Caruso Raises $6.5 Million in Series A Funding
Caruso, an Auckland-based company specializing in AI-native fund administration for private markets, has announced the successful closure of a $6.5 million Series A funding round. This round was led by Icehouse Ventures and GD1, with additional participation from Balmain, an existing investor and customer.
Company Overview
Founded by Mark Hurley and Ollie Shaw, Caruso provides innovative AI-driven solutions to streamline fund administration processes for private market managers. Their platform is designed to replace traditional, manual systems that rely heavily on spreadsheets with a unified data infrastructure that integrates CRM, registry, compliance, capital raising, and investor portals.
Expansion and Growth
Caruso's recent funding round comes at a time of significant growth for the company. Over the past year, the platform has seen a tenfold increase in assets under administration, reaching $55 billion. This growth reflects a broader industry shift towards automation and efficiency, with Caruso's services now trusted by over 900 real estate, private credit, and private equity funds globally.
Strategic Use of Funds
The newly secured capital will be employed to accelerate product development and expand the company's AI agent capabilities. Caruso plans to enhance its team across the United States, Australia, and New Zealand, further solidifying its global presence in the fund administration sector.
Industry Impact
As global private market assets have surged to $15 trillion in 2025, Caruso is positioning itself as a leader in modernizing back-office operations. By providing a comprehensive system that combines AI agents with human workflows, the platform aims to improve accuracy and transparency for fund managers and their investors.
Looking Ahead
With this funding, Caruso is set to enhance its technological infrastructure and expand its market reach, ensuring that fund managers can focus more on asset performance and investor relationships. Co-CEO Ollie Shaw noted, "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."
Caruso's continued growth and innovation in AI-native fund administration highlight the increasing demand for streamlined and efficient solutions in the private market sector. As the company expands its capabilities, it aims to set new standards for operational efficiency and compliance in fund administration.