Anduin vs Passthrough
A side-by-side comparison of Anduin and Passthrough — two options for lp & investor relations. Pricing, features, and honest pros and cons.
Category
LP & Investor Relations
LP & Investor Relations
Rating
4.6 / 5
4.7 / 5
Pricing
Enterprise / Custom
Enterprise / Custom
Best for
GPs and law firms running multi-close fundraises with complex sub docs
Funds of any size that want the fastest, lowest-error LP subscription experience
Key features
- Smart, conditional-logic digital subscription documents
- Real-time fundraise status dashboards for GPs and counsel
- In-form commenting to cut email back-and-forth
- Integrated AML/KYC via ACA Group partnership (2026)
- Instant Extraction for offline and PDF subscription docs
- Digitized subscription documents using your fund's own legal language
- 80%+ first-submission accuracy on sub docs
- Integrated KYC/AML with sanctions screening to beneficial-owner level
- Reusable investor profiles pre-fill future fund closes
- Integrations with CRMs, portals, and fund administrators
Pros
- Materially reduces not-in-good-order sub docs and closing friction
- Works with your counsel's documents rather than forcing templates
- Strong adoption among fund formation law firms and administrators
- Best-in-class investor completion experience and speed
- SOC 2 Type II and GDPR-compliant infrastructure
- Now backed by iCapital's distribution and balance sheet
Cons
- No published pricing
- Centered on onboarding and subscriptions; full-lifecycle IR features are newer than dedicated portals
- Onboarding-focused — not a full investor portal or reporting suite
- The iCapital acquisition (Feb 2026) introduces some near-term roadmap and pricing uncertainty