Caruso, a Sydney, Australia-based 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.

The AI-native firm—which has a U.S. office in Dallas—provides AI-native software and integrated services to private market managers. Founded in 2023 by CEO Mark Hurley and Chief Technology Officer Oliver Shaw, Caruso says over 80 fund managers now use its platform—including large enterprise clients such Centuria Capital Group.

Caruso said its platform is purpose-built for real estate, private credit, and private equity funds, replacing fragmented systems and manual processes with a unified platform that helps managers “save time, impress investors, and grow AUM.” Assets under administration at the firm are said to have surged 10 times to $55 billion in just 12 months, with revenue increasing 400%. 

“We’re removing the admin from fund administration,” Hurley said in a statement. “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.”

Serving 900-plus funds across Australia, New Zealand, and the U.S.

Caruso said it serves more than 900 funds across Australia, New Zealand, and the United States. With the fresh capital from its Series A round, Caruso aims to accelerate product development, expand its AI agent capabilities, and grow its headcount to over 80 people. All product and engineering work at the firm continues to be based in Auckland, New Zealand.

Caruso says that delivers 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.”

Seeing AI-native fund administration as a ‘global standard’

Jason Huljich, CEO at Sydney-based Centuria Capital Group, said 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,” he added in a statement, “and Caruso is leading the way.”

Jack McQuire, a partner at New Zealand-based Icehouse Ventures, called the fund administration industry’s global impact “immense.”

“It touches almost every aspect of people’s lives, from infrastructure like roads and housing to retirement savings,” McQuire added. “Despite this, the industry still runs on decades-old software. Caruso’s rapid growth to date is just the beginning of what their AI-native platform can unlock for this industry.”

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