Caruso Secures $6.5 Million Series A at $55 Million Valuation as AUA Hits $55 Billion

New updates have been reported about Caruso.

Caruso, an AI-native fund administration platform for private markets, has raised $6.5 million in a Series A round that values the company at $55 million, underscoring rapid adoption among institutional managers. Led by Icehouse Ventures and GD1 with participation from existing investor Balmain, the round follows a surge in assets under administration to $55 billion—up 10x in 12 months—and a 400% increase in revenue as more than 80 fund managers, including large enterprise client Centuria Capital Group, adopt the platform.

Founded in Auckland by Mark Hurley and Oliver Shaw, Caruso now supports over 900 funds across Australia, New Zealand, and the U.S., positioning itself as a core infrastructure provider in a $15 trillion global private markets sector still dominated by spreadsheets and legacy systems. The new capital will fund accelerated product development, expansion of Caruso’s AI agent capabilities, and headcount growth to more than 80 staff, with product and engineering remaining in Auckland, as the company aims to give managers a single source of truth for LP and fund data and deliver greater transparency, operational efficiency, and compliance to both managers and investors.