Caruso Takes a Bold Step into the US Market with Innovative AI-Driven Fund Administration Services
In a significant move for the private market sector, Caruso, the pioneering AI-native fund administrator, has announced its expansion into the United States, with Dallas selected as its North American base. Mark Hurley, co-founder and CEO, is leading the initiative with a dedicated team including RJ Schulte, CPA, as VP of Fund Administration Services, and Amit Baria as VP of Client Partnerships. This strategic decision comes on the heels of Caruso's impressive growth, having raised over US$75 billion in assets under administration within just a few years since its inception in Australia and New Zealand in 2023.
Caruso's rapid ascent in the fund administration landscape is notable, particularly given that its assets have nearly quadrupled from US$20 billion in October 2025, highlighting their innovative approach to managing private funds. In a landscape where many managers face operational challenges, Caruso offers a solution by providing unprecedented transparency and ease of access for investors and fund managers alike.
Research conducted by CSC in 2025 revealed that 68% of limited partners (LPs) prioritize insight into a manager's operational processes over historical returns, illustrating the growing demand for transparency in the private equity sector. Unfortunately, many US fund managers struggle with outdated systems reliant on spreadsheets, which often leave operational data siloed, making it difficult to deliver the transparency that investors expect.
In contrast, Caruso showcases a comprehensive model that centralizes all investor information into one cohesive system. The Investor CRM, coupled with the Investor Registry and a manager-branded Investor Portal, ensures that all teams access the same data in real-time. This eliminates inefficiencies and inaccuracies that arise from data duplication across systems.
Moreover, Caruso's AI agents enhance operational efficiency. These agents handle routine tasks, including document processing and compliance, enabling human administrators to focus on supervisory roles rather than monotonous data entry. For instance, fund managers can query the Fund Admin Agent using natural language to get immediate insights, such as which investors have yet to respond to capital calls, without waiting for reports.
Mark Hurley emphasizes the transformative nature of this model, stating, "We are removing the admin from fund administration. Managers have dealt with errors and slow responses for too long. The future revolves around experienced personnel directing AI agents while enabling managers to maintain control over their data and improving visibility for investors."
This innovative strategy includes investing in local talent within Dallas, as Caruso aims to shift away from offshoring practices that have plagued the industry with service delays and inaccuracies. Instead, Caruso's US operations will be powered by specialists who understand the local market, allowing for a more responsive service model.
Hurley critiques the traditional reliance on offshoring for labor cost savings, arguing that AI-driven administration allows them to hire and retain skilled professionals in the US while maintaining profitability. "The next few years could see a substantial decline in offshoring practices as businesses pivot towards AI-enhanced internal operations," he adds.
RJ Schulte, VP of Fund Administration Services, reinforces Caruso's unique position by pointing out the distinction between their system and those of traditional fund administrators. “At Caruso, our administrative teams collaborate directly with our engineering personnel, ensuring that any operational gaps are swiftly addressed. This integrated approach fosters efficiency and accuracy, making our service exceptionally reliable.”
Furthermore, Caruso continually collaborates with its clients to refine and enhance its platform, ensuring that the services they provide are tailored to meet the specific needs of each manager. Regular working sessions facilitate sharing insights and problem-solving, resulting in solutions that are beneficial across their client base.
As the demand for AI integration grows within the financial sector, Caruso finds itself at the intersection of innovation and practical application. According to Amit Baria, VP of Client Partnerships, many private equity firms feel the pressure to adopt AI but are unsure how to implement it effectively. Caruso aims to bridge this gap by integrating AI within a structure that values collaboration and co-development with clients.
Whether catering to emerging managers or institutional groups, Caruso provides a range of services that can be completely customized based on client needs, allowing managers the flexibility to scale their operations and modify how much administration they wish to keep in-house.
In summary, Caruso's expansion into the US market marks a pivotal development in the realm of fund administration. With its innovative AI-driven approach, seasoned team, and commitment to client partnerships, Caruso positions itself to redefine how private market funds are administered in an increasingly digital age. As the financial landscape evolves, Caruso is set to lead the charge in blending technological advancements with investor needs, ensuring businesses can thrive amid changing expectations.
Caruso's rapid ascent in the fund administration landscape is notable, particularly given that its assets have nearly quadrupled from US$20 billion in October 2025, highlighting their innovative approach to managing private funds. In a landscape where many managers face operational challenges, Caruso offers a solution by providing unprecedented transparency and ease of access for investors and fund managers alike.
Research conducted by CSC in 2025 revealed that 68% of limited partners (LPs) prioritize insight into a manager's operational processes over historical returns, illustrating the growing demand for transparency in the private equity sector. Unfortunately, many US fund managers struggle with outdated systems reliant on spreadsheets, which often leave operational data siloed, making it difficult to deliver the transparency that investors expect.
In contrast, Caruso showcases a comprehensive model that centralizes all investor information into one cohesive system. The Investor CRM, coupled with the Investor Registry and a manager-branded Investor Portal, ensures that all teams access the same data in real-time. This eliminates inefficiencies and inaccuracies that arise from data duplication across systems.
Moreover, Caruso's AI agents enhance operational efficiency. These agents handle routine tasks, including document processing and compliance, enabling human administrators to focus on supervisory roles rather than monotonous data entry. For instance, fund managers can query the Fund Admin Agent using natural language to get immediate insights, such as which investors have yet to respond to capital calls, without waiting for reports.
Mark Hurley emphasizes the transformative nature of this model, stating, "We are removing the admin from fund administration. Managers have dealt with errors and slow responses for too long. The future revolves around experienced personnel directing AI agents while enabling managers to maintain control over their data and improving visibility for investors."
This innovative strategy includes investing in local talent within Dallas, as Caruso aims to shift away from offshoring practices that have plagued the industry with service delays and inaccuracies. Instead, Caruso's US operations will be powered by specialists who understand the local market, allowing for a more responsive service model.
Hurley critiques the traditional reliance on offshoring for labor cost savings, arguing that AI-driven administration allows them to hire and retain skilled professionals in the US while maintaining profitability. "The next few years could see a substantial decline in offshoring practices as businesses pivot towards AI-enhanced internal operations," he adds.
RJ Schulte, VP of Fund Administration Services, reinforces Caruso's unique position by pointing out the distinction between their system and those of traditional fund administrators. “At Caruso, our administrative teams collaborate directly with our engineering personnel, ensuring that any operational gaps are swiftly addressed. This integrated approach fosters efficiency and accuracy, making our service exceptionally reliable.”
Furthermore, Caruso continually collaborates with its clients to refine and enhance its platform, ensuring that the services they provide are tailored to meet the specific needs of each manager. Regular working sessions facilitate sharing insights and problem-solving, resulting in solutions that are beneficial across their client base.
As the demand for AI integration grows within the financial sector, Caruso finds itself at the intersection of innovation and practical application. According to Amit Baria, VP of Client Partnerships, many private equity firms feel the pressure to adopt AI but are unsure how to implement it effectively. Caruso aims to bridge this gap by integrating AI within a structure that values collaboration and co-development with clients.
Whether catering to emerging managers or institutional groups, Caruso provides a range of services that can be completely customized based on client needs, allowing managers the flexibility to scale their operations and modify how much administration they wish to keep in-house.
In summary, Caruso's expansion into the US market marks a pivotal development in the realm of fund administration. With its innovative AI-driven approach, seasoned team, and commitment to client partnerships, Caruso positions itself to redefine how private market funds are administered in an increasingly digital age. As the financial landscape evolves, Caruso is set to lead the charge in blending technological advancements with investor needs, ensuring businesses can thrive amid changing expectations.
Topics Financial Services & Investing）
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