Carta vs Passthrough
A side-by-side comparison of Carta and Passthrough — two options for cap table & equity. Pricing, features, and honest pros and cons.
Category
Cap Table & Equity
LP Reporting & Investor Relations
Rating
4.5 / 5
4.7 / 5
Pricing
Custom / Tiered
Custom / Quote
Best for
GPs standardizing equity records and fund admin in one place
GPs closing funds without chasing PDF sub docs
Key features
- Cap table management and share issuance
- 409A valuations
- Option grants, exercises and employee portals
- Fund administration with LP portal
- Scenario and waterfall modeling
- Sub docs as smart, guided questionnaires
- Answer reuse across funds and vehicles
- Integrated KYC/AML screening
- Real-time closing status dashboards
- Collaboration with counsel in one workflow
Pros
- Network effect: your portcos are likely already on it
- Clean investor view of stakes across the portfolio
- Fund admin plus cap table in one vendor relationship
- Dramatically faster closes — LPs actually finish the docs
- KYC/AML handled in the same flow
- Repeat LPs onboard nearly instantly on Fund II
Cons
- Pricing has climbed steadily with market position
- Support quality varies with plan tier
- Solves onboarding, not full IR — pair with a portal
- Pricing conversations required for small one-off vehicles