Carne Secures €100m Growth Investment

13 Jan 2021 | 12.40 pm

Carne Secures €100m Growth Investment

Private equity player Vitruvian Partners comes on board

13 Jan 2021 | 12.40 pm

Digital asset management platform Carne Group has landed a €100m investment by private equity investor Vitruvian Partners, which will go to developing and expanding Carne’s technology solutions.

Subject to regulatory approval, Vitruvian will take  minority stake in Carne, which was founded in 2004 and is now the largest third-party fund management company in the world. Carne’s 350 employees in eight global locations manage the governance, compliance, regulatory and substance requirements for around 550 asset managers and institutional investors.

Vitruvian Partners is based in London and is now investing from its fourth fund, the €4bn Vitruvian Investment Partnership IV. The firm has assets under management of approximately €10bn and has backed more than 45 companies to date, including Just Eat, FarFetch, Darktrace, Trustpilot, Marqeta, TransferWise and Skyscanner.

Carne chief executive John Donohoe (pictured) said: “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.”

Vitruvian partner Stephen Byrne 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.”

Carne Group has ten offices across the globe and is in the second year of a hiring spree in which it aims to add 250 jobs in Ireland by the end of next year, in functions such as risk management, compliance and operations, IT developers, data miners, cybersecurity experts, financial crime specialists and business analysts.

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.

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