Carne Group secures €100 million investment from Vitruvian Partners

By Megha Bhattacharya

Dublin-based fund management solutions provider Carne Group has secured a €100 million investment from Vitruvian Partners. The new investment is expected to help the company expand its client-led technology solutions. Vitruvian Partners will take a minority stake in the business.

Carne was advised by Stephens Europe, Deloitte, and Matheson in the transaction. Vitruvian Partners was advised by KPMG Ireland Corporate Finance, EY, PwC, Oliver Wyman, and Dickson Minto.

John Donohoe, Founder and Group CEO, Carne, said, “At Carne our goal is to provide asset managers and institutional investors with solutions that lead to better investor outcomes. We are focused on transforming the asset management industry through our proprietary CORR technology, hiring the best talent globally, and building client led, trusted solutions. In Vitruvian, we found a partner with a shared vision and the experience and intellectual capital to help us bring further innovation to the industry. Together we can build and deliver better outcomes resulting in a win-win for both asset managers and investors.”

Founded in 2004, Carne is a fund management company. Its technology platform, CORR (Compliance Oversight Risk & Reporting), helps asset managers to fulfil their compliance, risk and operational requirements with greater accuracy, efficiency and effectiveness through automated data acquisition, analysis, and real-time reporting. It allows asset managers and institutional investors to not only meet their compliance and regulatory obligations in multiple jurisdictions but puts them in full control of their business, reputational, operational, and financial risks.

Stephen Byrne, Partner, Vitruvian Partners, added, “We look for capital investment opportunities that are redefining industries, and this is exactly what attracted us to Carne. Its ability to grow into a global trusted brand within an industry valued at over $110 trillion is testament to its business model and the strength and expertise of the management team. We have partnered with Carne to support the roll-out of their CORR technology platform, through which Carne brings much needed innovation and digitalisation to the asset management sector. Our investment and partnership will enable Carne to further accelerate ongoing developments of leading technology-enabled products and services, as well as global scaling of their platform. We look forward to partnering with John and the team as Carne continues its growth to meet the future needs of its clients and end investors.”