Caruso Raises $11.2M Series-A as Assets Under Admin Surge to $100B

Caruso, the AI-native registry and fund administration platform for private markets, has closed an $11.2 million Series A and secured a near $100 million valuation following rapid growth, including enterprise customer wins.

Caruso provides AI-native software and integrated services to fund managers. Global private market assets reached $26 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. All three are existing Caruso shareholders who are doubling down on the business.

10X year-on-year growth

Over 80 fund managers now use Caruso across Australia, USA and New Zealand, including large enterprise clients such as ASX-listed Centuria Capital Group. Assets under administration surged 10x to over $100 billion in the last 12 months, with revenue increasing 400 per cent.

Centuria decided to move to Caruso after an extensive due diligence and procurement process. The partnership is also the starting point for Caruso's expansion beyond unlisted private market funds into listed funds and companies.

"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 investors more transparency and a better experience, whilst freeing our team to focus on what we do best. AI-native fund administration is going to become the standard globally for companies that do what we do, and Caruso is leading the way."

Removing the Admin from Fund Administration

For the first time, Caruso's customers have a single source of truth for their investor and fund data across CRM, registry, compliance, capital raising, and the investor portal. Integrated with that system of record, Caruso gives them a system of action: people and Fund Admin AI Agents working together to do the work faster and more accurately than ever before.

"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."

"We've been big believers in Mark and Ollie's vision from inception, and we're excited to be doubling down on Caruso as they replace legacy solutions with true AI-native software," said Vignesh Kumar, Partner at GD1.

What’s next

With the fresh capital, Caruso is tripling down on AI across every aspect of its software and services, investing in its engineering team to ship even faster, and expanding its fund administration team across fund accounting, registry, and investor services to ensure a premium experience for customers as the business scales.