GD1

Caruso

Series ASoftwareOn-site
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Overview

Providing private market fund managers with AI-enabled fund administration software and integrated operational services.

Caruso provides fund administration software and services to general partners in real estate, private credit, private equity, and venture capital. Its platform brings together investor onboarding and compliance, capital raising, investor communications, CRM, registry, and other fund-lifecycle workflows. Managers can use the software to run administration themselves, have Caruso’s team manage operations, or combine the two approaches. Integrated services include fund accounting, NAV calculation, unit pricing, financial reporting, tax preparation, capital calls, distributions, and investor services. AI agents can handle document-related work and initiate downstream tasks under business rules and fund documents. Caruso says the platform is designed to replace disconnected tools and legacy administration systems while giving managers access to investor data, reporting, and workflows. It serves firms managing funds of different sizes and levels of structural complexity.

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What they’re building

The problem

Private market fund managers often rely on legacy administrators and disconnected systems for investor records, onboarding, compliance, reporting, and fund operations, limiting visibility and slowing work.

Their answer

Caruso combines fund-lifecycle software in one platform, including investor onboarding and AML/KYC, capital raising, investor portal, CRM and tasks, registry, and AI capabilities. Managers can run administration in-house, outsource it to Caruso, or use a hybrid approach, with access to shared investor data and workflows.

Built for General partners and fund managers in real estate, private credit, private equity, and venture capital, from smaller managers to firms with substantial assets under management and multiple funds or vehicles.

The problem

Fund administration involves repetitive, document-heavy work and operational tasks that can be slow or error-prone, while managers may lack timely access to their administrator’s work and data.

Their answer

Caruso provides integrated fund accounting, operations, registry, and investor services delivered by local specialists through the same platform. Its AI fund administration and background agents can process documents, match information to investor records, and trigger tasks such as subscription handling, KYC/AML screening, capital calls, and distributions according to configured rules.

Built for Private market fund managers seeking to automate administration, engage a dedicated fund administration provider, or combine software with expert operational support.

Why we invested

Private fund managers running real assets, from real estate to agriculture, have long been stuck with fragmented tech stacks: disconnected CRMs, manual registries, paper-based compliance, and no single source of truth. Caruso was built from the inside out, originally developed by founders Mark Hurley and Oliver Shaw to run their own fund at Jasper, which is why it fits the problem so precisely. In a $20T alternative assets market that is digitising fast, Caruso is positioned to become the operating system private fund managers can't run without.

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