Caruso raises $6.5m Series A, assets under admin surge to $55bn

AI-native fund administrator secures $55m valuation from Icehouse Ventures, GD1 and Balmain, with enterprise customer wins including Centuria.

DALLAS, April 16, 2026 /PRNewswire/ -- Caruso, the AI-native fund administration platform for private markets, has closed a $6.5 million Series A raise and secured a $55 million valuation following rapid growth and large enterprise customer wins.

Caruso provides AI-native software and integrated services to private market managers. Global private market assets reached $15 trillion in 2025, yet back-office operations remain reliant on spreadsheets, manual processes and disconnected legacy systems.

The Series A was led by Icehouse Ventures and GD1, with participation from Balmain. Balmain, a large private credit fund manager and a Caruso customer, reaffirmed its commitment after leading Caruso's previous round in September 2024.

Over 80 fund managers now use Caruso, including large enterprise clients such Centuria Capital Group. Assets under administration surged 10x to $55 billion in just 12 months, with revenue increasing 400 per cent.

With the fresh capital, Caruso will accelerate product development, expand its AI agent capabilities, and grow its headcount across the US, Australia, and New Zealand.

"We are removing the admin from fund administration" said Mark Hurley, CEO of Caruso. "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."

The result is greater transparency for LPs, more time for managers to focus on asset performance and relationships, and stronger compliance across the industry - built on data that is finally clean, connected, and accessible.

"Everything we do at Centuria is in service of our investors, and that extends to the infrastructure behind our fund operations," said Jason Huljich, CEO at Centuria Capital Group.

"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."

"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," said Jack McQuire, Partner at Icehouse Ventures. "Caruso's rapid growth to date is just the beginning of what their AI-native platform can unlock for this industry."

Founded in Auckland by Mark Hurley and Oliver Shaw, Caruso now serves more than 900 funds across Australia, New Zealand, and the United States. With the fresh capital, Caruso will accelerate product development, expand its AI agent capabilities, and grow its headcount to 80+. All product and engineering work continues to be based in Auckland, NZ.

About Caruso

Caruso provides modern fund administration for private market managers through AI-native software and integrated expert services. Purpose-built for real estate, private credit, and private equity funds, Caruso replaces fragmented systems and manual processes with a unified platform that helps managers save time, impress investors, and grow AUM. Trusted by over 900 funds administering more than $55 billion in assets, Caruso has offices in Dallas, Sydney and Auckland. Learn more at getcaruso.com.

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SOURCE Caruso