Hedge fund document sharing is a liability
Strategy memos forwarded to competitors. DDQs floating in email chains. Side letters scattered across shared drives. Every unsecured document is alpha walking out the door.
Strategy doc leaks
Investment theses, position reports, and trade models shared via email or Dropbox are one forward away from eroding your edge.
Regulatory scrutiny
SEC and FCA examiners expect complete audit trails for document access. Generic file-sharing tools cannot prove who reviewed your Form ADV or PPM.
Multi-vehicle LP reporting
Distributing quarterly letters, K-1s, and capital account statements across flagship, long-short, and co-invest vehicles manually is error-prone and slow.
Investor onboarding friction
New LPs and allocators need access to offering docs, track records, and operational DDQs — without seeing proprietary research meant for existing investors.
Built for how hedge funds actually operate
Peony gives you institutional-grade document security, AI-powered fund intelligence, and SEC-ready audit trails — at a fraction of legacy data room pricing.
Screenshot protection, watermarks, and NDA gates
Your investment theses and quantitative models are your edge. Peony blocks screenshots on strategy documents, stamps every page with dynamic watermarks tied to the viewer, and requires NDA signatures before prospective LPs can access a single page.
Screenshot protection
Block screen captures of investment theses, trade models, and position reports. Keep proprietary research from being shared with competitors or replicators.
Dynamic watermarks
Every page of your strategy deck or offering memorandum is stamped with the viewer's identity and timestamp. If a document surfaces outside your fund, you know exactly who leaked it.
NDA-gated access
Require prospective LPs, allocators, and consultants to sign an NDA before viewing any fund documents. Integrated e-signatures mean zero friction and a complete compliance record.
Page-level tracking for every DDQ and offering doc
When the SEC or FCA comes knocking, you need proof of who reviewed what. Peony logs every page view, download, and signature with timestamps — so your CCO can export a compliance-ready report in seconds, not days.
Page-by-page tracking
See exactly which pages of your DDQ, PPM, or investor letter each allocator reviewed and for how long. Know who skimmed and who did deep diligence.
Compliance-ready logs
Exportable audit trails with timestamps, IP addresses, and device details. Hand your CCO a clean report for SEC exams, FCA reviews, or investor operational due diligence.
2FA identity verification
Verify that the person accessing your fund documents is who they claim to be. Two-factor authentication ensures only authorized LPs and allocators can view sensitive materials.
Chat with your fund docs and regulatory filings
Stop hunting through folders of PPMs, side letters, and Form ADVs. Ask questions across your entire document library and get instant, sourced answers — whether your IR team needs a data point for an allocator call or your CCO is prepping for an exam.
Chat across fund documents
Ask questions across offering memoranda, investor letters, side letters, and compliance filings. AI retrieves answers with exact source references from your data room.
Natural language search
Search your data room in plain English. Find specific fee terms in side letters, performance attribution data, or regulatory references without remembering file names.
Investor Q&A on autopilot
Let AI field allocator questions about fund terms, track record, and operational infrastructure 24/7. Track what prospective LPs ask to sharpen your pitch and DDQ responses.
"Peony is by far the simplest and most intuitive way to populate and share data rooms with investors and partners. All the key analytics and features integrated into a sleek interface!"
Mark Petrov
Head of Financials, Loop
Michael Hui
Managing Director, Piton Partners
Been using Peony for a few weeks now — it's a standout for the gated file sharing and data room functions. Intuitive, secure, beautifully designed, and an actually working AI, all while being very well priced versus competitors. Highly recommend giving it a try.
Institutional security without institutional pricing
Legacy data rooms charge five or six figures a year. Peony starts free and scales with your fund.
Free
$0
2 GB storage
Perfect for emerging managers
Pro
$20/admin/mo
200 GB storage
For growing funds and IR teams
Business
$40/admin/mo
1 TB storage
For multi-strategy platforms
Frequently asked questions
What documents belong in a hedge fund data room?
A hedge fund data room typically includes offering memoranda (PPM), due diligence questionnaires (DDQs), investor letters, side letters, Form ADV, audited financials, K-1 schedules, and track record data. Peony auto-organizes these into the folder structure allocators expect, with AI-powered search across all fund documents.
How do I share DDQs securely with allocators?
Peony lets you share DDQs through personalized links with NDA gating, screenshot protection, and dynamic watermarks tied to each viewer. Peony's controlled redaction lets you permanently black out sensitive fee structures or proprietary terms before sharing documents with prospective allocators. Unlike legacy VDRs like Ideals that charge per-page fees, Peony includes all security features on every plan — so your proprietary fund data stays protected without hidden costs.
Can I track which pages of my offering memo investors reviewed?
Yes. Peony provides page-level analytics showing exactly which pages each allocator viewed, time spent per page, and download activity. This helps your IR team prioritize follow-ups with engaged prospects and identify which sections of your PPM or DDQ generate the most interest.
How does Peony protect hedge fund strategy documents from leaks?
Peony blocks screenshots on strategy memos and investment theses, stamps every page with dynamic watermarks tied to the viewer's identity, and requires NDA signatures before access. If a document leaks, you know exactly who shared it. Unlike Firmex or Digify, these features are included on all plans.
Is Peony compliant with SEC and FCA audit requirements?
Peony logs every page view, download, and signature with timestamps, IP addresses, and device details on infrastructure secured with AES-256 encryption at rest, TLS 1.3 in transit, and SOC 2 Type II compliance. Your CCO can export a compliance-ready audit report in seconds for SEC exams, FCA reviews, or investor operational due diligence — no manual log compilation required.
How much does a hedge fund data room cost?
Peony starts free ($0, 2 GB) for emerging managers, with Pro at $20/admin/month (200 GB) and Business at $40/admin/month (1 TB) for multi-strategy platforms. Peony has no per-viewer, per-page, or per-link limits, so costs stay predictable as your LP base grows. Legacy data rooms like Ideals and Datasite charge five or six figures annually. Peony delivers the same institutional-grade security at a fraction of the cost.
Can I use AI to answer allocator questions about my fund?
Peony includes AI-powered Q&A that lets allocators ask questions across your entire document library — PPMs, side letters, DDQs, and investor letters — and get instant, sourced answers 24/7. Peony also offers a structured Smart Q&A workflow where allocators submit questions, AI drafts answers from your fund documents, your IR team reviews and approves, and only then are responses published. Your IR team can also use AI document chat internally to find data points for allocator calls without hunting through folders.
How do I manage LP reporting across multiple fund vehicles?
Peony supports personalized links per LP, so each investor sees only the quarterly letters, K-1s, and capital account statements for their specific vehicle. Granular folder permissions let you separate flagship, long-short, and co-invest materials within a single data room — no duplicate rooms needed.