Secondary buyers, GPs, selling LPs
Data rooms for secondaries and continuation funds
A secondary deal sells exposure to many companies at once. Buyers want portfolio-level data fast, with fair access for every bidder.
In an LP portfolio sale, buyers price dozens of fund interests from quarterly reports, capital accounts and fund documents. In a GP-led continuation fund, the GP shares detailed data on a few assets with buyers and with existing LPs, who must decide whether to roll or sell.
Conflicts are built in, so fair and documented access matters: every LP and bidder must receive the same information on the same terms.
What matters most: Fair, documented access for bidders and existing LPs is the core of a conflicted process.
Best data rooms for secondaries and continuation funds
Checked October 2026. Scores re-weighted for this use case.
Investor access control 27% / Diligence workflow 24% / Security and compliance 21% / Speed to launch 13% / Cost clarity 15%
- 1
Best for: Fundraising, M&A and investor reporting
A full virtual data room with Q&A, watermarks, view and download rights, an activity log, e-signature and AI help, on a published monthly price with a 14-day free trial.
- Price$149/mo
- Trial14-day free trial
- SecuritySOC 2 (hosting)
- Investor controls5 of 6
- 2
Best for: Bank-led auctions and large M&A
The large-deal incumbent used by many investment banks, with AI tools, SSO, redaction and a mobile app. Quote only, no free trial.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001, GDPR
- Investor controls6 of 6
9.1/10 Read review - 3
Best for: Sell-side M&A and PE buyouts
A long-established M&A data room with ISO 27001 and SOC 2, redaction, SSO and a public API. Quote-based pricing with a free trial.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001, GDPR
- Investor controls6 of 6
9.1/10 Read review - 4
Best for: Deal preparation and M&A
An Australian deal platform with AI tools, Q&A, SSO and ISO 27001, plus deal-readiness features. Quote based, free trial available.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001
- Investor controls5 of 6
8.8/10 Read review - 5
Best for: Regulated and capital-markets deals
A capital-markets and M&A veteran with ISO 27001, SOC 2, SSO and redaction. Quote only, demo on request.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001
- Investor controls6 of 6
8.7/10 Read review - 6
Best for: Real estate portfolios and European deals
A German data room with deep roots in European real estate, AI tools, redaction and ISO 27001. Quote only.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001, GDPR
- Investor controls6 of 6
8.6/10 Read review - 7
Best for: Mid-market M&A and legal teams
A mid-market favourite from Canada with Q&A, redaction, ISO 27001 and an easy interface. Quote based, free trial.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001
- Investor controls6 of 6
8.5/10 Read review - 8
Best for: Permission-heavy processes
A security-focused room with Q&A, redaction and fine-grained permissions, ISO 27001 and SOC 2. Quote only.
- PriceQuote
- TrialDemo on request
- SecuritySOC 2, ISO 27001
- Investor controls6 of 6
8.3/10 Read review - 9
Best for: Corporate development pipelines
A data room plus M&A project management for corporate development teams. Q&A, ISO 27001, quote based with a free trial.
- PriceQuote
- TrialFree trial
- SecuritySOC 2, ISO 27001
- Investor controls5 of 6
8.1/10 Read review - 10
Best for: Smaller asset sales and raises
A published-price room from $299 a month with Q&A, a public API and file-level rights. SOC 2.
- Price$299/mo
- TrialFree trial
- SecuritySOC 2
- Investor controls5 of 6
7.9/10 Read review
Ranks 11 to 16: Citrix ShareFile (7.8), ShareVault (7.7), SecureDocs (7.6), Venue by DFIN (7.5), Digify (6.5), DocSend (6.0).
- 01Portfolio
Fund interests list, NAV, unfunded commitments - 02Fund documents
LPAs, side letters, transfer provisions - 03Reporting
Quarterly reports, capital account statements - 04Asset detail
For GP-leds: asset plans, valuation, management cases - 05LP election
Election materials, fairness opinion, timeline
Must-have features
View and download rights
Per-file rules for view, print and download, including view-only access that can be withdrawn.
Activity log
A log of which investor opened, downloaded or printed each file and for how long, ready to export.
Q&A module
Investors ask questions inside the room; your team assigns, answers and publishes them, with a record of every reply.
Viewer watermarks
Each page shows the viewer's name or email and the time, so a leaked copy traces back to one person.
Bulk upload
Drag a whole folder tree into the room and keep its structure and numbering.
| Data room | View and download rights | Activity log | Q&A module | Viewer watermarks | Bulk upload | Price |
|---|---|---|---|---|---|---|
 Ellty | $149/mo | |||||
 Datasite | Quote | |||||
 iDeals | Quote | |||||
 Ansarada | Quote | |||||
 Intralinks | Quote | |||||
 Drooms | Quote | |||||
 Firmex | Quote | |||||
 SmartRoom | Quote | |||||
 DealRoom | Quote | |||||
 CapLinked | $299/mo | |||||
 Citrix ShareFile | $55/mo | |||||
 ShareVault | Quote | |||||
 SecureDocs | $250/mo | |||||
 Venue by DFIN | Quote | |||||
 Digify | $120/mo | |||||
 DocSend | $45/user/mo |
Step by step
How to run the room
- Set up bidder and LP groupsBuyers and existing LPs get separate but equivalent access.
- Publish answers to allGeneral answers go to every bidder to keep the process fair.
- Track LP electionsKeep election materials and responses in one place.
- Archive the recordThe activity log documents fair access.
Avoid
Common mistakes
- Unequal information between bidders and rolling LPs.
- Missing transfer provisions in fund documents.
- No record of what each LP received.
Secondaries and continuation funds data room FAQ
What is a continuation fund?
A vehicle set up by a GP to buy one or more assets from an older fund, letting LPs sell or roll their exposure.
What do secondary buyers need from a data room?
Fund documents, capital accounts, quarterly reports and NAV detail, and for GP-leds asset-level plans.
Why is fair access important?
The GP sits on both sides, so equal information and a clear record protect it and the LPs.