7 Best Data Room Software for Investors in 2025

Institutional investors manage $85 trillion in global assets with 70% citing inefficient document management as a top operational challenge, according to Preqin research. Meanwhile, limited partners (LPs) demand more transparent reporting and real-time portfolio access—requiring modern data room infrastructure beyond email and spreadsheets.

Peony provides investor-grade data rooms: organize portfolio company materials, share LP updates securely, track stakeholder engagement with analytics, and manage unlimited data rooms for each investment. Purpose-built for professional investors.

Here are the 7 best data room platforms for investors in 2025.

Quick Comparison

What Investors Need from Data Rooms

Portfolio management:

• Organize materials per investment
• Track portfolio company updates
• Board materials repository
• Financial reporting aggregation

Due diligence:

• Evaluate new investment opportunities
• Comprehensive document review
• Team collaboration on deals
• IC (Investment Committee) materials

LP communications:

• Quarterly update distribution
• Annual meeting materials
• Capital call documentation
• Secure LP portal access

Compliance and audit:

• Complete audit trails
• Access logging
• Regulatory compliance (SEC, FINRA)
• Document retention policies

1. Peony - Best for Modern Investors

Website: peony.ink

Why investors choose Peony:

Unlimited portfolio organization:

• Create data room per investment
• Organize by fund, vintage, sector
• No artificial limits

Intelligence and analytics:

• Track LP engagement with updates
• Monitor portfolio company activity
• Page-level viewing analytics
• Engagement scoring
• Hot prospect identification

Professional presentation:

• Custom branded domain (yourfund.peony.ink)
• White-label experience
• Mobile-optimized viewing
• Professional impression

Enterprise security:

• Bank-grade encryption (AES-256)
• Dynamic watermarks (identify leaks)
• Screenshot protection
• Email verification
• Two-factor authentication
• Complete audit trails

Collaboration:

• Internal team sharing
• Portfolio company collaboration
• LP secure access
• Advisor materials

Pricing:

• Free: Unlimited data rooms, core features
• Pro: $25/month - Advanced analytics
• Business: $40/month - Custom branding
• Enterprise: Custom - white-label

Best for: VCs, growth equity, family offices needing modern infrastructure at reasonable cost.

2. Carta - Best for Cap Table & Equity

Website: carta.com

Strengths:

• Industry-standard cap table platform
• 409A valuations
• Portfolio management features
• Investor reporting tools
• Fund administration

Limitations:

• Expensive (~$2,800/year minimum)
• Not purpose-built for document sharing
• Limited data room features
• No page-level analytics
• Complex for simple document sharing

Pricing: ~$2,800/year (varies by company size and complexity)

Best for: Investors needing comprehensive equity management, not just document sharing.

3. iDeals - Best for Large M&A

Website: idealsvdr.com

Strengths:

• Purpose-built VDR
• Used by major investment banks
• 14-language support
• 24/7 support
• M&A-specific features

Limitations:

• Very expensive ($600-$2,000+/month)
• Dated interface
• Manual organization (no AI)
• Complex setup
• Overkill for most investors

Pricing: Contact for quote ($600+/month typical)

Best for: Large institutional investors managing $1B+ M&A transactions.

4. Intralinks - Enterprise VDR Standard

Website: intralinks.com

Strengths:

• Handles $30T+ annually in deals
• Enterprise-grade security
• Global infrastructure
• Investment banking standard

Limitations:

• Very expensive ($1,000-$5,000+/month)
• Complex pricing and setup
• Dated user experience
• No modern features (AI, advanced analytics)

Pricing: Enterprise only (contact sales)

Best for: Large institutional investors, Fortune 500 M&A, investment banks.

5. DocSend - Best for Document Tracking

Website: docsend.com

Strengths:

• Excellent page-level analytics
• Good for pitch deck tracking
• Dropbox integration
• Used by many VCs

Limitations:

• Expensive ($15-$300/month)
• No unlimited data rooms
• Limited security features (no screenshot protection)
• No custom branding
• Not purpose-built for investors

Pricing: $15-$300/month (depending on plan)

Best for: VCs primarily needing pitch deck analytics, already use Dropbox.

6. PandaDoc - Best for Documents Requiring Signatures

Website: pandadoc.com

Strengths:

• Built-in e-signatures
• Document templates
• Workflow automation
• Good for LP documents requiring signatures

Limitations:

• Not purpose-built for data rooms
• Expensive per-user pricing ($35-$65/month)
• Limited security for sensitive docs
• No custom branding

Pricing: $35-$65/user/month

Best for: Investors managing high volume of documents requiring signatures (subscription docs, side letters).

7. Digify - Budget Document Protection

Website: digify.com

Strengths:

• Document protection focus
• Tracking capabilities
• Affordable pricing
• NDA workflows

Limitations:

• Basic data room features
• Limited analytics depth
• No custom branding
• Smaller feature set

Pricing: $75/month (Pro plan)

Best for: Individual angels or small family offices on budget.

Investor-Specific Use Cases

Venture Capital Firms

Portfolio management needs:

• Data room per investment (10-50+ companies)
• Board materials repository
• IC presentation archive
• Founder update tracking

LP communications:

• Quarterly update distribution
• Annual meeting materials
• Capital call documents
• Performance dashboards

Deal evaluation:

• Diligence materials organization
• Team collaboration on deals
• IC materials and voting
• Post-investment tracking

Peony for VCs:

• Unlimited data rooms (one per portfolio company)
• Portfolio-wide search
• LP portal with custom branding
• Investment analytics

Private Equity

Deal execution needs:

• Comprehensive diligence rooms
• Management presentations
• Financial model analysis
• Operational reviews

Portfolio optimization:

• Operating partner materials
• Portfolio company reporting
• Value creation tracking
• Exit preparation

Investor relations:

• LP quarterly updates
• Annual meeting materials
• Capital call management
• Distribution documentation

Family Offices

Investment tracking:

• Direct investments organization
• Fund investment materials
• Real estate documentation
• Alternative assets

Reporting:

• Consolidated performance
• Asset allocation tracking
• Tax documentation
• Family member access

Angel Investors

Simplified needs:

• Portfolio tracking (5-20 companies)
• Founder update access
• Due diligence materials
• Follow-on decision support

Budget constraints:

• Cost-effective solutions
• Essential features only
• Scalable as portfolio grows

Peony advantage: Free tier supports 10-20 investments with full features.

Pricing Comparison

Annual cost comparison (managing 10 investments):

Value calculation:

• Peony saves $35,000-$60,000/year vs. traditional VDRs
• Same security and features
• Better analytics and AI
• Modern user experience

Selection Criteria for Investors

Must-have features:

• Unlimited or high data room limits
• Granular access controls
• Complete audit trails
• Mobile access

Important features:

• Page-level analytics
• Custom branding
• AI-powered organization
• Fast search across all materials
• Team collaboration tools

Nice-to-have features:

• Integration with cap table tools
• CRM integration
• API access
• White-label options

How Peony Serves Investors

Peony purpose-built for investment professionals:

Portfolio management:

• Create room per portfolio company
• Organize board materials
• Track company updates
• Monitor engagement

Due diligence:

• Evaluate new opportunities
• Team collaboration on deals
• Track diligence completion
• IC material preparation

LP communications:

• Quarterly update distribution
• Annual meeting materials
• Secure LP portal (branded)
• Track LP engagement

Security and compliance:

• Bank-grade encryption
• Dynamic watermarks
• Complete audit trails
• Access revocation

Intelligence:

• Portfolio-wide analytics
• Engagement tracking
• Document effectiveness
• LP satisfaction indicators

Result: Professional investor operations at 90% lower cost than traditional VDRs.

Conclusion

Modern investors require sophisticated data room infrastructure for portfolio management, LP communications, and deal execution. While traditional VDRs like Intralinks and iDeals serve large institutions well, they come with enterprise complexity and costs.

For most investors—VCs, growth equity, family offices, and angels—Peony provides superior capabilities (unlimited rooms, AI organization, advanced analytics) at 90% lower costs. The platform combines professional features with startup-friendly pricing, enabling better investor operations without enterprise budgets.

Modern investor infrastructure: Try Peony

Related Resources

• VC Portfolio Management Guide
• Startup Data Room Checklist
• VDR Cost Comparison
• Professional Data Room Setup