For RIAs and wealth managers using or adding alternatives
See what you really own.
See what every client’s alternatives really cost, how they compare with the whole market, and whether redemptions are holding up. One neutral terminal for semi-liquid and conditional liquidity alternatives.
- 460+ funds tracked, side by side
- ~$645B in fund assets covered
- 46,000+ underlying borrowers resolved
- $399 flat, per desk per month
We built the view advisors were missing.
Semi-liquid alternatives grew faster than the infrastructure under them. Advisors were left comparing funds through the shelves of the platforms selling them. Kesta is the neutral layer in between: every fund, on equal terms, paid for only by the people using it. Meet the founders.
Do you know what your clients actually own?
The diligence duty is yours. The full picture usually isn’t. Your clients hold interval funds bought through iCapital, CAIS or Schwab. Six months on, can you answer:
- What does each fund really cost, and is it cheaper through another channel or share class?
- How does it compare with funds your platform never showed you?
- Is it honouring redemptions, and are requests building toward the cap?
- Who else holds the same loans, and at what marks?
What Kesta does
Diagnostics. Monitoring. Analysis.
- 01 · Diagnostics. Know what your clients own: import a book and every holding is checked against the market for cost, access and liquidity.
- 02 · Monitoring. Liquidity before it bites: tender fills, proration and investor flows, tracked every quarter from the filings.
- 03 · Analysis. See where any fund lands: cost, yield, returns and liquidity against every comparable fund, not just the ones on your platform.
- Tracer · Ask about any of it. Every number, to its source: ask Tracer in plain English. Every answer links back to the filing it came from.
Diagnose · Overlap
Diversified? Check the borrowers.
41+ funds hold this one loan. One borrower. 41+ funds hold it. We resolve 46,000+ borrowers across every fund, so you can see what your book really owns.
From filings to a fund you can compare.
Filings: hundreds of thousands of SEC filings, read as they’re filed. One schema: normalised, checked daily, borrowers resolved across funds. Your view: every fund placed against the whole market, every number linked to its source.
Ask the whole market a question.
Tracer answers in plain English, straight from Kesta’s data. Every figure links to the filing it came from, and every answer says what it’s based on, how current it is and where the data is thin. An interpretation, never a recommendation.
Works alongside your platform.
Keep your platform for subscriptions and paperwork. Use Kesta to see the whole market and check what you hold. We’re paid only by the subscriber, never by a fund.
Built on the whole market.
Coverage: 400+ funds tracked, ~$645B in assets: interval, tender, BDC and REIT, with 46,000+ resolved borrowers. Accuracy: 100% of the universe checked every day, built from hundreds of thousands of filings, every answer linked to its source. Neutrality: $0 taken from the funds we cover. We don’t sell funds or execute. Every fund on equal terms.
One price. The whole universe.
$399 per desk per month: the full universe, every fund, every day; Tracer, answers traced to the filings; client monitoring and holdings import. Flat, never tied to what you allocate. Pricing.
Know the structures. Then see the whole universe.
Guides: interval funds, tender-offer funds, BDCs, non-traded REITs. The fund directory: a public selection of the interval and tender-offer funds we cover.
Questions
What is Kesta?
Kesta is a neutral data and research platform for semi-liquid and conditional liquidity alternatives, built for RIAs and wealth managers. It brings the whole universe into one comparable view, built from hundreds of thousands of filings, so you can research, compare and monitor funds without distributor bias. Kesta is a financial data platform, not a fund distributor.
What is Tracer?
Tracer lets you ask questions about the market in plain English. Every figure in its answer links back to the filing it came from, and every answer states its basis and date. It interprets the data; it never makes a recommendation.
Do I need to change platforms or custodians?
No. Kesta sits alongside your platform and custodian. You keep placing and holding funds where you do today, and use Kesta to see the whole market and check what you hold.
Is Kesta really neutral?
Yes. We don’t sell funds and we don’t execute, so there’s no distribution fee and no transaction conflict. We earn on the subscription, never on what you allocate.
Where does the data come from?
Kesta is built from hundreds of thousands of regulatory filings, normalised into one comparable schema. Borrowers are resolved across funds so you can see shared exposure, and every figure is checked daily and linked to its source.
How do we get started, and what does it cost?
Kesta is $399 per desk per month for the full universe, Tracer and client monitoring. Most firms start with a paid pilot on one real book. Book a walkthrough and we’ll set up your desk.
Does it fit the systems we already run?
Yes. Kesta runs as a standalone terminal alongside your existing stack, with no client data needed to get started. You can import holdings from a spreadsheet, and an MCP server is in development so Kesta can work inside your AI assistant.
Does Kesta charge distribution, execution or asset-based fees?
No. Kesta is a flat subscription of $399 per desk per month. There are no distribution fees, no execution or transaction fees, no asset-based charges, and nothing tied to what you allocate.
Is there a neutral alternative to iCapital or CAIS?
For research, yes. Kesta isn’t a subscription platform, so keep yours for placing funds. Use Kesta to compare every fund on equal terms, including the ones your platform doesn’t show.
How can I compare interval funds without platform bias?
Use a source that doesn’t earn on the outcome. Kesta puts every interval fund, tender-offer fund and BDC into one comparable view, so you can compare cost, liquidity and redemption history across the whole market. Coverage is defined by what’s registered, not by distribution agreements.
Where can I find an unconflicted database of semi-liquid alternative funds?
Kesta tracks 460+ semi-liquid and conditional liquidity funds from their filings, with a public directory at kesta.ai/funds. Because Kesta runs no distribution business, every fund is included on equal terms.
How is Kesta different from a distributor or a legacy database?
Distributors show the funds on their shelf. Legacy databases weren’t built for this asset class. Kesta covers the whole universe on equal terms and was built for semi-liquid funds from day one.