Carne Group, Europe’s largest independent third-party management company and a provider of fund regulation and governance solutions, said funds advised by Permira have agreed to acquire a significant minority stake in the business at an enterprise valuation of €1.4 billion.
Under the terms of the deal, Vitruvian Partners will exit its minority stake, acquired in 2021, alongside several other minority shareholders selling their stakes. Carne’s founder, management team and employees will retain a majority shareholding, and Founder and CEO John Donohoe will continue to lead the company.
Carne said the investment is intended to support its next phase of growth, with a focus on accelerating development of its technology platform, Curator. The company said Permira’s backing will enable increased investment in product innovation, commercial capabilities, and technology advancements, including AI and automation, while strengthening global client support and positioning Carne to capture growing demand for larger outsourcing mandates.
The transaction is subject to customary regulatory approvals and is expected to close in Q3 2026.
Support: Carne said it was advised by Raymond James on M&A, Linklaters on legal matters, PwC on financial, tax and structuring due diligence, and Matheson on legal matters. Permira said it was advised by Rothschild & Co on M&A, Freshfields and A&L Goodbody on legal matters, Deloitte on financial due diligence, EY on tax, Oliver Wyman on commercial work, Kroll on regulatory matters, and Alvarez & Marsal on operations and technology.
KEY QUOTES
“Partnering with Permira is an important step in Carne’s long-term journey. Their global perspective and experience working with international, technology-enabled businesses align well with our ambitions as the industry continues to evolve. This partnership supports our ability to scale thoughtfully, broaden our reach, and continue delivering for clients, while remaining independent and staying true to our mission of taking care of the people who take care of money. We thank Vitruvian for their partnership over the last five years.”
John Donohoe, Founder and CEO at Carne Group
“Carne Group has built a leading position in an attractive and growing segment of the financial services ecosystem, supported by durable client relationships and a well-earned reputation for service quality. As thematic investors with deep expertise in financial and business services, as well as technology-enabled platforms, we are excited to partner with John and the talented management team to support Carne’s ambitious next chapter of growth.”
Chris Pell, Managing Director at Permira
