Fund Ops Cost & Provider Database

86 providers a venture manager might actually hire — administrators, SPV platforms, audit and tax firms, formation counsel, banks and fund-operations software. One column matters more than the rest: whether the provider will tell you what it costs. 12 will.

Surveyed 2026-07-30 to 2026-08-04 · n = 86 · 75 rows verified by direct retrieval of the provider’s own page · dataset at docs/data/fundops-cost-db/fundops-providers.v2.json

Quick Answer

Of 86 fund-operations providers surveyed between 2026-07-30 and 2026-08-04, 12 publish a rate of any kind and 61 publish none. 2 of the 30 fund administrators publish a rate. 0 of the 11 formation-counsel firms do. Exactly 9 rows state a fund-size floor, threshold or served range of any kind, and only one of those is a served range covering small funds. 13 rows carry no figures at all because the provider blocked programmatic retrieval or its domain did not answer; those rows name the blocker instead of guessing. The absence of prices in this dataset is not a gap in the research. It is the finding.

The headline, by category

Providers surveyed and providers publishing a rate, by category.
Category	Surveyed	Publish a rate	Could not verify
Fund administration	30	2	4
SPV and vehicle platforms	7	2	2
Audit and tax	12	1	2
Formation counsel	11	0	3
Fund banking	9	3	1
Fund-operations software	17	4	1
All categories	86	12	13

How this was built

›Every figure was read directly from the provider's own public page and is recorded with that URL and the access date.
›No price is estimated, modelled, averaged, inferred from a comparable, or taken from a third-party summary, aggregator or vendor comparison post.
›Published rates are quoted verbatim, including the provider's own punctuation and currency. Nothing is rounded, restated or converted.
›does_not_publish is an assertion about the provider's DISCLOSURE BEHAVIOUR, which was verified, not about its prices, which were not.
›requires_manual_verification rows carry zero figures and a named blocker. There is no third option.
›Unknowns are rendered as unknown. Never zero-filled, never interpolated.

Provider pages as published between 2026-07-30 and 2026-08-04. Every row — including all 31 carried forward from v1 and its extension — was re-retrieved on 2026-08-04, so a single access date covers the whole dataset. Each provider page was retrieved directly and read for a rate, a fund-size floor, and whether venture capital is named among the asset classes served. Where a rate exists it is quoted verbatim, including the provider’s own punctuation and currency — no rounding, no restating, no conversion. Where none exists, the row records the exact form the absence takes, because “there is no pricing page” and “there is a pricing page with no price on it” are different facts about a company.

What this does not cover

It is not a price comparison. Only 12 of 86 providers publish anything, and those 12 are not comparable to each other — a one-time SPV fee, an annual fund subscription, a basis-point schedule on treasury deposits and a per-seat software plan are four different units. Nothing here has been normalised into a common one, because doing that would require inventing the missing terms.
It says nothing about what unpriced providers charge. A does not publish row is a verified statement about disclosure behaviour. It is not evidence that the provider is expensive, cheap, or unwilling to quote. Several of the most emerging-manager-friendly firms in this dataset publish nothing at all.
It does not measure service quality. No turnaround time, no error rate, no client-retention figure, no NAV-close accuracy. None of that is published in a checkable form by anyone surveyed, so none of it is scored here.
It does not price an audit, a tax return or a fund formation. Those are the three line items a first-time manager most needs to budget, and they are the three where public disclosure is closest to zero. They can be quoted; they cannot be researched.
It is a snapshot, not a series. Every row is dated. Pricing pages change without notice and several already changed between the first pass on 2026-07-30 and this edition. Read every figure as “what this page said on that date”, never as “what this costs today”.
13 rows are empty on purpose. Where a host refused retrieval or a domain did not answer, the row carries zero figures and names the blocker. It would have been easy to fill those rows from third-party summaries. Nothing in this dataset comes from a third-party summary.

The 12 providers that publish a rate

Listed together because the list is short enough to read, and because reading it together makes the shape obvious: the transparency in this market sits in SPV platforms, banking and software, not in the services a fund actually cannot run without.

AllocationsFund administration
Standard SPV $9,950 one-time fee; Premium SPV $19,500 one-time fee; Fund $19,500 annual subscription. Each carries “(Additional fees may apply see below)”.
AngelListFund administration
Institutional: 0.1% of fund size + $10k / year. Full Service: 0.15% of fund size + $20k / year, described as “Fund administration, portfolio management tools, tax and K-1 prep, and valuation support included.”
SydecarSPV and vehicle platforms
SPVs: “Starts at $4,500 one time — 2% of capital raised, between $2,500 and $12,500, plus a $2,000 regulatory fee.” Add-ons: Non-US Investments $3,000; Additional Closes $3,000; U.S. pass-through entities $3,000; First Distribution Fee $1,000.
RoundtableSPV and vehicle platforms
“Accessing Roundtable's platform is free!” During the investment stage: “Roundtable charges fees when creating an SPV to group all investors into an investment vehicle (1% of the amount raised by the vehicle, excluding VAT, with a minimum fee of €5,000, excluding VAT).”
FondoAudit and tax
TaxPass: “Pricing varies, as low as $1,950 $1,450 /year”. Bookkeeping Monthly Plan: “Pricing varies, as low as $499 $399 /month”; Quarterly Plan “As low as $1,198 /quarter”. Tax Add-Ons “as low as $500 /add-on”. Each figure is labelled “Limited time offer”.
MercuryFund banking
Mercury $0/mo. Mercury Plus $29.90 per month. Mercury Pro $299 per month. “Annual Pricing (15% off)”. Treasury “is unlocked with $250K Mercury balance”.
BrexFund banking
“Plans start at $0 per user, per month, and more advanced features are available for $12 per user, per month.” Essentials $0 user/month; Premium $12 user/month.
RhoFund banking
Subscription Fees $0; Checking account minimum fees $0; Same-Day ACH, wires, and checks $0. “an optional $15 SWIFT fee and 1% foreign currency conversion fee”. Treasury: “an annual fee which ranges from 0.15% for deposits of $20M or more to 0.6% (the maximum annual fee) for deposits under $2M”.
ZapflowFund-operations software
Deal flow / fundraising / exit management: “from $1.995 / month / team*”. CRM + LP portal + Investor Report Generator: “from $399 / month / fund”. Quarterly / ESG reporting + holdings: “From $199 / month / fund”. KYC & AML: “From $1.995 / month”. “Minimum billing period is 12 month.” “A billing surcharge of 1% is applied to bank wires, 3% for credit card payments.”
Visible.vcFund-operations software
Free $0/per month. Base $59/per month billed annually ($69/mo billed monthly). Core $129/per month billed annually ($149/mo billed monthly). Growth $199/per month billed annually ($249/mo billed monthly).
FoundersuiteFund-operations software
Basic $0. Silver $745 (billed annually). Gold $1069 (billed annually). Platinum $1609 (billed annually). “Annual Pricing Plans (Save 10%)”.
PulleyFund-operations software
“How much does Pulley cost? We're happy to tell you.” Startup $1200/YR, first 25 stakeholders included. Growth $3500/YR, first 40 stakeholders included. Above those counts: “Contact us”.

Who your counterparty actually is

7 of the surveyed domains no longer resolve to the company whose name is on them. This is not trivia. An engagement letter names a firm, and the firm can become a division of something larger between your first close and your first audit — or, in one case here, stop serving a page at all.

›Waystone — centaurfs.com resolves via HTTP redirect to https://www.waystone.com/services/administration-solutions/ as of 2026-08-04.
›Formidium — sudrania.com resolves via HTTP redirect to https://www.formidium.com/ as of 2026-08-04.
›CBIZ (formerly Marcum LLP) — marcumllp.com resolves via HTTP redirect to https://www.cbiz.com/ as of 2026-08-04.
›Ashurst Perkins Coie (formerly Perkins Coie) — perkinscoie.com resolves via HTTP redirect to https://www.ashurstperkinscoie.com/ as of 2026-08-04.
›Western Alliance / Bridge Bank Innovation Banking — westernalliancebank.com/bridge-bank resolves via HTTP redirect to https://www.westernalliancebancorporation.com/expertise/innovation-banking as of 2026-08-04.
›Backstop (ION Analytics) — backstopsolutions.com resolves via HTTP redirect to https://ionanalytics.com/backstop/ as of 2026-08-04.
›Standard Metrics (formerly Quaestor) — quaestor.com resolves via HTTP redirect to https://standardmetrics.io/ as of 2026-08-04.

Fund administration

n = 30 · 2 publish a rate

Fund administration: provider, service model as the provider describes it, whether venture capital is named, the published rate quoted verbatim or the exact reason there is none, the published fund-size floor, and our sub-$100M fit call. Every provider name links to the page the row was read from.
Provider	Model	Names VC?	Published rate	Published floor	Sub-$100M fit
AllocationsAccessed 2026-08-04	Software-led fund admin + SPV formation	Yes, explicitly	PublishesStandard SPV $9,950 one-time fee; Premium SPV $19,500 one-time fee; Fund $19,500 annual subscription. Each carries “(Additional fees may apply see below)”.	Not stated	Strong. A flat annual number a first-time manager can put in a budget before making a single call — with the caveat that the page itself flags unspecified additional fees.
AngelListAccessed 2026-08-04	Platform fund admin (Institutional / Full Service tiers)	Yes, explicitly	PublishesInstitutional: 0.1% of fund size + $10k / year. Full Service: 0.15% of fund size + $20k / year, described as “Fund administration, portfolio management tools, tax and K-1 prep, and valuation support included.”	“Both plans subject to minimum fund size” — the minimum itself is not disclosed	Unresolvable from public information. The rate card is complete and the eligibility gate behind it is not, so a $5M manager can compute a price for a product they may not be allowed to buy.
4Pines Fund ServicesAccessed 2026-08-04	High-touch fund administration, management-company and GP accounting	Yes, explicitly	Does not publishNo rate published anywhere on the site — including on the two pages that are specifically about fees. No pricing page exists (404).	Not stated	The sharpest illustration in this table of what opacity looks like: 4Pines runs a content play on fee transparency, including a page attacking escalating fees, while disclosing no figure of any kind. US-only; no non-US domicile named.
Aduro AdvisorsAccessed 2026-08-04	Full-service administrator, VC specialist	Yes, explicitly	Does not publishNo fee structure or minimum disclosed; contact-driven.	Not stated	Says it supports “the leading venture firms” and publishes nothing that would let a small fund check whether it qualifies. Scale markers ($141+ billion under administration, 650+ firms, 5,500+ investment entities) point up-market.
Alter DomusAccessed 2026-08-04	Global institutional administrator	Yes, explicitly	Does not publishNo fee schedules, rate cards or minimums disclosed.	Not stated	Weak. Positioning is explicitly institutional and the published figures are all firm scale, which is a statement about them rather than about you.
Apex GroupAccessed 2026-08-04	Global multi-asset administrator	Yes, explicitly	Does not publishNo pricing or fund-size minimums published; enquiry-form gated.	Not stated	No emerging-manager signal found on the surveyed page. Worth knowing that Apex is also the acquirer of Flow, listed separately below — the roll-up is how several names on this table become one counterparty.
Bolder GroupAccessed 2026-08-04	Multi-jurisdiction fund, corporate and private-wealth services	Not named	Does not publishNo rate, fee schedule or minimum published on the fund services page.	Not stated	Names hedge funds, SPVs, family offices, Cayman and Luxembourg; does not name venture capital. Domicile coverage is the reason to look here, not price.
CitcoAccessed 2026-08-04	Global administrator, hedge-fund heritage	Not named	Does not publishNo pricing or minimums published.	Not stated	Does not name venture capital among its served asset classes on the surveyed page.
EmpaxisAccessed 2026-08-04	Outsourced middle- and back-office operations	Not named	Does not publishNo rate or minimum published. The /fund-administration path 404s.	Not stated	Names hedge funds and family offices; does not name venture capital. This is operations outsourcing rather than a named fund administrator of record.
FormidiumAccessed 2026-08-04	Fund administration and technology, incl. digital-asset funds	Not named	Does not publishNo rate published. formidium.com/pricing returns HTTP 404.Note: sudrania.com resolves via HTTP redirect to https://www.formidium.com/ as of 2026-08-04.	Not stated	Also a consolidation marker: sudrania.com now redirects to formidium.com, so Sudrania Fund Services and Formidium are one counterparty. Names hedge, VC, PE and digital-asset funds among assets under administration.
Gen II Fund ServicesAccessed 2026-08-04	Private-markets administrator	Not named	Does not publishNo pricing or minimums published.	Not stated	Runs a dedicated Emerging Managers practice while listing private equity, private credit, real assets and fund of funds — and not venture. An emerging-manager programme aimed at a different asset class.
HedgeServAccessed 2026-08-04	Fund administration and financial technologies	Not named	Does not publishNo rate or minimum published.	Not stated	Hedge-fund heritage; names private equity, family offices, Cayman and Luxembourg, and does not name venture capital.
IQ-EQAccessed 2026-08-04	Global administrator and regulatory outsourcing	Yes, explicitly	Does not publishNo fee, rate or price on the private equity and venture capital service page. No pricing page exists (404).	Not stated	No emerging-manager signal found. Venture is named only as half of the paired phrase “private equity and venture capital” — there is no VC-specific service line.
Juniper SquareAccessed 2026-08-04	Software + managed administration services	Yes, explicitly	Does not publishjunipersquare.com/pricing resolves — to a marketing page carrying no rate, no tier and no minimum.	Not stated	A /pricing URL that returns a page with no price is a deliberate choice, not an oversight. No emerging-manager or sub-$100M positioning found on the surveyed page.
Langham HallAccessed 2026-08-04	Fund administration, depositary and AIFM services	Yes, explicitly	Does not publishNo rate, retainer or minimum published.	Not stated	One of only two administrators in the survey with a named Emerging Managers service line AND explicit first-fund language: it works with “spinout and start-up managers from day one”, guiding “the setup of their business and first fund”. Sectors listed are private equity, real estate, infrastructure and debt — venture appears in the emerging-manager framing rather than as a sector line.
MUFG Investor ServicesAccessed 2026-08-04	Bank-owned global asset servicer	Not named	Does not publishNo rate or minimum published.	Not stated	Names fund administration, private equity and hedge funds; does not name venture capital. Published figures are client-scale markers.
NAV Fund ServicesAccessed 2026-08-04	Fund administrator	Yes, explicitly	Does not publishNo rate or minimum published. Navigation includes no pricing destination; the primary call to action is “Request Demo”.	Not stated	Runs a named Emerging Managers use case alongside Launching a Fund and Switching Administrators, and names venture capital — one of the better-targeted unpriced offers for a first fund in this table.
OcorianAccessed 2026-08-04	Fund administration, AIFM and corporate services	Yes, explicitly	Does not publishNo rate or minimum published on the funds page.	Not stated	Broadest domicile and service surface in this block (SPVs, fund formation, AIFM, Cayman, Luxembourg) and no number behind any of it.
Opus Fund ServicesAccessed 2026-08-04	Independent fund administrator	Not named	Does not publishNo rate or minimum published.	Not stated	Carries the survey's most concentrated emerging-manager evidence that is not a claim about itself: it lists Global Custodian “Best Administrator Emerging Funds” awards for 2022, 2023 and 2024. Awards are third-party and checkable; they are still not a price, and venture is not named.
RepoolAccessed 2026-08-04	Fund launch and administration for hedge and digital-asset funds	Not named	Does not publishrepool.com/pricing does not 404 — it redirects to the homepage, which carries no rate. A pricing URL that resolves to a page with no price.	Not stated	Explicit emerging-manager and first-fund positioning, and the products are hedge funds, digital-asset funds, single/multi-name SPVs and a friends-and-family fund. Venture is not among them, so the emerging-manager language is aimed elsewhere.
SS&C TechnologiesAccessed 2026-08-04	Enterprise administrator + fund accounting software (Advent Geneva, Investran)	Not named	Does not publishNo rate, fee schedule or subscription figure published. The only figures on the surveyed page are client-scale markers.	Not stated	Names fund administration, hedge funds, family offices and AIFM services and does not name venture capital. Upgraded from the v1 blocked row: the 2026-07-30 pass hit a 404 on a solutions subpath, and the site root retrieves cleanly.
Standish ManagementAccessed 2026-08-04	Full-service administrator, VC/PE specialist	Yes, explicitly	Does not publishNo rate and no fee schedule published; contact-gated.	States it can administer a private fund “regardless of the size or maturity of the fund” — no numeric floor	The strongest unpriced fit claim in the survey. It says in as many words that “for new partners and emerging funds, we provide full fund administration”, which is a real signal — with no number attached to it.
Trident TrustAccessed 2026-08-04	Corporate, fiduciary and fund services across multiple domiciles	Yes, explicitly	Does not publishNo fee, rate or figure on the venture capital page. No pricing page exists (404).	Not stated	Explicit first-fund language — it supports managers “whether their first fund, or the latest in a long line of launches” — with no size band attached. The real differentiator is domicile breadth, which matters if your LP base is not US-only.
Ultimus Fund SolutionsAccessed 2026-08-04	Fund administrator	Yes, explicitly	Does not publishNo pricing or minimums published.	Not stated	Names venture capital on the surveyed page in this pass, which is a change from the 2026-07-30 reading of the same domain. Still publishes no rate.
VistraAccessed 2026-08-04	Global corporate and fund services	Not named	Does not publishNo rate or minimum published. The /services/fund-administration path 404s; the site root carries the fund-administration and SPV language with no figure.	Not stated	Does not name venture capital on the surveyed page.
WaystoneAccessed 2026-08-04	Governance, risk, compliance and administration solutions	Yes, explicitly	Does not publishNo rate or minimum published.Note: centaurfs.com resolves via HTTP redirect to https://www.waystone.com/services/administration-solutions/ as of 2026-08-04.	Not stated	Names venture capital, SPVs, AIFM, Cayman and Luxembourg. Also the destination of a consolidation: centaurfs.com now redirects to Waystone's administration-solutions page, so a manager searching for Centaur Fund Services lands here.
CartaAccessed 2026-08-04	Cap table + fund administration platform	Unverified	Could not verifyNo figures recorded.Blocker: HTTP 403 on https://carta.com/pricing/ and https://carta.com/fund-administration/ — Carta serves an interstitial challenge to programmatic fetch. Requires a browser session.	Not established — page not retrievable	Carta markets an emerging-manager tier and we could not verify a single number of it against its own page in this survey. The row stays empty rather than guessing.
PEF ServicesAccessed 2026-08-04	Private-equity fund administrator	Unverified	Could not verifyNo figures recorded.Blocker: DNS resolution failed for both pefundservices.com and www.pefundservices.com on 2026-08-04.	Not established — no page retrievable	Not established. Same treatment as Socium: named in the market, unreachable in this survey, asserted about in neither direction.
Socium Fund ServicesAccessed 2026-08-04	Fund administrator	Unverified	Could not verifyNo figures recorded.Blocker: sociumfs.com fails DNS resolution; sociumfundservices.com returns HTTP 200 with a 114-byte body containing no content.	Not established — no page retrievable	Not established. Recorded because the name circulates in emerging-manager stack conversations and a reader should know the survey could not reach it, rather than have it silently omitted.
UMB Fund ServicesAccessed 2026-08-04	Bank-owned fund administrator	Unverified	Could not verifyNo figures recorded.Blocker: HTTP 404 on https://www.umb.com/institutional/fund-services. The root that resolves is not the fund-services page.	Not established — the fund-services page was not retrievable	Not established. The umb.com page that does resolve is retail and commercial banking and carries no fund-services content, so nothing about the fund-services line is asserted here.

SPV and vehicle platforms

n = 7 · 2 publish a rate

SPV and vehicle platforms: provider, service model as the provider describes it, whether venture capital is named, the published rate quoted verbatim or the exact reason there is none, the published fund-size floor, and our sub-$100M fit call. Every provider name links to the page the row was read from.
Provider	Model	Names VC?	Published rate	Published floor	Sub-$100M fit
RoundtableAccessed 2026-08-04	European SPV and investment-club infrastructure	Yes, explicitly	Publishes“Accessing Roundtable's platform is free!” During the investment stage: “Roundtable charges fees when creating an SPV to group all investors into an investment vehicle (1% of the amount raised by the vehicle, excluding VAT, with a minimum fee of €5,000, excluding VAT).”	Deal sizes stated as €30k to €20M	The only euro-denominated published rate in the survey, and the only one that states VAT treatment. European domicile; a US-only manager is not the buyer here.
SydecarAccessed 2026-08-04	SPV platform — not a fund administrator	Yes, explicitly	PublishesSPVs: “Starts at $4,500 one time — 2% of capital raised, between $2,500 and $12,500, plus a $2,000 regulatory fee.” Add-ons: Non-US Investments $3,000; Additional Closes $3,000; U.S. pass-through entities $3,000; First Distribution Fee $1,000.	Not stated	The most completely specified price in the survey — formula, floor, cap and every add-on. Read the product line before reading the price: Sydecar sells SPVs, not a fund vehicle, so it is not substitutable for a fund administrator.
bunchAccessed 2026-08-04	European fund and SPV operations platform	Yes, explicitly	Does not publishbunch.capital/pricing resolves and contains no rate, no tier and no figure of any kind.	Not stated	A pricing page with no price is the cleanest single artefact in this dataset. Names venture capital, SPVs and Luxembourg; the only published figures on the page are about its own Series B.
FlowAccessed 2026-08-04	Fundraising, LP onboarding and data rooms — now an Apex Group company	Yes, explicitly	Does not publishNo rate published.	Not stated	Reads at the top of its own site: “Flow is now an Apex Group company.” That is the answer to a question emerging managers rarely ask before signing — who will own your provider in year three. Apex is separately listed above.
OdinAccessed 2026-08-04	SPV, fund and rollup vehicle platform	Yes, explicitly	Does not publishNo rate published. joinodin.com/pricing returns HTTP 404 and the site root carries no figure.	Not stated	Names SPVs, funds, founder rollups and Delaware vehicles with end-to-end admin (KYC/AML, banking, drawdowns, audits, K-1s, FATCA) and no number against any of it.
AssureAccessed 2026-08-04	SPV administrator — ceased operations	Unverified	Could not verifyNo figures recorded.Blocker: DNS resolution failed for assure.co on 2026-08-04. No page retrieved, and this survey makes no claim about the company's corporate status.	Not established — no page retrievable	Not established. Recorded because Assure still appears in stack recommendations written before it wound down; a reader should see that its domain no longer answers rather than find it listed as a live option.
VaubanAccessed 2026-08-04	SPV and fund platform (acquired by Carta in 2022)	Unverified	Could not verifyNo figures recorded.Blocker: https://vauban.io/ resolves via HTTP redirect to https://emparkshelter.ink/, an unrelated site. No Vauban-controlled page was retrieved.	Not established — no provider page retrievable	Not established, and the retrieval result is itself the finding: vauban.io no longer serves a Vauban page. Anyone following an older link to it does not land on a fund-operations provider.

Audit and tax

n = 12 · 1 publishes a rate

Audit and tax: provider, service model as the provider describes it, whether venture capital is named, the published rate quoted verbatim or the exact reason there is none, the published fund-size floor, and our sub-$100M fit call. Every provider name links to the page the row was read from.
Provider	Model	Names VC?	Published rate	Published floor	Sub-$100M fit
FondoAccessed 2026-08-04	Bookkeeping and tax for startups	Not named	PublishesTaxPass: “Pricing varies, as low as $1,950 $1,450 /year”. Bookkeeping Monthly Plan: “Pricing varies, as low as $499 $399 /month”; Quarterly Plan “As low as $1,198 /quarter”. Tax Add-Ons “as low as $500 /add-on”. Each figure is labelled “Limited time offer”.	Not stated	Publishes real numbers, and they are not fund numbers: these are startup bookkeeping and corporate tax plans, not a fund audit or a K-1 engagement. Counted as publishing a rate because it does; do not budget a fund off it.
Aldrich CPAs + AdvisorsAccessed 2026-08-04	CPA and advisory firm	Not named	Does not publishNo fees or engagement minimums published.	Not stated	Names family offices; does not name venture capital or fund administration on the surveyed page. Included to record the boundary of the category rather than to recommend it.
Baker TillyAccessed 2026-08-04	Advisory, tax and assurance	Yes, explicitly	Does not publishNo fees or engagement minimums published.	Not stated	Names venture capital and fund administration on the private-equity industry page. No figure of any kind.
CBIZ (formerly Marcum LLP)Accessed 2026-08-04	Accounting, tax and advisory	Not named	Does not publishNo fees or engagement minimums published.Note: marcumllp.com resolves via HTTP redirect to https://www.cbiz.com/ as of 2026-08-04.	Not stated	A name-change trap worth knowing before you cite an old recommendation: marcumllp.com now redirects to cbiz.com. If your LPA or engagement letter names Marcum, the counterparty is CBIZ.
Cohen & CoAccessed 2026-08-04	Tax, assurance and consulting	Not named	Does not publishNo fees or engagement minimums published. The /services/fund-administration path 404s.	Not stated	Names private equity; does not name venture capital on the surveyed page.
EisnerAmperAccessed 2026-08-04	Audit, tax and advisory for financial services	Yes, explicitly	Does not publishNo fees or engagement minimums published.	Not stated	One of the few audit firms whose page names emerging managers directly — in the context of roundtable events for “emerging managers, CFOs and CCOs”. Marketing to the segment, not pricing for it.
Frank, Rimerman + Co.Accessed 2026-08-04	CPA firm with a venture and family-office practice	Yes, explicitly	Does not publishNo fees or engagement minimums published.	Not stated	Names venture capital and family offices. Nothing on the page lets a first-time manager estimate an audit engagement.
Kruze ConsultingAccessed 2026-08-04	Accounting and tax for VC-funded companies	Yes, explicitly	Does not publishNo fees published on the surveyed page. The /vc-fund-accounting/ path 404s.	Not stated	Names venture capital constantly — as the funder of its clients, not as its client. This is startup accounting, and a GP reading it as fund accounting is reading the wrong side of the cap table.
Richey MayAccessed 2026-08-04	Audit and tax for alternative investment funds	Yes, explicitly	Does not publishNo fees published.	“We serve hedge, venture capital, private equity and digital asset funds that range in size from $1M to $44B in nearly every state, in addition to the Cayman Islands and British Virgin Islands.”	The single strongest published sub-$100M fit signal in the survey, and still the only published served fund-size range across all 86 providers. Not a price — an answer to “will you take me at all”, which at $5M is the more expensive unknown.
RSM USAccessed 2026-08-04	Assurance, tax and consulting for the middle market	Not named	Does not publishNo fees or engagement minimums published.	Not stated	Names private equity, family offices, Cayman and Luxembourg; does not name venture capital on the surveyed page. The asset-management industry subpath 404s.
ArmaninoAccessed 2026-08-04	Audit, tax and consulting	Unverified	Could not verifyNo figures recorded.Blocker: HTTP 403 behind a Cloudflare interstitial on armanino.com — the host refuses programmatic fetch.	Not established — page not retrievable	Not established.
WithumAccessed 2026-08-04	Audit, tax and advisory for financial services	Unverified	Could not verifyNo figures recorded.Blocker: HTTP 403 on https://www.withum.com/industries/financial-services/ — the host refuses programmatic fetch (548-byte error body).	Not established — page not retrievable	Not established.

Formation counsel

n = 11 · 0 publish a rate

Formation counsel: provider, service model as the provider describes it, whether venture capital is named, the published rate quoted verbatim or the exact reason there is none, the published fund-size floor, and our sub-$100M fit call. Every provider name links to the page the row was read from.
Provider	Model	Names VC?	Published rate	Published floor	Sub-$100M fit
Ashurst Perkins Coie (formerly Perkins Coie)Accessed 2026-08-04	Law firm — emerging companies and venture capital	Yes, explicitly	Does not publishNo flat fee, rate card or engagement minimum published.Note: perkinscoie.com resolves via HTTP redirect to https://www.ashurstperkinscoie.com/ as of 2026-08-04.	Not stated	Names venture capital, private equity and Luxembourg. Second name-change trap in this dataset: perkinscoie.com now redirects to ashurstperkinscoie.com.
DechertAccessed 2026-08-04	Law firm — financial services and private funds	Not named	Does not publishNo flat fee, rate card or engagement minimum published.	Not stated	Names private equity; venture capital not found on the surveyed page.
GoodwinAccessed 2026-08-04	Law firm — private investment funds	Not named	Does not publishNo flat fee, rate card or engagement minimum published.	Not stated	Names private equity; venture capital not found on the surveyed page.
Gunderson DettmerAccessed 2026-08-04	Law firm — global fund formation for VC and growth equity	Yes, explicitly	Does not publishNo flat fee, rate card or engagement minimum published.	Not stated	The most explicit fund-formation positioning of any firm surveyed — it advises “VC and growth equity firms” on “global fund formation” — and, like every other firm here, publishes no number.
Lowenstein SandlerAccessed 2026-08-04	Law firm — investment management and funds	Yes, explicitly	Does not publishNo flat fee, rate card or engagement minimum published.	Not stated	Names venture capital and private equity on the surveyed page. No fee information of any kind.
OrrickAccessed 2026-08-04	Law firm — technology, energy and infrastructure	Yes, explicitly	Does not publishNo flat fee, rate card or engagement minimum published.	Not stated	Names venture capital. The only figures on the page are deal values from its own matter list, which tell you what it works on and nothing about what it costs.
Proskauer RoseAccessed 2026-08-04	Law firm — private funds	Not named	Does not publishNo flat fee, rate card or engagement minimum published.	Not stated	Names private equity and family offices; venture capital not found on the surveyed page.
Seward & KisselAccessed 2026-08-04	Law firm — investment management and funds	Not named	Does not publishNo flat fee, rate card or engagement minimum published.	Not stated	Names SPVs; venture capital not found on the surveyed page.
Cooley (Cooley GO)Accessed 2026-08-04	Law firm — emerging companies and venture capital	Unverified	Could not verifyNo figures recorded.Blocker: HTTP 403 behind a Cloudflare interstitial on https://www.cooleygo.com/.	Not established — page not retrievable	Not established. Cooley GO is the most-cited free resource in this category and it could not be retrieved programmatically in this pass, so nothing is asserted about it.
Fenwick & WestAccessed 2026-08-04	Law firm — technology and life sciences	Unverified	Could not verifyNo figures recorded.Blocker: HTTP 403 on https://www.fenwick.com/ with a 369-byte body — the host refuses programmatic fetch.	Not established — page not retrievable	Not established.
Wilson SonsiniAccessed 2026-08-04	Law firm — technology, life sciences and growth enterprises	Unverified	Could not verifyNo figures recorded.Blocker: HTTP 403 behind a Cloudflare interstitial on https://www.wsgr.com/.	Not established — page not retrievable	Not established.

Fund banking

n = 9 · 3 publish a rate

Fund banking: provider, service model as the provider describes it, whether venture capital is named, the published rate quoted verbatim or the exact reason there is none, the published fund-size floor, and our sub-$100M fit call. Every provider name links to the page the row was read from.
Provider	Model	Names VC?	Published rate	Published floor	Sub-$100M fit
BrexAccessed 2026-08-04	Corporate cards and spend management	Not named	Publishes“Plans start at $0 per user, per month, and more advanced features are available for $12 per user, per month.” Essentials $0 user/month; Premium $12 user/month.	Not stated	Per-seat pricing, which is the wrong shape for a two-partner fund and the right shape for a portfolio company. Included to mark the boundary.
MercuryAccessed 2026-08-04	Business banking and treasury (fintech, partner banks)	Not named	PublishesMercury $0/mo. Mercury Plus $29.90 per month. Mercury Pro $299 per month. “Annual Pricing (15% off)”. Treasury “is unlocked with $250K Mercury balance”.	No minimum balance stated to open a standard account; $250K balance stated to unlock Treasury	The clearest published banking price a fund-adjacent entity can read off a page. Note what it is: business banking, not fund banking — nothing here speaks to capital-call mechanics or LP wire handling.
RhoAccessed 2026-08-04	Business banking, cards and treasury	Not named	PublishesSubscription Fees $0; Checking account minimum fees $0; Same-Day ACH, wires, and checks $0. “an optional $15 SWIFT fee and 1% foreign currency conversion fee”. Treasury: “an annual fee which ranges from 0.15% for deposits of $20M or more to 0.6% (the maximum annual fee) for deposits under $2M”.	Not stated	The only banking row that publishes a basis-point schedule, and it is on the treasury product rather than the account. Read the 0.6% tier before parking fund cash there.
Customers BankAccessed 2026-08-04	Commercial, business and personal banking	Not named	Does not publishNo account fee schedule or minimum published on the surveyed page.	Not stated	Does not name venture capital or fund banking on the surveyed page.
Grasshopper BankAccessed 2026-08-04	Digital business banking for startups and investors	Yes, explicitly	Does not publishNo fee schedule published. What the page states is a fee position, not a rate: “No monthly fee and unlimited transactions” on Innovator Business Checking, and “unlimited fee-free transactions, free ACH & domestic wires, and no monthly fees” on the Accelerator Product Suite. Nothing states what anything costs when it is not free.	Not stated	Names venture capital and private equity. Recorded as non-disclosing on purpose: a stated absence of monthly fees is a policy claim a reader cannot budget from, and treating it as a published rate would inflate this dataset's transparency count on a technicality.
Live Oak BankAccessed 2026-08-04	Business banking, savings and SBA lending	Not named	Does not publishNo account fee schedule published for a fund entity. The figures on the page are deposit parameters for its savings product — “The minimum deposit required to open is $2,500 and the maximum is $250,000 per account” — not a price for banking a fund.	$2,500 minimum opening deposit, $250,000 maximum per account, on the surveyed savings product	Not a fund bank on the evidence of its own page: the surface is SBA lending and high-yield savings. Recorded so the category boundary is visible.
MeowAccessed 2026-08-04	Business banking and treasury (fintech, partner banks)	Not named	Does not publishNo account fee schedule published. The figures on the page are product parameters, not prices: “Customers must maintain a minimum of $100,000.00 in a checking account(s) held through a partner bank of Meow Technologies, Inc., at all times in order to invest in investment products.”	$100,000 minimum checking balance to access investment products	Publishes a threshold and not a rate, which is the most common shape of near-transparency in this dataset: enough to tell you whether you qualify, not enough to tell you what it costs.
Western Alliance / Bridge Bank Innovation BankingAccessed 2026-08-04	Innovation-economy commercial banking	Yes, explicitly	Does not publishNo account fee schedule or minimum published.Note: westernalliancebank.com/bridge-bank resolves via HTTP redirect to https://www.westernalliancebancorporation.com/expertise/innovation-banking as of 2026-08-04.	Not stated	Names venture capital and private equity. The Bridge Bank path redirects into Western Alliance's innovation-banking page — another instance of a familiar brand now being a division of a larger counterparty.
First Citizens Bank (incl. Silicon Valley Bank)Accessed 2026-08-04	Commercial banking, venture and innovation practice	Unverified	Could not verifyNo figures recorded.Blocker: HTTP 404 on https://www.firstcitizens.com/commercial/industry-expertise/venture-capital. The root that resolves is not the venture-practice page.	Not established — the venture capital page was not retrievable	Not established. The firstcitizens.com root that does resolve is retail banking and carries no venture-practice content, so nothing about the SVB-inherited venture practice is asserted here.

Fund-operations software

n = 17 · 4 publish a rate

Fund-operations software: provider, service model as the provider describes it, whether venture capital is named, the published rate quoted verbatim or the exact reason there is none, the published fund-size floor, and our sub-$100M fit call. Every provider name links to the page the row was read from.
Provider	Model	Names VC?	Published rate	Published floor	Sub-$100M fit
FoundersuiteAccessed 2026-08-04	Fundraising CRM and investor pipeline	Not named	PublishesBasic $0. Silver $745 (billed annually). Gold $1069 (billed annually). Platinum $1609 (billed annually). “Annual Pricing Plans (Save 10%)”.	Not stated	Published, complete and aimed at raising rather than administering. Fund-operations relevance is limited to the raise itself.
PulleyAccessed 2026-08-04	Cap-table software for operating companies — not a fund product	Not named	Publishes“How much does Pulley cost? We're happy to tell you.” Startup $1200/YR, first 25 stakeholders included. Growth $3500/YR, first 40 stakeholders included. Above those counts: “Contact us”.	Not stated	Publishes a price and answers a different question: these are portfolio-company cap-table tiers priced per stakeholder, not fund-operations costs. Counted as publishing a rate; excluded from any fund budget.
Visible.vcAccessed 2026-08-04	Investor updates, reporting and fundraising CRM	Not named	PublishesFree $0/per month. Base $59/per month billed annually ($69/mo billed monthly). Core $129/per month billed annually ($149/mo billed monthly). Growth $199/per month billed annually ($249/mo billed monthly).	Not stated	Every tier on the published pricing page is described for “the founder” — these are company-side plans. A GP quoting the $199 tier as a fund-operations cost is quoting the wrong side of the relationship; Visible's investor-side offering is not priced on this page.
ZapflowAccessed 2026-08-04	Deal flow, LP portal and reporting modules	Yes, explicitly	PublishesDeal flow / fundraising / exit management: “from $1.995 / month / team*”. CRM + LP portal + Investor Report Generator: “from $399 / month / fund”. Quarterly / ESG reporting + holdings: “From $199 / month / fund”. KYC & AML: “From $1.995 / month”. “Minimum billing period is 12 month.” “A billing surcharge of 1% is applied to bank wires, 3% for credit card payments.”	Not stated	The most granular published software price in the survey, module by module, with the payment surcharges disclosed. Note the decimal comma in “$1.995” — quoted exactly as printed; do not resolve the ambiguity for the vendor.
AffinityAccessed 2026-08-04	Relationship intelligence CRM for private capital	Yes, explicitly	Does not publishaffinity.co/pricing resolves to a “Request a Demo” page carrying no rate.	Not stated	Names venture capital, private equity and family offices. A pricing URL that resolves to a demo form is the standard shape of this category.
Allvue SystemsAccessed 2026-08-04	Software only — and it sells to administrators, it is not one	Yes, explicitly	Does not publishNo rate, fee or subscription figure published. Tier names only: Venture Capital Essentials in Core, Growth and Select. No pricing page exists (404).	No minimum stated. Tiers segment by “under $1B committed capital” and “over $1B committed” — a customer band, not a price and not a floor.	Explicitly claimed and unpriced: it says it is designed to help “new and emerging venture capital firms”. This is software you operate, not a service — and it lists fund administrators as a customer industry, which means some of the administrators in this dataset may be running it.
AltviaAccessed 2026-08-04	Fund management, fundraising and IR software	Yes, explicitly	Does not publishNo rate published.	Not stated	Names venture capital, private equity, hedge funds and family offices. The only percentage on the page is a claim about implementation.
AnduinAccessed 2026-08-04	Subscription documents and investor onboarding — not fund administration	Yes, explicitly	Does not publishNo rate published.	Not stated	Names venture capital, private equity and hedge funds. Same category boundary as Passthrough: onboarding workflow, not administration.
Backstop (ION Analytics)Accessed 2026-08-04	Investment management and research software	Yes, explicitly	Does not publishNo rate published.Note: backstopsolutions.com resolves via HTTP redirect to https://ionanalytics.com/backstop/ as of 2026-08-04.	Not stated	Names venture capital, private equity, hedge funds and family offices. Ownership marker worth recording: backstopsolutions.com now redirects to ionanalytics.com/backstop/.
Canoe IntelligenceAccessed 2026-08-04	Alternative-investment document and data automation	Not named	Does not publishNo rate published. The contact form segments prospects by AUM/AUA in bands from “Less than $250 million” to “$25 billion or more” — a qualification band, not a price.	Not stated. The smallest AUM band offered on the enquiry form is “Less than $250 million”	The AUM banding on its own enquiry form is the closest thing to a fit signal it publishes, and its floor band starts where most emerging managers' ceilings are.
ChronographAccessed 2026-08-04	Portfolio monitoring and LP analytics	Yes, explicitly	Does not publishNo rate published.	Not stated	Names venture capital, private equity, hedge funds and family offices. The only published figure is its own $140M+ growth-equity round.
EddaAccessed 2026-08-04	VC CRM, portfolio management and LP portal	Yes, explicitly	Does not publishedda.co/pricing resolves and names three tiers — including one called “Edda for First Time GPs” — with AI credit allowances (300, 600 and 1,800 credits/month) and no price against any of them.	Not stated	The sharpest emerging-manager tell in the software block: a tier literally named for first-time GPs, on a pricing page, with no price. The credit allowances are quantified and the cost of a credit is not.
PassthroughAccessed 2026-08-04	Subscription documents and AML/KYC workflow — not fund administration	Not named	Does not publishNo rate published.	Not stated	Names emerging managers. By its own description this is subscription-document and investor-onboarding workflow, so it is not substitutable for a fund administrator.
RunditAccessed 2026-08-04	Portfolio monitoring and LP reporting	Yes, explicitly	Does not publishrundit.com/pricing resolves and contains no rate or tier figure.	Not stated	Second pricing-page-without-a-price in this dataset after bunch and Edda. The page's quantified claims are customer testimonials about time saved.
Standard Metrics (formerly Quaestor)Accessed 2026-08-04	Portfolio monitoring and data collection for VC	Yes, explicitly	Does not publishNo rate published.Note: quaestor.com resolves via HTTP redirect to https://standardmetrics.io/ as of 2026-08-04.	Not stated	Names venture capital and private equity. Third name-change trap: quaestor.com now redirects to standardmetrics.io, so a Quaestor recommendation in an older stack guide points here.
VestberryAccessed 2026-08-04	Portfolio management for venture capital	Yes, explicitly	Does not publishNo rate published.	Not stated	Names venture capital exclusively — the most VC-specific positioning in the software block — and publishes only scale markers ($45B+ AUM, 500+ funds).
Dynamo SoftwareAccessed 2026-08-04	Alternative-investment CRM and portfolio platform	Unverified	Could not verifyNo figures recorded.Blocker: HTTP 403 behind a Cloudflare interstitial on https://www.dynamosoftware.com/.	Not established — page not retrievable	Not established.

Reading the columns

Publishes — a rate, fee or price appears on the provider’s own page and is quoted verbatim.
Does not publish — the page was retrieved and carries no rate. A verified statement about disclosure behaviour, never a claim about the provider’s prices.
Could not verify — the host refused retrieval or the domain did not answer. The row carries no figures and names the blocker.
Sub-$100M fit — our editorial judgment, labelled as such. It is the only column on this page that is an opinion.

The administration slice of this database also feeds the emerging-manager fund admin comparison, where it sits alongside the software products a first-time GP would run in-house.