Caruso raises $9.3m Series A, assets under admin surge to $80bn

AI-native fund administrator secures $80m valuation from Icehouse Ventures, GD1 and Balmain, with enterprise customer wins including ASX-listed Centuria.

SYDNEY, April 16, 2026 /PRNewswire/ -- Caruso, the AI-native registry and fund administration platform, has closed a $9.3 million Series A raise and secured an $80 million valuation following rapid growth, including Australian enterprise customer wins.

Caruso provides AI-native software and integrated services to fund managers. Global private market assets reached $21 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, one of Australia's largest private credit fund managers, 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 Australian enterprise clients such as ASX-listed Centuria Capital Group. Assets under administration surged 10x to $80 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 — beginning with Centuria's ASX-listed vehicles — as the platform's AI-native approach proves applicable across a broader range of Australian fund structures.

"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, while 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."

With the fresh capital, Caruso will accelerate product development, expand its AI agent capabilities, and grow its headcount to 80+ across Australia, New Zealand and the US. The Australian office is expected to double its proportional headcount within the group, from 25 per cent today to roughly 50 per cent by the end of the year.

"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 investor 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 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."

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 $80 billion in assets, Caruso has offices in Sydney, Auckland, and Dallas. Learn more at getcaruso.com.

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SOURCE Caruso