Australia-Based Caruso Closes $6.5M Series A for Private Markets Platform

The AI-native fund administration platform has a U.S. office in Dallas and aims to accelerate product development and grow its headcount.

Apr. 16, 2026 at 11:10pm

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A minimalist studio still life photograph featuring a stack of sleek, polished metal and glass objects arranged elegantly on a clean white background, conceptually representing the data, analytics, and technology that power Caruso's AI-native fund administration platform.Caruso's AI-powered platform aims to modernize the fragmented private markets fund administration industry.Dallas Today

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 software and integrated services to private market managers, helping them save time, impress investors, and grow assets under management.

Why it matters

Caruso's AI-native platform is aiming to modernize the fragmented and manual private markets fund administration industry, providing a unified system of record and action for managers. The company's rapid growth and large enterprise client wins suggest strong demand for its technology-driven approach.

The details

Founded in 2023 by CEO Mark Hurley and CTO Oliver Shaw, Caruso says over 80 fund managers now use its platform, including large clients like Centuria Capital Group. The firm's assets under administration have surged 10-fold to $55 billion in just 12 months, with revenue increasing 400%. With the Series A funding, Caruso plans to accelerate product development, expand its AI agent capabilities, and grow its headcount to over 80 people.

  • Caruso was founded in 2023.
  • The company closed its $6.5 million Series A round in April 2026.

The players

Caruso

An AI-native fund administration platform for private markets, headquartered in Sydney, Australia, with a U.S. office in Dallas.

Mark Hurley

Co-founder and CEO of Caruso.

Oliver Shaw

Co-founder and Chief Technology Officer of Caruso.

Centuria Capital Group

A Sydney-based real estate investment manager that is a large enterprise customer of Caruso.

Icehouse Ventures

A New Zealand-based venture capital firm that has invested in Caruso.

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What they’re saying

“We're removing the admin from fund administration. 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.”

— Mark Hurley, CEO, Caruso

“AI-native fund administration is going to become the standard globally for managers that do what we do, and Caruso is leading the way.”

— Jason Huljich, CEO, Centuria Capital Group

“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. Caruso's rapid growth to date is just the beginning of what their AI-native platform can unlock for this industry.”

— Jack McQuire, Partner, Icehouse Ventures

What’s next

Caruso plans to use the Series A funding to accelerate product development, expand its AI agent capabilities, and grow its headcount to over 80 people.

The takeaway

Caruso's AI-native platform is disrupting the traditional private markets fund administration industry, providing a unified system of record and action that helps managers save time, impress investors, and grow their assets under management. The company's rapid growth and large enterprise customer wins suggest strong demand for its technology-driven approach.