Carne Group, Europe’s largest independent third-party management firm providing fund regulation and governance services, has agreed to sell a significant minority stake to funds advised by Permira, a global investment firm specializing in private equity and technology-enabled businesses, at a valuation of €1.4 billion. The deal is subject to standard regulatory approvals and is expected to close in Q3 2026.
- Founded in 2004 in Dublin by John Donohoe, Carne Group provides fund regulation and governance services. The company operates in eight countries and serves over 700 clients, including boutique managers and global institutional investors.
- Carne supports both UCITS and alternative investment funds across multiple jurisdictions, including Ireland, the UK, Luxembourg, France, Germany, the Cayman Islands, Switzerland, the Netherlands, Portugal, the USA, and Japan.
- The firm’s technology platform, Curator, automates fund administration, consolidates data, and embeds regulatory compliance into workflows. Curator manages more than $1 trillion in assets, enabling clients to simplify complex operations.
- Carne offers flexible services ranging from full outsourcing to selective support and focuses on governance, compliance, and technology to meet regulatory requirements.
Details of the deal
- As part of the deal, Vitruvian Partners will exit the share it bought in 2021, along with some other minority shareholders. Carne’s founder, management team, and employees will keep most of the company, and Founder and CEO John Donohoe will stay in charge to keep the business steady.
“Carne Group has built a leading position in an attractive and growing segment of the financial services ecosystem, supported by durable client relationships and a well-earned reputation for service quality. As thematic investors with deep expertise in financial and business services, as well as technology-enabled platforms, we are excited to partner with John and the talented management team to support Carne’s ambitious next chapter of growth," explains Chris Pell, Managing Director at Permira.
- The round will allow Carne to accelerate the growth of its leading technology platform, Curator, by investing more in product innovation, business capabilities, and technology improvements, especially in AI and automation.
- The funding will also help Carne provide stronger support to clients worldwide and position the Group to take advantage of the growing opportunities in the sector as larger outsourcing projects continue to expand.
“Partnering with Permira is an important step in Carne’s long‑term journey. Their global perspective and experience working with international, technology‑enabled businesses align well with our ambitions as the industry continues to evolve. This partnership supports our ability to scale thoughtfully, broaden our reach, and continue delivering for clients, while remaining independent and staying true to our mission of taking care of the people who take care of money. We thank Vitruvian for their partnership over the last five years," claims John Donohoe, Founder and CEO at Carne Group.
