Feeder platforms vs a neutral data layer.
iCapital and CAIS are distribution platforms: they provide access to alternatives and earn on that distribution. Kesta is a different category: a neutral data and analytics layer for the same '40 Act universe, paid only by the subscriber.
| Feeder / distribution platforms (e.g. iCapital, CAIS) | Neutral data layer (Kesta) |
|---|
| What it is | A distribution platform: feeder vehicles, subscription processing, and a shelf of funds it has agreements with. | A data and analytics layer: research, comparison, portfolio modelling, and stress testing across the whole universe. |
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| How it earns | Distribution economics: fees tied to the funds distributed and the assets placed through the platform. | A flat software subscription: $399 per desk per month. Revenue never varies with what you allocate. |
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| Asset-based or distribution fees | Typically yes: platform or fund-level fees that scale with allocated assets. | None. No distribution fee, no execution fee, no asset-based charge. |
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| Fund coverage | The funds on the shelf: coverage follows distribution agreements. | The SEC-registered universe, 400+ liquid and semiliquid alternative funds, plus tokenised wrappers. Inclusion is universal, not pay-to-play. |
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| Do fund managers pay for placement? | Commonly yes: managers pay to reach the platform’s advisors. | Never. No fund can pay to be surfaced, ranked, or recommended. |
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| Execution | Executes through its own feeder and subscription infrastructure. | Does not execute. Routes each fund to the right path: your custodian for listed structures, a guided subscription path for doc-heavy funds. |
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| Structural conflict | Built in: the platform earns more when you allocate to what it distributes. | None: neutrality is structural, not a policy. |
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Common questions
Is Kesta a replacement for iCapital or CAIS?
For research, comparison, and modelling: yes, Kesta is the neutral alternative. For execution, Kesta deliberately does not compete: it routes listed structures to your custodian and doc-heavy funds down a guided subscription path, which can include a feeder platform when that is genuinely the right access route. The difference is that the data guiding the decision earns nothing from the outcome.
Why does neutrality matter for alternative investment data?
When the platform that shows you the universe also earns distribution fees on part of it, coverage and emphasis follow the economics: funds that pay are visible, funds that don’t are absent. A neutral layer is paid only by the subscriber, so the universe is complete and the comparison is honest. Every basis point that doesn’t leak to a distributor stays with the client.
What does Kesta cost compared to a feeder platform?
Kesta is a flat $399 per desk per month, independent of assets. Feeder platform economics are typically asset-based, so the cost grows with the allocation and compounds against the client every year the position is held. On a large liquid-alt allocation, an asset-based access fee of tens of basis points can compound to millions over a multi-year horizon.
Characterisations of feeder platforms describe the distribution business model in general terms; specific fees and terms vary by platform, fund, and agreement. iCapital and CAIS are trademarks of their respective owners; Kesta is not affiliated with either.
See also: the public fund directory · pricing.