓You manage $100M+ across multiple funds
- ✓Your LPs require Carta-format reporting
- ✓You need deep cap table management
- ✓You need enterprise integrations
Choose Pulley if...
- ✓You only need cap table management (not fund ops)
- ✓You are a startup, not a fund manager
- ✓You want affordable 409A valuations
- ✓You have fewer than 25 stakeholders (free tier)
Frequently Asked Questions
Which platform is cheapest for a $25M fund?
Archstone at $297/mo ($3,564/yr). AngelList charges $37,500/yr (0.15% of AUM). Carta charges $36,000-96,000/yr. Pulley is not a fund management platform so it cannot be compared directly.
Can Archstone replace AngelList or Carta?
For fund operations (LP portal, capital calls, portfolio tracking, tax prep), yes. Archstone covers the core fund management stack at a fraction of the cost. However, if you specifically need AngelList's rolling fund structure or SPV formation, or Carta's deep cap table management, those are capabilities Archstone does not replicate.
Is Pulley a real alternative to AngelList or Carta for fund managers?
No. Pulley is a cap table management tool for startups. It does not offer fund administration, LP portals, capital calls, or tax preparation. GPs evaluating fund management platforms should compare Archstone, AngelList, and Carta. Pulley serves a different use case.
Which platform has the fastest setup?
Archstone can be operational the same day. AngelList typically takes a week for full fund setup. Carta requires 4-8 weeks of onboarding and custom configuration. Pulley can be set up in minutes for cap table management.
Can I use multiple platforms together?
Yes. Some GPs use Archstone or AngelList for fund operations and recommend Pulley to their portfolio companies for cap table management. Others use AngelList for SPVs alongside a main fund managed on a different platform. The key is one platform per entity to avoid reconciliation issues.
What about AI features?
Archstone is currently the only platform with AI-powered fund operations. Its AI handles LP communications, compliance tracking, capital call automation, and portfolio reporting. AngelList, Carta, and Pulley do not offer comparable AI features as of 2026.
Which platform do institutional LPs prefer?
Carta has the strongest brand recognition with institutional LPs (fund-of-funds, endowments, pensions). That said, most institutional LPs care about report quality and data access, not which software generated the report. Archstone and AngelList both produce LP reports that meet institutional standards.
How hard is it to switch platforms later?
Switching fund admin platforms mid-fund is expensive and disruptive (6-10 weeks, $10K-25K in transition costs). The best time to switch is between fund vintages. Choose the platform you can see yourself using for the life of your current fund.