What Caruso does

Caruso Software Limited is a New Zealand-founded, venture-backed fintech that operates an AI-native fund administration and registry platform for private market fund managers, headquartered in Auckland with offices in Sydney and Dallas/Plano. The platform unifies investor onboarding, AML/KYC, CRM, capital raising, unit registry, reporting, and an investor portal into a single system of record, and layers on an embedded AI agent (the Caruso Fund Admin Agent) plus a broader Caruso Intelligence suite that handles registry queries, compliance insights, custom reporting, redemptions, distributions, and trust deed processing. Customers can license the software standalone or bundle it with Caruso-delivered managed services covering fund accounting, registry operations, and investor services, supporting in-house, outsourced, or hybrid operating models for managers ranging from $10M to $100B+ AUM.

The product was originally developed as an internal tool inside a fund management business co-founded by Mark Hurley (CEO) and Oliver Shaw (CTO) before being spun out as an independent company in 2023. Caruso sells via a demo-led, quote-based enterprise motion primarily into Australia and New Zealand, with growing US traction, and uses content marketing, customer case studies, and founder-led conversations with fund managers as primary demand-generation channels. The platform holds data for 900+ funds, $80B+ in assets, and 80k+ active investors, is ISO27001 certified, integrates with Calastone (Netwealth, Macquarie Wrap, HUB24, Powerwrap) and ActiveCampaign, and reports 400% revenue growth alongside its April 2026 Series A at a $55M valuation, co-led by Icehouse Ventures and GD1 with Balmain participating.

Name

Caruso

Legal name

Caruso Software Limited

Website

https://getcaruso.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

Caruso is an AI-native fund administration platform serving 900+ private market funds across real estate, private credit, private equity and venture capital, combining SaaS software with managed services for onboarding, compliance, capital calls, distributions, and investor services.

Ownership category

akta.pro rank

Product category

Fund Administration Software

NAICS

Software Publishers (5132)

SIC

Finance Services (6199)

akta.pro primary industry

Robo-Advice for Institutional/Treasury (OCIO-lite, Cash & Liquidity) (FSAGAEAJ)

Keywords

• Fund administration software
• Unit registry services
• Investor onboarding platform
• Fund accounting services
• AI fund management

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. SaaS platform subscriptions: Recurring software subscription for the Caruso fund administration and registry platform, including the investor portal, CRM, compliance, and AI features. Described as 'a SAAS platform' by the founders.
2. Fund administration managed services: Outsourced fund administration services delivered by seasoned professionals, covering fund accounting (NAV, unit pricing, financial reporting, tax prep, payments), registry operations (capital calls, distributions, tax statements, treasury), and investor services (AML/KYC, subscription documents, investor comms, registry maintenance).
3. Professional services / implementation: Fully managed implementation including historical data and document migration, delivered as part of customer onboarding.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

Caruso provides an AI-native fund administration and registry platform combined with outsourced fund administration services for private market fund managers. The platform unifies onboarding, AML/KYC, capital raising, CRM, unit registry, investor portal, and an embedded AI Fund Admin Agent into one system of record. Customers can buy the software standalone, the managed services standalone, or a hybrid of both, with the offering positioned as "software and fund admin services in one."

Product overview

Caruso is a private-market fund-administration platform that combines a unified software suite with bundled professional services. The core platform is delivered as a set of integrated modules — Onboarding & AML/KYC, Capital Raising, Investor Portal, CRM & Tasks, Unit Registry, Secondary Market, and the AI-native Fund Admin Agent and Caruso Intelligence layers — that share investor, fund, and registry data end-to-end. Layered on top of (or alongside) the software, Caruso offers professional services — Fund Accounting, Registry Operations, and Investor Services — so that clients can adopt the platform standalone, the services standalone, or a combined software-plus-services model for full back-office outsourcing.

Differentiator

Problem solved

Functional benefit

Brands

• Caruso Fund Admin Agent: An AI agent embedded in the Caruso system of record, handling registry queries, compliance insights, custom reporting, redemptions, distributions, and trust deed processing; in open beta for all Caruso platform users.
• Caruso Intelligence

Products and services

• Caruso Fund Administration Platform AI-native SaaS platform that serves as the system of record for private market fund managers, unifying onboarding and AML/KYC, capital raising, CRM, unit registry, investor portal, secondary market, and an embedded AI Fund Admin Agent. Sold as a standalone software subscription to fund managers who run administration in-house.
• Fund Accounting Service Outsourced fund accounting service covering NAV calculation, unit pricing, and financial reporting for private market funds, delivered using the Caruso platform by in-house accountants. Sold as a standalone managed service to fund managers who want to outsource back-office finance.
• Registry Operations Service Outsourced registry service handling capital calls, distributions, unit registry maintenance, and tax statement production for private market funds, executed on the Caruso platform. Sold as a standalone managed service to fund managers.
• Investor Services Outsourced investor onboarding and lifecycle service covering AML/KYC, subscription document collection, ongoing investor communications, and CRM-style workflows, executed on the Caruso platform. Sold as a standalone managed service to fund managers.

Quantifiable outcome

• 10x growth in assets under administration to $55B over 12 months (Series A news metrics)
• +8 more outcomes

Named customers18 records

Segments7 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability7 records

Feature7 records

Partnerships

Five partnerships are on record, tiered core integration, core infrastructure vendor and operational tooling vendor.

• Calastonecore integrationTechnology or IntegrationIntegration that enables Caruso fund managers to receive and process subscription, redemption and switch orders from major wrap platforms including Netwealth, Macquarie Wrap, HUB24 and Powerwrap.
• ActiveCampaigncore integrationTechnology or IntegrationEmail marketing platform integration: real-time sync of investor lists and contact details, with the ability to build lists from Caruso properties such as fund holdings and tags.
• Clerkcore infrastructure vendorTechnology or IntegrationAuthentication provider for the Caruso Admin App; an outage at Clerk in May 2026 caused intermittent sign-in errors for the Caruso Admin App (Investor Portal and API were unaffected).
• Ashbyoperational tooling vendorTechnology or IntegrationRecruiting / applicant tracking platform powering Caruso's careers page and 'See open roles' / 'Get in touch' hiring funnel.
• Better Stackoperational tooling vendorTechnology or IntegrationStatus page and incident management provider powering status.getcaruso.com, including uptime dashboards and incident notifications.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Juniper Square: US-based fund administration and investor relations platform serving private equity, real estate, and venture capital fund managers. Juniper Square is the closest direct peer — same customer verticals (especially RE and PE), same combined software + investor portal model, and a directly competing AI roadmap.
• fundCount: fundCount provides cloud-based fund accounting and investor accounting software for hedge funds, private equity, and family offices. It is a direct software peer to Caruso in the fund accounting/registry layer, with similar mid-market positioning.
• Passthrough: Passthrough focuses on investor onboarding, AML/KYC, and subscription document workflows for private funds. It overlaps directly with Caruso's Onboarding & AML/KYC and Capital Raising modules and is a primary competitor in the US private market onboarding layer.
• Altvia: Altvia provides investor relations, CRM, and fundraising workflow software for private equity, real estate, and venture capital firms. It directly parallels Caruso's CRM and Capital Raising modules and serves the same customer verticals.

Broad incumbents

• Carta: Carta provides cap table management, fund administration, and LP management for private markets. It operates at significantly greater scale and a broader scope (including private company equity), making it a broad incumbent rather than a direct match for Caruso's private fund focus.
• SS&C Technologies: SS&C (via GlobeOp and other subsidiaries) is one of the largest fund administration and asset servicing platforms globally, administering trillions in fund AUA. It represents the legacy incumbent Caruso is positioning against — broader portfolio, deeper institutional relationships, but slower AI adoption.
• Citco Fund Services: Citco is a top-tier global fund administrator serving hedge funds, private equity, and real estate funds. Like SS&C, it is an entrenched incumbent with established institutional relationships, offering Caruso the most direct competitive benchmark in the services layer.
• Alter Domus: Alter Domus is a major European-headquartered fund administration and depositary services firm with strong private debt, real estate, and private equity coverage. Comparable to Caruso in vertical focus (especially private credit and real estate) but at vastly larger scale and as a services-led incumbent.
• iCapital: iCapital is a large alternatives investing platform connecting wealth managers to private market funds. While it operates a different model (marketplace + feeder fund administration), it is an emerging broad incumbent in private market fund infrastructure that could extend downward into Caruso's core market.
• Addepar: Addepar provides portfolio management, reporting, and analytics software for wealth and family offices with growing exposure to alternative investments. It is a broader incumbent but competes for the same buyer personas (CIOs, fund finance teams) as Caruso.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/getcaruso
• LinkedInlinkedin.com/company/getcaruso

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds4 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Caruso