Caruso, a fund administration platform for private market managers, has raised $6.5 million in Series A funding, according to filings with the US Securities and Exchange Commission. The company provides AI-native software and integrated services for real estate, private credit and private equity funds. Its platform replaces fragmented systems and manual processes with a unified solution designed to help managers save time and attract investors. Caruso serves over 900 funds administering more than $55 billion in assets. The company, led by chief executive officer Mark Hurley, operates offices in Dallas, Sydney and Auckland.

Caruso, an AI-native fund administration platform, has raised $9.3 million in a Series A round led by Icehouse Ventures and GD1, achieving an $80 million valuation. Balmain, one of Australia's largest private credit fund managers and a Caruso customer, participated after leading the previous round in September 2024. The company serves over 80 fund managers, including ASX-listed Centuria Capital Group, with assets under administration surging tenfold to $80 billion in the past year. Revenue increased 400 per cent during the same period. Caruso is expanding beyond unlisted private market funds into listed funds and companies, starting with Centuria's ASX-listed vehicles. The funding will accelerate product development, expand AI agent capabilities and grow headcount to over 80 across Australia, New Zealand and the US.

Caruso closes $11.2M Series A at near $100M valuation as AUA surges 10x to $100B with enterprise wins including Centuria