#Venture Capital #New Zealand #Auckland #CARUSO #AI Fund Admin

Caruso's Groundbreaking Series A Funding

Caruso, an innovative fund administration platform that leverages artificial intelligence, has successfully raised $6.5 million in its Series A funding round. This financial boost marks a significant milestone for the company, which has rapidly established itself in the private market sector. With this recent funding, Caruso's total assets under administration have skyrocketed to an impressive $55 billion within just one year.

The Journey So Far

Founded in Auckland by industry veterans Mark Hurley and Oliver Shaw, Caruso is redefining how private market managers handle their fund operations. As global private market assets reached $15 trillion in 2025, many fund managers remained bogged down by inefficient back-office processes reliant on outdated spreadsheets and manual operations. Caruso's unique AI-native platform provides a much-needed solution.

The Series A funding was spearheaded by Icehouse Ventures and GD1, with Balmain, a significant private credit fund manager, joining as a participant. Notably, Balmain reaffirmed its commitment to Caruso as a customer, having led the company's previous funding round in September 2024.

Expanding Client Base

Today, Caruso serves over 80 fund managers, including major enterprise clients like Centuria Capital Group. Over the last year, Caruso has witnessed its assets under administration increase tenfold while revenue has soared by an extraordinary 400%. This impressive growth reflects the demand for more streamlined and effective fund management solutions.

Mark Hurley, CEO of Caruso, expressed his enthusiasm about the recent funding, stating, "With this fresh capital, we aim to enhance our product development, expand our AI capabilities, and increase our workforce in the US, Australia, and New Zealand."

Revolutionizing Fund Administration

Caruso's success can largely be attributed to its commitment to providing comprehensive solutions that simplify fund administration for its clients. The company has created a single source of truth for fund managers, integrating all necessary data into one platform. This innovation allows fund managers to perform essential operations across CRM, registry, compliance, capital raising, and investor portals more efficiently than ever before.

The quote from Jason Huljich, CEO at Centuria Capital Group, encapsulates Caruso’s worth: “Caruso enhances transparency for our LPs (limited partners) and significantly improves their experience, allowing our team to focus on our core mission.” Shifting from traditional fund operations to a dedicated AI-native administration model is poised to become the industry standard, and Caruso is at the forefront of this transformation.

A Bright Future Ahead

Jack McQuire, Partner at Icehouse Ventures, highlighted the extensive influence of the fund administration industry. “It impacts nearly every facet of daily life, yet the processes remain antiquated,” he noted. Caruso’s rapid growth signifies just the beginning of what their innovative platform can achieve for the sector.

Caruso is trusted by over 900 funds administering more than $55 billion in assets. As the company nears 80 employees, it remains focused on developing its product and engineering teams in Auckland.

In summary, Caruso's latest round of funding not only represents a significant financial milestone but also reinforces its position as a transformative player in the fund administration landscape. Their AI-driven platform promises to bring efficiency, accuracy, and transparency to private market management, paving the way for a cutting-edge future in the industry.