Carne Group, a leading digitally driven platform for the asset management industry with offices in Luxembourg, announced today that it has secured a €100 million investment from Vitruvian Partners.
The investment, which is subject to regulatory approval, will be used to expand Carne’s client led technology solutions and will see Vitruvian Partners take a minority stake in the business.
Founded in 2004 and established in Luxembourg since 2006, Carne has grown to be a global leader of fund management solutions, including being the largest third-party fund management company in the world. Carne’s 350 employees in eight locations worldwide, including 100 in Luxembourg, manage the governance, compliance, regulatory and substance requirements for more than 550 of the world’s leading asset managers and institutional investors. In 2020, the company opened larger offices in Luxembourg-Cloche d’Or.
Luxembourg Country Head and Chief Technology and Innovation Officer, Pascal Dufour, commented: “Carne has been at the heart of the funds industry in Luxembourg for well over a decade. Currently we belong to the Top 5 of the fund management companies in Luxembourg we aim at becoming Top 3 within the next twelve months. We now boast some of the most experienced, creative and smartest people that Luxembourg has to offer and we attract already 100 people involved in the Luxembourg business. The investment will allow us to further grow exponentially and Luxembourg will continue to play a central role in our expansion globally”.
Carne’s industry leading 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. According to the group, CORR 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. The platform has seen rapid roll-out since launch and is already being used to oversee $2 trillion in assets.
John Donohoe, Founder and Group CEO of Carne, explained: “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”.
The company was advised by Stephens Europe, Deloitte and Matheson in the transaction, whilst Vitruvian Partners was advised by KPMG Ireland Corporate Finance, EY, PwC, Oliver Wyman and Dickson Minto.