Carta grew from cap tables into fund administration, and in 2026 bought its way into CRM. Privatis was built as one platform from the start, so the deal, the fund ledger, the LP and the K-1 are the same record.
Carta doesn't cover 4 areas natively in its software: waterfall, carry & management fees; regulatory filings (ADV, PF, FATCA, CRS); partnership tax (1065, K-1, K-2/K-3); private credit & covenant monitoring. In Privatis, all 13 post to and read from the same ledger.
| Capability | Privatis | Carta |
|---|---|---|
| Deal CRM & pipeline | A | |
| LP fundraising CRM & onboarding | ||
| Fund general ledger the GP runs | ||
| Waterfall, carry & management fees | ||
| Valuation modeling that produces the mark | ||
| Portfolio monitoring & KPI collection | ||
| LP portal & ILPA reporting | ||
| Regulatory filings (ADV, PF, FATCA, CRS) | ||
| Partnership tax (1065, K-1, K-2/K-3) | S | |
| Deal VDR & LP data rooms | ||
| Issuer cap table & equity plans | ||
| Private credit & covenant monitoring | ||
| AI assistant |
Built for: Venture funds and emerging managers that started on Carta's cap table and grew into its fund admin.
2026: bought ListAlpha (deal & LP CRM) and Avantia (Carta Law); launched fund-of-funds and Claude plugins.
The broadest offering after Privatis. Cap tables are its core, and fund admin, ASC 820 valuations and an LP portal sit on top.
The CRM arrived by acquisition in 2026. Partnership tax is a service from Carta's own team, and we found no regulatory filings or private-credit monitoring. It was built for venture and emerging managers.
You're a venture fund that wants a vendor's team to run fund admin and tax, and your portfolio companies already keep their cap tables on Carta.
Every Privatis module posts to and reads from one general ledger. That's what makes these possible without an integration in between.
The LP CRM, the subscription documents and the general ledger are the same record, so nothing is re-keyed between fundraising and the books.
DCF, comps, LBO and option-pricing backsolves reconcile to one fair value. Approving it posts the journal entry that moves NAV, the Level 3 rollforward and every LP capital account.
European, American and hybrid waterfalls, with catch-up and quarterly accrual, read the same capital and the same LPA terms the fee engine uses.
The 1065, K-1s and K-2/K-3s come from the same 704(b) capital as the GAAP statements and LP capital accounts. There's no hand-off to a separate tax file.
Form ADV, Form PF, FATCA, CRS and FBAR are produced as filing-ready exports from live holdings and capital, not re-keyed into a consultant's template.
The target you diligenced becomes the portfolio company on the same record: data room, cap structure, KPIs, covenants and valuation history together.
AlphaBot works across deals, funds, credit and LP data, inside your information walls. Every change it suggests is a proposal that a person approves.
Based on Carta's public product pages, press releases and trade coverage as of October 2026. A capability counts as native when it's sold as software the GP's own team runs. Spotted something out of date? Tell us and we'll correct it. Privatis produces regulatory and tax outputs as filing-ready exports for your filer of record.
Carta and all other product names are trademarks of their respective owners, used here for identification and comparison only. Privatis is not affiliated with or endorsed by them.
Bring one fund. We'll take a deal from the pipeline to the K-1 in a single workspace, with every number tracing back to the same journal entry.