Discover the best capitalization table management software of 2025 to streamline your equity management and make informed decisions effortlessly.
For emerging fund managers and their operations teams, maintaining an accurate and dynamic capitalization table is non-negotiable. As portfolios scale, managing equity, tracking convertible notes, modeling financing rounds, and handling compliance on a spreadsheet becomes a high-risk, time-consuming liability. The right capitalization table management software automates these critical functions, providing a single source of truth for founders, investors, and legal teams. This transition from manual spreadsheets to a dedicated platform is essential for professional fund administration and investor relations.
This resource provides an in-depth analysis of the leading platforms designed to solve this exact problem. We move beyond marketing claims to offer a practical guide for fund managers overseeing $10M–$100M portfolios, investor relations teams, and compliance officers. You will find detailed reviews of 12 top-tier solutions, from industry giants to disruptive newcomers. Each review includes screenshots, direct links, and an honest assessment of features, pricing structures, and real-world use cases. Our goal is to equip you with the insights needed to select the best capitalization table management software that aligns with your fund’s specific operational needs, complexity, and growth trajectory. Let’s dive in.
Carta is arguably the most recognized name in the equity management space, offering a robust platform that goes far beyond basic capitalization table management software. It serves as a single source of truth for a company's ownership, from early-stage startups to publicly traded enterprises. For emerging fund managers, Carta provides a centralized system to track portfolio company equity, manage electronic securities, and streamline investor communications.
The platform stands out for its comprehensive, all-in-one approach. It integrates cap table management with 409A valuations, scenario modeling, and full-service equity plan administration. This integration is a significant advantage, as it ensures data consistency across critical financial functions, which is vital for maintaining audit-ready records and simplifying due diligence.
Practical Tip: Leverage Carta's scenario modeling tool before a new financing round. It allows you to visualize the dilutive impact of new investments, convertible notes, and option pool increases, providing clear insights for both your firm and the portfolio company's founders.
Website: https://carta.com
Pulley positions itself as a modern and intuitive capitalization table management software specifically designed for the needs of fast-growing startups. It focuses on providing clarity and speed, helping founders and early-stage investors manage equity without the complexity associated with more enterprise-level platforms. For emerging fund managers, Pulley offers a streamlined way to track portfolio company ownership, model future fundraising rounds, and ensure compliance from the earliest stages.
The platform's main differentiator is its emphasis on a user-friendly experience and rapid execution. Features like AI-powered document scanning for onboarding and a promise of five-day 409A valuation turnarounds are built to match the pace of its startup clients. This focus on efficiency makes it an attractive alternative for fund managers who prioritize ease of use and responsive support for their portfolio companies over a vast, all-encompassing feature set.
Practical Tip: Encourage your new portfolio companies to use Pulley's fundraising modeling tools early and often. This feature helps founders understand dilution and cap table impacts in real-time, facilitating more strategic conversations about financing structures and option pool sizing ahead of board meetings.
Website: https://pulley.com
Astrella enters the market as a modern, cloud-based capitalization table management software, distinguishing itself with the integration of blockchain technology. This approach provides a secure, immutable ledger for tracking private company equity, offering real-time data integrity and transparency for fund managers and their portfolio companies. It is designed to handle global equity plans with built-in compliance features.
The platform’s core value lies in its combination of a user-friendly interface with powerful, secure backend technology. Astrella offers employee stock plan administration, scenario modeling, and comprehensive reporting capabilities accessible via a desktop or a secure mobile app. This makes it a strong contender for firms that prioritize data security and accessibility without sacrificing ease of use.
Practical Tip: Use Astrella’s robust reporting tools to generate tailored reports for LPs that highlight key ownership metrics and valuation changes. The platform's strong compliance framework can also simplify the data gathering process for audits and a guide to valuing a private company.
Website: https://astrella.com
Gust Equity Management offers a streamlined platform specifically designed for the earliest stages of a company's lifecycle, making it an excellent starting point for founders and their first investors. It provides core capitalization table management software features, including stock option tracking and basic investor relations tools, all within a founder-centric ecosystem. For fund managers with very early-stage portfolio companies, Gust can be a practical, low-cost entry point to formalize equity tracking.
The platform’s key differentiator is its accessibility. By integrating essential equity management into its wider suite of startup services, Gust removes the initial cost barrier that can prevent new companies from properly managing their cap table from day one. While it lacks the advanced scenario modeling and valuation services of larger competitors, its focus on simplicity and affordability serves a critical need for nascent ventures before they require more complex solutions.
Practical Tip: Encourage new portfolio companies to use Gust's free tier immediately upon incorporation. This establishes good habits for cap table hygiene from the outset, ensuring a clean, accurate record that can be easily migrated to a more robust platform like Carta or Pulley as the company scales and prepares for priced rounds.
Website: https://gust.com
Shareworks by Morgan Stanley is an enterprise-grade equity management platform tailored for mature private and public companies. It provides a powerful suite of tools for global equity plan administration, real-time capitalization table management software, and sophisticated financial reporting. For fund managers with portfolio companies approaching later stages or a public offering, Shareworks offers the institutional-level rigor required for complex equity scenarios and regulatory compliance.
The platform’s key differentiator is its integration with Morgan Stanley’s broader financial ecosystem, providing a seamless transition for companies as they scale. It excels in managing intricate equity compensation plans, including performance awards and stock purchase plans, while ensuring compliance across multiple jurisdictions. The platform's robust reporting capabilities are particularly valuable for audit preparation and maintaining transparent investor relations.
Practical Tip: Use the Shareworks platform to model the financial reporting impact of various equity compensation strategies. This is crucial for later-stage companies, as it helps forecast stock-based compensation expenses and their effect on the P&L statement, a key metric for pre-IPO and public company investors.
Website: https://www.shareworks.com
Ledgy is a prominent Europe-based equity management platform designed for scaling companies with international teams. It provides a clean, collaborative solution for capitalization table management software, employee participation plans, and investor relations. For fund managers with portfolio companies headquartered or operating in Europe, Ledgy offers specialized compliance features that address diverse, country-specific legal requirements.
The platform’s strength lies in its intuitive user interface and its focus on stakeholder transparency. It simplifies complex equity scenarios, making it easy for founders, employees, and investors to understand their holdings. Ledgy’s powerful modeling tools enable fund managers and their portfolio companies to forecast dilution, plan for future funding rounds, and manage exits with greater clarity and precision.
Practical Tip: Use Ledgy’s employee dashboard to give portfolio company team members a transparent, real-time view of their equity value. This can significantly improve employee engagement and help founders communicate the value of their stock option plans effectively.
Website: https://ledgy.com
Cake Equity is designed for startups and the investors who back them, simplifying equity management with a focus on ease of use and speed. The platform streamlines everything from initial company setup to ongoing cap table maintenance, making it an accessible choice for early-stage companies that may not require the extensive feature set of more enterprise-focused systems. For fund managers, Cake offers a straightforward way to track portfolio investments and manage digital securities for their early-stage bets.
The platform’s main advantage is its user-friendly interface and fast onboarding, which removes much of the friction associated with traditional capitalization table management software. It automates critical workflows like digital equity issuance, vesting schedule notifications, and compliance reporting. While it may lack the deep integrations of larger competitors, its affordability and simplicity make it a strong contender for funds with a high volume of early-stage portfolio companies.
Practical Tip: Use Cake Equity’s streamlined digital signing feature to accelerate closing processes for SAFE notes or seed rounds. This allows all parties to review and execute documents in one place, reducing administrative delays and ensuring all records are immediately updated on the cap table.
Website: https://www.cakeequity.com
Diligent Equity, formerly known as EquityEffect, provides a cloud-based solution focused on simplifying capitalization table management for private companies. The platform is designed to be an accessible, intuitive tool for tracking equity, administering option plans, and ensuring compliance, making it a solid choice for fund managers overseeing early-stage portfolios where complexity is still manageable.
The platform stands out for its streamlined approach and cost-effective 409A valuations. While some competitors bundle valuations into expensive tiers, Diligent Equity offers them as a more accessible service, a significant benefit for budget-conscious companies. Its user-friendly interface lowers the barrier to entry, allowing founders and fund managers to manage equity without a steep learning curve.
Practical Tip: Use Diligent Equity’s document storage feature to centralize all equity-related legal documents, such as stock purchase agreements and board consents. This creates an organized, single source of truth that is invaluable during due diligence or audits. This can also help in tracking documentation for specific tax benefits; you can learn more about QSBS tax treatment here.
Website: https://www.equityeffect.com
Eqvista positions itself as a powerful yet accessible capitalization table management software, specifically catering to early-stage startups and the fund managers who support them. Its cloud-based platform simplifies the complexities of equity management, offering real-time cap table updates, electronic share issuance, and customizable vesting schedules. For emerging funds, Eqvista serves as an efficient tool to monitor portfolio company ownership structures without the premium cost of more established competitors.
The platform’s major differentiator is its combination of comprehensive features with an aggressive pricing model, including a functional free tier. It provides essential tools like waterfall analysis and 409A valuation services, enabling fund managers and founders to make informed decisions during financing and exit events. This makes it a compelling option for those who need robust functionality but are still price-sensitive.
Practical Tip: Use Eqvista's waterfall analysis tool to run preliminary exit scenarios for your portfolio companies. This can help set realistic expectations with founders early on and model how different liquidation preferences will affect shareholder returns, clarifying the impact for both LPs and the founding team.
Website: https://www.eqvista.com
Capdesk is a leading equity management platform specifically designed for the European market, offering a comprehensive suite to digitize and streamline ownership data. For fund managers with UK or European portfolio companies, it provides an essential toolset for tracking cap tables, administering complex employee share plans, and ensuring compliance with local regulations. The platform automates tedious tasks associated with equity, from issuing grants to updating shareholder records.
What sets Capdesk apart is its deep focus on European compliance nuances, including handling for various share schemes like UK EMIs. This specialized knowledge is embedded directly into its capitalization table management software, providing peace of mind during audits and funding rounds. Its integrated investor relations tools also simplify communication and reporting for a company's stakeholders, making it a robust, all-in-one solution for equity management across Europe.
Practical Tip: When a European portfolio company is preparing for a new funding round, use Capdesk’s compliance reporting features to generate all necessary documentation for due diligence. This ensures all share issuances and option grants are correctly recorded according to local standards, preventing delays.
Website: https://www.capdesk.com
Corporify is a European-centric, cloud-based platform specializing in legal entity management and corporate housekeeping, with robust capitalization table management software built into its core. It provides a centralized hub for managing equity, tracking compliance obligations, and automating corporate legal workflows. For fund managers with portfolio companies in Europe, it offers a distinct advantage by aligning cap table data with regional legal and compliance frameworks.
The platform’s strength lies in its holistic approach to corporate governance. It goes beyond simple equity tracking to include features like document generation for board resolutions, shareholder meeting management, and compliance deadline monitoring. This integration ensures that the cap table remains accurate and is supported by a full trail of legal documentation, which is particularly valuable for maintaining regulatory compliance and preparing for audits.
Practical Tip: Use Corporify’s stakeholder portal to grant controlled access to shareholders, directors, and legal counsel. This streamlines communication and ensures all parties are viewing the same verified information, reducing administrative back-and-forth during financing or reporting cycles.
Website: https://www.corporify.com
Capboard positions itself as a streamlined and accessible equity management software, designed to provide clear visibility over a company's ownership structure. It caters well to early-stage companies and the fund managers who invest in them by offering a core set of tools for cap table management, equity plan administration, and investor relations without the complexity of enterprise-level platforms.
The platform’s strength lies in its balance of functionality and simplicity. For fund managers tracking multiple early-stage investments, Capboard offers a straightforward way to monitor equity dilution, manage employee stock option plans, and handle compliance reporting. Its approachable design makes it a practical choice for portfolio companies that are not yet ready for the financial commitment or feature depth of more robust capitalization table management software solutions.
Practical Tip: Use Capboard’s investor relations tools to centralize updates for smaller portfolio companies. This can standardize reporting and communication from an early stage, establishing good governance habits for founders.
Website: https://www.capboard.io
| Platform | Core Features ✨ | User Experience ★★★★☆ | Value Proposition 💰 | Target Audience 👥 | Unique Selling Points 🏆 |
|---|---|---|---|---|---|
| Carta | Cap table, 409A valuations, equity plans | User-friendly, trusted | Higher pricing | Startups, established companies | Comprehensive features, scenario modeling |
| Pulley | Real-time cap table, fundraising modeling | Fast onboarding, strong support | Transparent pricing | Startups, high-growth companies | AI-powered onboarding, fast 409A valuation |
| Astrella | Blockchain cap table, compliance tools | User-friendly | Pricing on inquiry | Private companies | Blockchain for data integrity |
| Gust Equity Mgmt | Cap table, stock options, investor tools | Easy interface | Free tier for early startups | Early-stage startups | Integrated investor management |
| Shareworks | Equity plans, compliance, scenario modeling | Robust, enterprise-level | Premium pricing | Larger enterprises | Integration with financial systems |
| Ledgy | Cap table, employee plans, investor tools | User-friendly | Higher pricing for large teams | European companies | Strong European compliance focus |
| Cake Equity | Digital issuance, vesting management | Intuitive interface | Affordable for startups | Startups | Fast onboarding, digital signing |
| Diligent Equity | Cap table, option admin, scenario modeling | Easy to use | Cost-effective 409A valuations | Private companies | Comprehensive scenario modeling |
| Eqvista | Real-time updates, vesting, waterfall | User-friendly | Competitive pricing | Early-stage startups | Free tier, customizable vesting |
| Capdesk | Cap table, employee plans, compliance | Easy to use | Higher pricing for larger firms | UK & European companies | All-in-one equity solution Europe |
| Corporify | Cap table, legal entity mgmt, compliance | User-friendly | Higher pricing | European companies | Legal entity management |
| Capboard | Cap table, equity plans, scenario modeling | User-friendly | Affordable | Startups, SMEs | Clear equity visibility, affordable |
Navigating the landscape of capitalization table management software can feel like its own form of due diligence. As we've explored, the days of wrestling with error-prone spreadsheets are numbered, replaced by a new generation of powerful, purpose-built platforms. From enterprise-grade solutions like Shareworks and Diligent Equity to nimble, startup-focused tools like Pulley and Ledgy, the market offers a diverse range of options tailored to specific stages of company and fund growth.
The core takeaway is this: selecting the right software is not merely an administrative upgrade. It is a strategic decision that impacts investor relations, employee equity incentives, compliance, and your ability to execute future financing rounds with precision and confidence. The right tool provides a single source of truth, eliminating the ambiguity and risk inherent in manual cap table tracking.
For emerging fund managers and their portfolio companies, the decision-making process hinges on balancing current needs with future scalability. Your choice of capitalization table management software should reflect your operational maturity and strategic goals.
Before committing to a platform, your team should undertake a focused evaluation process. Start by mapping your most frequent and critical workflows. Are you primarily concerned with issuing new grants, modeling financing rounds, or generating reports for LPs?
Next, leverage the free trials and demos offered by our featured providers. This hands-on experience is invaluable. Test the platform with a sample, anonymized data set to assess its usability and see how it handles your specific use cases. Pay close attention to the onboarding process and the quality of customer support, as these will be crucial during implementation. Ultimately, the best capitalization table management software is the one that seamlessly integrates into your existing operational stack and empowers you to manage equity with clarity and authority.
While managing your portfolio's capitalization is crucial, so is managing your own fund's operations and LP communications. Fundpilot provides a streamlined, intuitive platform for emerging managers to handle capital calls, distributions, and investor reporting with professional-grade efficiency. See how Fundpilot can complement your tech stack and elevate your back-office operations.
