Private equity teams use a data room on both sides of the table, buying platforms and add-ons and later selling them. Ellty, iDeals and Datasite lead our ranking for that cycle, with Ansarada and DealRoom close behind for firms that run frequent bolt-ons.
A complete transaction data room with AI tools inside it and a list price on the website.
9.2/10Outstanding
Ellty gives a deal team the controls it expects from iDeals or Datasite, including bidder groups, routed questions, per-viewer watermarks and a full log, plus AI features for working through long information memoranda. Because the price is listed at $149/mo, a firm can open rooms for several portfolio companies without a procurement cycle each time.
What we liked
Every core diligence control on our checklist: routed Q&A, group permissions, viewer watermarks, print and download blocking, activity log
AI tools and signing are part of the product, not add-ons
Highest usability score in our ranking (9.8), with self-serve setup for admins
Watch out for
Neither SSO nor a public API at our last check
You redact outside the room, since there is no native tool
No native mobile app; reviewers use the mobile browser
A long-established transaction room with heavyweight security credentials and the highest service score in our ranking.
9.1/10Outstanding
When a strategic buyer or another sponsor runs a long security review, iDeals answers with ISO 27001, SSO, an API and redaction. Its service score is the highest on our roster.
What we liked
ISO 27001 and SOC 2 certified, with GDPR listed
Built-in redaction alongside watermarks and document rights control
Single sign-on and a public API for IT-led deployments
Watch out for
Pricing is quoted, so you cannot model the cost before talking to sales
No native e-signature and no AI features on our checklist
A deal room with an AI and readiness angle, certified to SOC 2 and ISO 27001.
8.6/10Excellent
Ansarada pairs AI features and readiness tools with a complete deal room, useful when a portfolio company is being prepared for sale a year out. It offers a free trial.
A deal workspace that pairs a secure document room with request tracking for acquirers who buy companies regularly.
8.0/10Very good
DealRoom frames acquisitions as projects with requests and tasks, which helps when the same team closes several bolt-ons a year. Ease of use trails the leaders.
What we liked
Request tracking and document sharing live in the same workspace
Buyer question log, viewer watermarks and limits on opened files
SOC 2 report, ISO 27001 certificate and second-factor sign-in
Watch out for
No AI tooling, single sign-on, public API or phone app
Prices in USD at the entry level; indicative, confirm with the provider.
One firm, many rooms
A corporate seller might use a data room once a decade. A private equity firm uses them constantly. In a single year a mid-sized fund can be the buyer in two platform deals, the acquirer in half a dozen add-ons, the seller in one or two exits, and the publisher of quarterly reports to its investors. Each of those is a different access pattern, and the room has to handle them without the deal team relearning the software every time.
That is why our private equity ranking leans on repeatability. A firm that can copy a folder template, permission groups and Q&A settings from the last deal into the next one saves days of setup per transaction.
6rooms on our private equity shortlist
$149/moEllty's listed entry price, the only one published among them
5 of 6picks that hold ISO 27001
Source: our provider data, checked October 2026. Prices indicative; confirm with the provider.
How we picked
We took each provider’s review score and re-weighted it for sponsor use. The heaviest weight goes to repeatable setup, followed by permission control for bidders and advisers. Security evidence counts because limited partners and strategic buyers send detailed questionnaires. Portfolio-level cost matters because fees multiply with every open room. AI-assisted review has the lightest weight but separates rooms when a team screens many targets. Our scoring method shows the base criteria.
Provider
Score
Q&A
SSO
AI features
Trial
Entry price
Ellty
9.2
Yes
No
Yes
14 days
$149/mo
iDeals
9.1
Yes
Yes
No
Yes
Quote
Datasite
8.9
Yes
Yes
Yes
Demo
Quote
Ansarada
8.6
Yes
Yes
Yes
Yes
Quote
DealRoom
8.0
Yes
No
No
Yes
Quote
Intralinks
8.6
Yes
Yes
No
Demo
Quote
Where sponsors go wrong
Letting each portfolio company pick its own room is the most expensive habit. By exit, the firm has documents spread across three platforms, and the sell-side room is rebuilt from scratch. Agree a default provider at the fund level and push it to portfolio management teams.
Another is assuming the buy-side room will be fine for the exit. The access pattern flips: instead of a handful of your own advisers, you now have many outside bidders who must never see each other. Review permission groups and watermark settings before launching the exit room, not after the teaser goes out.
A third is ignoring the archive. Funds have long lives, and a dispute five years after an exit may hinge on what a buyer saw. Ask every vendor how a closed room is exported and stored.
Exit timing tip
If an exit is twelve months away, open the room early and use it internally to organise documents. Readiness work in a real room is easier to hand to bidders later than a shared drive is.
Budget across a portfolio
Ellty publishes its entry price ($149/mo), which makes it simple to model several open rooms at once. The other five picks quote per project, so ask whether they offer portfolio or framework pricing for multiple concurrent rooms. Our pricing guide explains the variables that move a quote, and the Ellty vs Datasite comparison shows how a listed price and a scoped quote stack up for the same deal. For exits run through a bank, see the M&A shortlist as well.
Frequently asked questions
Which data room do private equity firms use?
Firms use different rooms for different jobs. For buy-side and sell-side deals, our top picks are Ellty, iDeals and Datasite. Ansarada suits exit preparation, and DealRoom suits teams running a steady flow of add-on acquisitions.
Should a PE firm standardise on one data room?
It helps. One platform means templates, permission groups and Q&A settings carry over between deals, and deal teams only learn one interface. Pick a provider whose pricing still makes sense when several rooms are open at once.
Do private equity data rooms need ISO 27001?
Many strategic acquirers and some limited partners ask for it. iDeals, Datasite, Intralinks, Ansarada and DealRoom hold ISO 27001. Ellty lists SOC 2 (infrastructure), so check counterparties' requirements early.
Can the same data room handle fund reporting?
Yes, most deal rooms can host quarterly reports and capital account statements in permissioned folders. If LP reporting is the main use, look closely at bulk upload, watermarking and per-investor permissions.
