Caruso announced it has raised $6.5 million in a Series A round at a $55 million valuation, as the company continues to scale its AI-native platform for private market fund administration. The round was led by Icehouse Ventures and GD1, with participation from Balmain, an existing investor and customer. The funding follows strong growth for Caruso, driven by increasing adoption among enterprise fund managers.
Caruso provides AI-native software and integrated services for private market managers, addressing inefficiencies in an industry that continues to rely heavily on spreadsheets, manual processes, and fragmented legacy systems. With global private market assets reaching $15 trillion in 2025, the company is positioning itself to modernize back-office operations through automation and unified data infrastructure.
The platform is now used by more than 80 fund managers, including enterprise clients such as Centuria Capital Group. Over the past 12 months, assets under administration on the platform have grown tenfold to $55 billion, while revenue has increased by 400 percent.
Caruso’s system integrates key functions, including CRM, registry, compliance, capital raising, and investor portals, into a single platform. It combines this unified data layer with AI agents and human workflows to streamline operations, improve accuracy, and enhance transparency for limited partners.
The company plans to use the new capital to accelerate product development, expand its AI agent capabilities, and grow its team across the United States, Australia, and New Zealand. Founded in Auckland by Mark Hurley and Oliver Shaw, Caruso now supports more than 900 funds globally, with product and engineering operations remaining based in New Zealand.
As adoption of AI-driven infrastructure grows, Caruso is positioning its platform as a next-generation standard for fund administration, enabling managers to focus more on asset performance and investor relationships while improving compliance and operational efficiency.
KEY QUOTES:
“We are removing the admin from fund administration. For the first time, our customers have a single source of truth for their LP and fund data – across CRM, registry, compliance, capital raising, and the investor portal. Integrated with that system of record, we give them a system of action: people and AI agents working together to do the work faster and more accurately than ever before.”
Mark Hurley, CEO, Caruso
“Everything we do at Centuria is in service of our investors, and that extends to the infrastructure behind our fund operations. Caruso gives our LPs more transparency and a better experience, while freeing our team to focus on what we do best. AI-native fund administration is going to become the standard globally for managers that do what we do, and Caruso is leading the way.”
Jason Huljich, CEO, Centuria Capital Group
“The fund administration industry’s global impact is immense. It touches almost every aspect of people’s lives, from infrastructure like roads and housing to retirement savings. Despite this, the industry still runs on decades-old software. Caruso’s rapid growth to date is just the beginning of what their AI-native platform can unlock for this industry.”
Jack McQuire, Partner, Icehouse Ventures
