Every deal, from platform build to exit.
The data room built for PE deal teams, operating partners, and fund administrators. Manage buy-side diligence, portfolio monitoring, LP reporting, and exit preparation — all in one secure workspace.Set up in under 5 minutes.
No credit card required
PE deal management is too fragmented
Platform acquisitions, add-on bolt-ons, LP reporting, and exit prep — PE firms juggle dozens of simultaneous workstreams across scattered tools. Sensitive deal data ends up in email threads and shared drives with no audit trail.
Multi-deal chaos
Running platform acquisitions and add-ons simultaneously means separate bidder tracks, management presentations, and lender packages scattered across tools with no central view.
Multi-party complexity
Management teams, lenders, advisors, co-investors, and operating partners each need different document access. Managing permissions manually across deals is error-prone.
Portfolio monitoring gaps
Tracking financials, KPIs, and board materials across 10 to 50 portfolio companies via email and spreadsheets leads to outdated data and missed red flags.
LP reporting burden
Quarterly and annual LP reports require compiling sensitive fund performance data, valuations, and deal updates — then distributing them securely to dozens of LPs with different access rights.
Built for how PE firms actually work
Legacy VDRs like Ideals, Firmex, and Digify were built for static file storage. Peony gives you AI-powered Q&A, auto-indexing, smart document organization, and complete audit trails — so your team moves faster on every deal.
Screen deals in hours, not weeks
PE firms evaluate dozens of potential acquisitions before committing to one. Peony's AI-powered Q&A lets your deal team interrogate a target's financials, contracts, and legal documents instantly — spot red flags early and kill bad deals fast so you can focus on the winners.
AI-powered Q&A across documents
Ask questions across hundreds of uploaded documents and get sourced answers in seconds. Surface revenue concentration risks, contract change-of-control clauses, or pending litigation without reading every page.
Auto-indexing and smart organization
Documents are automatically categorized and indexed as they are uploaded. No more spending days manually organizing folders — your diligence room is structured and searchable from day one.
Discard bad deals faster
Legacy VDRs like Ideals and Firmex force you to read everything manually. Peony's AI highlights material issues upfront so your team can make a go/no-go decision in days instead of weeks — and move on to the next opportunity.
Run parallel buy-side and sell-side processes from one platform
Manage CIM distribution across multiple bidder tracks, route buyer questions through internal approval workflows, and keep every competing party completely isolated — without spinning up separate tools for each deal.
Bidder-track isolation
Create separate rooms per bidder with independent permissions. Competing buyers never see each other's activity, questions, or access history — eliminating information leaks between parties.
CIM distribution tracking
See which potential buyers opened the confidential information memorandum, which pages they studied, and how long they spent on each section. Prioritize follow-ups based on real engagement.
Secured, channeled Q&A
Route buyer questions through role-based approval workflows before answers are published. Every Q&A thread is permission-controlled per bidder, fully timestamped, and preserved in an immutable audit trail — no side-channel conversations or lost email threads.
Aggregate operating metrics and report to LPs from one hub
Link every portfolio company's financial models, board decks, and operating reports in a single dashboard. Collect monthly financials with automated reminders, then generate and distribute quarterly LP reports — all without leaving Peony.
Portfolio-wide document hub
One dashboard linking every portfolio company's financial models, board decks, and operating reports. No more chasing files across email threads and shared drives.
Operating metric collection
Request and track monthly financials from portfolio companies with automated reminders. See at a glance which companies have submitted and which are overdue.
LP reporting automation
Generate and distribute quarterly LP reports with individualized cover letters. Track which LPs opened the report, which sections they read, and who needs a follow-up.
Prepare portfolio companies for sale with structured VDD rooms
Assemble vendor due diligence materials months before launch, track what is ready and what is missing, and progressively unlock diligence access as buyers advance through rounds — all from one platform.
VDD room builder
Set up vendor due diligence rooms with pre-built folder structures for financial, legal, tax, and commercial workstreams. Auto-indexing organizes uploaded documents automatically — ready for buyer access in minutes, not weeks.
Buyer access ramp
Start with a teaser, then progressively unlock full diligence materials as buyers advance through rounds. Control exactly what each bidder sees at every stage of the process.
Exit-readiness scoring
Track which VDD documents are uploaded, which are missing, and which need updating before launch. Know exactly how ready your portfolio company is for market.
Enterprise-grade security for every deal
PE deals involve the most sensitive financial and operational data in the market. Peony protects it at every layer.
Screenshot protection
Block screen captures of financial models, CIMs, and proprietary deal materials. Prevent unauthorized duplication during competitive processes.
Dynamic watermarks
Trace leaks per bidder with watermarks showing viewer identity and timestamp on every page. Know exactly who shared sensitive deal documents.
NDA-gated access
Require bidders, lenders, and advisors to sign an NDA before accessing any deal documents. Fully integrated e-signatures included.
Instant access revocation
When a bidder drops out or a deal falls through, revoke all document access with one click. No loose ends.
Enterprise encryption
AES-256 encryption at rest and TLS 1.3 in transit. SOC 2 compliant infrastructure built for institutional-grade deal security.
Two-factor authentication
Add an extra layer of security for every user accessing your deal rooms. Protect against unauthorized logins even if credentials are compromised.
"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."
Michael Hui
Managing Director, Piton Partners
Anthony Gale
Founder & CEO, PromoLens
Not often I make recommendations, but I started using Peony to share presentations etc with external people. It works so well & makes us look really organized. We looked at DocSend etc. but the cost & clunkiness just put us off.
Peony vs legacy VDR providers — feature-by-feature
PE firms typically pay $25,000–$50,000 per deal room with legacy VDRs. Peony delivers enterprise-grade security and AI at a fraction of the cost — with no per-page, per-deal, or storage-based fees.
| Feature | Peony | Datasite | Intralinks | Ideals | Sterling | Firmex | Digify |
|---|---|---|---|---|---|---|---|
| Starting price | Free ($0) | $25,000+/deal | $25,000+/deal | $25,000+/project | $10,000+/deal | $5,000+/project | $500/mo |
| Per-page fees | None | Yes | Yes | None | — | None | None |
| Storage-based fees | None | — | Per-MB | Per-GB | — | — | None |
| Setup time | Under 5 minutes | Days | Days | 30+ minutes | Hours | 20+ minutes | 15+ minutes |
| AI document chat | Included | Add-on | Included | Not included | Not included | Not included | Not included |
| Structured Q&A workflows | Included | Basic | Basic | Not included | Not included | Not included | Not included |
| Unlimited storage | Up to 1 TB | Limited | Per-MB fees | Per-GB fees | Limited | Limited | Limited |
| Unlimited users | Included | Per-user fees | Per-user fees | Add-on | — | Included | Per-user fees |
| Built-in e-signatures | Included | Not included | Not included | Not included | Not included | Not included | Not included |
| Screenshot protection | Included (Screenshield) | Add-on | Not included | Add-on | — | Not included | Included |
| AI file organization | Included | Add-on | Not included | Not included | Not included | Not included | Not included |
| Automatic NDA | Included | Not included | Not included | Add-on | Not included | Not included | Not included |
| Dynamic watermarks | Included | Add-on | Not included | Included | Not included | Included | Included |
| Custom domain & branding | Included | Add-on | Add-on | Add-on | Not included | Add-on | Add-on |
| Ease of use (public rating) | 9.4/10 | 7.5/10 | 7.2/10 | 8.7/10 | 7.4/10 | 8.5/10 | 6.9/10 |
| Average user satisfaction | 9.7/10 | 7.5/10 | 7.2/10 | 8.9/10 | 7.3/10 | 8.8/10 | 7.5/10 |
Frequently asked questions
What is the best data room for private equity firms?
Peony is the modern data room built for PE deal teams, operating partners, and fund administrators. Unlike legacy VDRs like Ideals and Firmex that charge enterprise prices for static file storage, Peony includes AI-powered Q&A, auto-indexing, page-level analytics, and screenshot protection on every plan — including a free plan ($0).
How do PE firms use data rooms for buy-side due diligence?
PE firms use data rooms to organize and review target company financials, contracts, legal documents, and operational data during acquisitions. Peony's AI-powered Q&A lets deal teams interrogate hundreds of documents instantly — surface revenue concentration risks, change-of-control clauses, or pending litigation without reading every page.
What features should a PE data room have for sell-side processes?
A sell-side PE data room needs bidder-track isolation, CIM distribution tracking, staged document access, and structured Q&A workflows. Peony provides all of these with per-bidder rooms, page-level analytics to see which buyers are most engaged, and a 4-step Smart Q&A workflow where buyers submit questions, AI drafts answers from your documents, your team reviews, and only approved responses are published. Peony also supports controlled redaction so you can permanently black out sensitive financial figures or proprietary terms before sharing with counterparties.
How much does a private equity data room cost?
Legacy VDR providers like Ideals and Datasite charge tens of thousands per deal. Peony offers a free plan ($0) with 2 GB storage, scales to $20/admin/month (Pro, 200 GB) and $40/admin/month (Business, 1 TB) — with AI-powered Q&A, screenshot protection, and dynamic watermarks included on every plan, and no per-viewer, per-page, or per-link limits so costs stay predictable regardless of deal size.
Can a data room handle portfolio monitoring and LP reporting?
Yes. Peony lets you create dedicated rooms per portfolio company and per LP. Aggregate operating metrics from portfolio companies, distribute quarterly LP reports with branded portals, and track which LPs opened and engaged with your updates using page-level analytics — all from one platform.
How does AI help with private equity deal screening?
Peony's AI-powered Q&A reads every document in a deal room so your team can ask questions across financials, contracts, and legal docs instantly. It highlights material issues upfront — inconsistent revenue figures, unusual contract terms, or missing disclosures — so you can make go/no-go decisions in days instead of weeks.
How do PE firms prepare portfolio companies for exit?
Peony's AI rooms help you build vendor due diligence (VDD) rooms with pre-built folder structures, AI-generated due diligence checklists tailored to your deal type, and completeness scoring that tracks which documents are uploaded versus missing. You can progressively unlock access as buyers advance through rounds, and auto-indexing organizes uploaded documents automatically so your VDD room is buyer-ready in minutes.
How long does it take to set up a PE data room?
Peony sets up in under 5 minutes with no sales call required. Upload documents, configure bidder-track permissions, and share NDA-gated links immediately — Peony's auto-indexing classifies uploaded files with OCR and full-text search so your deal room is structured and searchable from day one. Legacy VDRs like Ideals and Firmex require onboarding calls and multi-week implementations that delay your deal timeline.