Balmain Invests A$3.2M in Caruso as Platform Surpasses $15B in AUM

We are proud to share that Caruso has secured $3.2 million in strategic funding led by Balmain, one of Australia’s most influential names in private credit. This investment marks an important step in Caruso's journey to become the global standard for private market fund operations.

Since our founding in 2023, our modern approach to unit registry and fund administration has helped us gain rapid traction across both the private credit and real estate sectors. We now manage more than $15 billion in assets across 400+ funds and 27,000+ investors. Our software has drawn praise from industry leaders, like Marquette CEO Toby Lewis, who remarked, “What Caruso has built is utopian for fund managers, and we think it will become THE technology for everyone who does what we do.”

The Problem Caruso Solves

Today, fund managers operate countless software systems to manage their fund operations, and for the most part, these systems aren’t fit for purpose and don't integrate with each other. Caruso provides fund managers with a single source of truth for their investor data, so they can manage all their fund operations effortlessly in one place - onboard investors, complete AML/KYC, raise capital, issue distributions, manage ownership and everything in between.

"Fund managers today, whether they manage $20 million or $20 billion in assets, face common challenges: poor investor experiences, fragmented data, a lack of automation, and tedious internal processes," explains Mark Hurley, Co-CEO and co-founder of Caruso. "The existing registry software stack is clearly broken—both investors and fund managers are frustrated."

A Customer Becomes an Investor

Balmain, a cornerstone of Australian private credit for over four decades, processes $4 billion in loans annually and administers $30 billion in assets for third-party lenders. Their investment in Caruso emerged from firsthand experience with the platform.

"We originally started talking to Caruso as a software provider for investor management," reveals Andrew Griffin, Balmain's CEO. "After seeing what Mark and Oliver had built, and continue to grow, we simply had to invest. It was so compelling. Caruso will become a global leader, redefining how private market fund managers operate."

Looking Forward

The new funding will fuel Caruso's expansion into Asia-Pacific and North America while supporting continued innovation in its technology platform. As fund managers increasingly seek to streamline their operations and enhance investor experiences, Caruso is positioned to lead this transformation in the private markets sector.

Want to see how Caruso can transform your fund operations? Visit www.getcaruso.com to book a demo or contact our team at [email protected] to learn more.