Private equity data room — live in 5 minutes.
Peony is a virtual data room (VDR) built for boutique and mid-market PE teams and independent sponsors. Deal screening, buy-side diligence, LP fundraising, portfolio monitoring, exit preparation, and fundless deal execution — full feature parity with legacy VDRs, a more intuitive interface, and AI that actually works. All at $40/user/month — 99% less than Datasite.Set up in under 5 minutes. Start with a free trial.
24/7 dedicated support for enterprise deals
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Tracking financials, KPIs, and board materials across 10 to 50 portfolio companies via email and spreadsheets leads to outdated data and missed red flags.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 fundraising and reporting friction
Sharing PPMs with prospective LPs via email has no tracking, no NDA enforcement, and no way to know who actually read your materials. Post-raise, quarterly LP reports require compiling sensitive fund data and distributing it securely to dozens of LPs with different access rights.
Built for how boutique PE firms actually work
Legacy VDRs like Ideals ($2,000+/month) and Datasite ($5,000+/month) were built for large-cap investment banks, not lean PE teams. Peony gives you the same security — watermarks, NDA gating, audit trails — plus AI-powered Q&A, auto-indexing, and page-level analytics at $40/user/month. Full feature parity, better UX, and AI that actually works.
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.
Raise capital, monitor portfolio companies, and report to LPs from one hub
Share PPMs and offering materials with prospective LPs through NDA-gated, branded rooms — then track exactly which LPs engaged and which sections they read. After the raise, link every portfolio company's financials, board decks, and operating reports in a single dashboard. Collect monthly metrics with automated reminders, then generate and distribute quarterly LP reports — all without leaving Peony.
LP fundraising rooms
Share PPMs, fund terms, and track records with prospective LPs through branded, NDA-gated rooms. Page-level analytics show which LPs spent time on the financial model versus skimming the summary — so you know who to follow up with first.
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.
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.
Run LP elections, secondary buyer diligence, and ILPA-compliant disclosure from one room
GP-led secondaries hit $115 billion in 2025, with continuation vehicles accounting for 89% of that volume (Jefferies, January 2026). A CV is the alternative to fund liquidation — instead of selling assets and distributing proceeds, the GP transfers them to a new vehicle with fresh capital and an extended timeline. Every CV involves multiple stakeholder groups — rolling LPs, cashing-out LPs, secondary buyers, the LPAC, the GP team, legal counsel, and the fund administrator — each requiring different document access, different timelines, and documented proof of fair process. Peony handles the operational complexity that legacy VDRs were never designed for.
LP election management
LPs choose to roll, cash out, or elect status quo terms — and ILPA recommends a minimum 30-day election window. Share election materials, fairness opinions, and CV term sheets through NDA-gated, personalized links — each LP sees only what they are entitled to. Track who has reviewed, who has elected, and who needs follow-up with page-level analytics.
ILPA parity of information
ILPA guidance recommends all existing LPs receive data room access with parity of information to new investors and the LPAC. Peony enforces this with permission groups that ensure every LP sees the same disclosure materials — with timestamped audit trails that demonstrate equal access was provided, satisfying the standard ILPA established in its 2023 guidance and 2026 Disclosure Template.
Conflict-of-interest audit trails
In a CV, the GP is on both sides of the transaction — the highest-scrutiny position in PE. Every document view, Q&A exchange, and permission change in Peony is logged in an immutable, exportable audit trail. Prove to your LPAC, board, and regulators that the process was fair.
Multi-tier stakeholder access
Multiple groups, each with distinct permission levels — rolling LPs see the go-forward business plan and CV terms, cashing-out LPs see the fairness opinion and sale proceeds, secondary buyers see the full diligence package, the LPAC reviews conflict disclosures and the acquisition agreement, and legal counsel sees everything. One room, zero information leaks between parties.
Secondary buyer diligence rooms
Stage disclosure for incoming secondary buyers — start with the teaser, then progressively unlock financials, legal docs, and management presentations as they advance. Track which sections they spent time on so you know their diligence priorities before the next call.
Tight-timeline execution
CV processes run on compressed timelines — GPs simultaneously wind down the legacy position and stand up a new entity. Peony's AI organizes the room in minutes, not weeks, so your team spends time on the deal instead of the data room setup.
Run institutional-quality processes on a lean team
Independent sponsors source, evaluate, and execute deals without a committed fund — raising capital deal-by-deal from co-investors, family offices, and lenders. That means no fund back-office, no dedicated analyst bench, and no budget for a $25,000 data room on every deal you evaluate. Peony gives independent sponsors enterprise-grade deal infrastructure at $40/user/month — spin up a new data room per opportunity in under 5 minutes, share materials with multiple capital partners simultaneously, and project institutional credibility to sellers from day one.
Deal-by-deal data rooms
Independent sponsors evaluate dozens of opportunities before committing to one. At $40/user/month with no per-deal fees, spin up a new data room for every prospective acquisition in under 5 minutes — no sales call, no onboarding, no procurement process. Legacy VDRs charging $25,000+ per room make this workflow economically impossible.
Co-investor and lender coordination
Every deal involves a different capital stack — equity co-investors, mezzanine lenders, senior lenders, and the management team. Create separate permission groups per party so each sees only the documents they need. Track which co-investors are actively reviewing materials and which need follow-up using page-level analytics.
Institutional credibility from a lean team
Sellers and intermediaries judge professionalism from the first interaction. Branded data rooms with your logo, custom cover pages, NDA gating, and dynamic watermarks make a 1 to 3 person team look like a full-service firm. First impressions win proprietary deal flow.
AI-powered screening without an analyst team
Without a dedicated deal team, you are the analyst. Peony's AI-powered Q&A reads every document in the data room so you can surface revenue concentration risks, unusual contract terms, or missing disclosures instantly — make go/no-go decisions in days without hiring a junior analyst for every evaluation.
NDA and LOI workflows built in
Gate access to deal materials behind a signed NDA — fully integrated e-signatures mean sellers, advisors, and co-investors sign before seeing anything. No separate DocuSign subscription, no back-and-forth PDFs.
Know who is serious before the call
Page-level analytics show which co-investors read the financial model cover-to-cover and which skimmed the executive summary. Prioritize your time on the capital partners who are genuinely engaged — critical when you are managing the entire process yourself.
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-ready, GDPR, CCPA, and HIPAA compliant infrastructure built for institutional-grade deal security.
Two-factor authentication
Add an extra layer of security for every user accessing your data rooms. Protect against unauthorized logins even if credentials are compromised.
"Peony is a standout for data rooms and gated file sharing — intuitive, secure, and beautifully designed. The AI actually adds value, not just a checkbox feature. Highly recommend."
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 data room with legacy VDRs. Peony delivers full feature parity plus AI that actually works at $40/user/month — a 99% cost reduction versus Datasite, with no per-page, per-deal, or storage-based fees.
| Feature | Peony | Datasite | Intralinks | Ideals | Sterling | Firmex | Digify |
|---|---|---|---|---|---|---|---|
| Starting price | $40/user/mo | $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 (Business) | Add-on | Included | Not included | Not included | Not included | Not included |
| Structured Q&A workflows | Included (Business) | 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 PE firms managing portfolio exits and LP fundraising?
Peony is the modern data room built for boutique and mid-market PE teams running sell-side exits, LP fundraises, and continuation vehicles simultaneously. At $40/admin/month (Business plan), Peony delivers full feature parity with legacy VDRs like Ideals ($2,000+/month) and Datasite ($5,000+/month) — dynamic watermarking, NDA gating, screenshot protection, audit trails — plus AI-powered Q&A, auto-indexing, page-level analytics, and setup in under 5 minutes. Run separate rooms for each portfolio exit and each LP process with no per-room fees. That is a 99% cost reduction versus Datasite with a more intuitive interface and AI that actually works.
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 compared to Datasite for a mid-market exit?
For a mid-market portfolio exit, Datasite typically charges $25,000+ per data room plus per-page fees of $0.40 to $0.85/page — a single sell-side process can exceed $60,000/year. Peony Business costs $40/admin/month with every feature included: AI-powered Q&A, screenshot protection, dynamic watermarks, bidder-track isolation, and staged document access. That is $480/year per admin — a 99% cost reduction versus Datasite with full feature parity on security. A 5-person boutique PE team running an exit pays $2,400/year on Peony versus $24,000+ on Ideals or $60,000+ on Datasite. Peony has no per-page fees, no per-room fees, and no per-viewer limits. Page-level analytics are available on all plans, so you can track buyer engagement from day one.
Can PE firms use Peony for LP fundraising, portfolio monitoring, and reporting?
Yes — Peony handles the full LP lifecycle. During fundraising, share PPMs and offering materials through branded, NDA-gated rooms and track exactly which prospective LPs engaged with your materials using page-level analytics. Post-raise, create dedicated rooms per portfolio company to aggregate operating metrics with automated collection reminders. For reporting, distribute quarterly LP reports with individualized cover letters and track which LPs opened and read each section. All from one platform at $40/user/month.
How does AI help with private equity deal screening?
Peony's AI-powered Q&A reads every document in a data 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 for a portfolio company exit?
When a portfolio company exit timeline accelerates, you cannot wait weeks for a VDR vendor to schedule an onboarding call. Peony sets up in under 5 minutes with no sales call required — upload your CIM, management presentations, and financial models, configure bidder-track permissions per buyer group, and share NDA-gated links immediately. Peony's auto-indexing classifies uploaded files with OCR and full-text search so your sell-side data room is structured and searchable from day one. Legacy VDRs like Ideals and Firmex require onboarding calls and multi-week implementations that can delay your exit process and frustrate potential acquirers.
Why do independent sponsors choose Peony over legacy VDRs?
Independent sponsors (fundless sponsors) execute deals without a committed fund, raising capital deal-by-deal from co-investors, family offices, and lenders. Legacy VDRs charging $25,000+ per data room are economically unviable when you are sourcing and evaluating dozens of opportunities before committing to one. Peony costs $40/user/month with no per-deal fees — an independent sponsor running 5 simultaneous evaluations pays $480/year total versus $125,000+ on Datasite. Peony's AI-powered Q&A lets lean teams screen targets without a full analyst bench, branded NDA-gated rooms project institutional credibility to sellers, and multi-party permission controls keep co-investors, lenders, and management teams isolated. Setup takes under 5 minutes — critical when you are moving fast on a proprietary deal.
What support does Peony provide PE firms during active portfolio exits?
Peony provides 24/7 dedicated support for enterprise clients running active transactions — because LP access issues during a continuation vehicle election window or a bidder lockout during final diligence cannot wait until morning. Enterprise support is available to teams who book a demo with our deal infrastructure team. Every plan includes in-app help, documentation, and email support. For PE firms where counterparty experience directly affects deal outcomes, Peony ensures external parties never hit a dead end.
How do PE firms use data rooms for continuation vehicles and GP-led secondaries?
A continuation vehicle transfers portfolio assets from a maturing fund into a new vehicle — the alternative to fund liquidation. GP-led secondaries hit $115 billion in 2025 with CVs accounting for 89% of that volume (Jefferies, January 2026). Every CV involves multiple stakeholder groups — rolling LPs, cashing-out LPs, secondary buyers, the LPAC, and the GP team — each requiring different document access. ILPA guidance recommends all LPs receive data room access with parity of information to secondary buyers. Peony handles this with multi-tier permission groups, personalized access links per LP, and timestamped audit trails that demonstrate fair process. LPs choose to roll, cash out, or elect status quo terms within the ILPA-recommended 30-day election window. Peony manages the full CV workflow — LP elections, secondary buyer staged diligence, fairness opinion distribution, and conflict documentation — at $40/user/month with setup in under 5 minutes.
Close more deals. Report with confidence.
Join PE firms and independent sponsors already using Peony for buy-side diligence, LP fundraising, continuation vehicles, portfolio monitoring, fundless deal execution, and exit preparation — enterprise-grade security at $40/user/month.
24/7 dedicated support for enterprise deals