Wednesday 13 January 2021 10:21 am

Carne Group bags €100m investment from London private equity firm

Irish financial services firm Carne Group has secured funding from a London-based private equity firm that has backed the likes of Darktrace and Just Eat. 

Carne Group, which is the world’s largest third-party fund management company, announced it had received a €100m investment from Vitruvian Partners.

Read more: Market gains aid Charles Stanley’s pandemic recovery

The fresh funding will be used to expand the group’s tech solutions and will see the private equity firm take a minority stake in the business. 

Founded in 2004 by John Donohoe, Carne works across eight locations to help companies with fund management solutions. 

It’s flagship platform, CORR, helps more than 550 asset managers and institutional investors with governance, compliance and regulatory requirements. 

“Our goal is to provide asset managers and institutional investors with solutions that lead to better investor outcomes,” said Donohue. “We are focused on transforming the asset management industry through our proprietary CORR technology”. 

And if the rest of Vitruvian’s portfolio is anything to go by, Carne is in good hands. The private equity firm has backed success stories like Just Eat, Farfetch and Darktrace, which is likely to float this year. 

“We look for capital investment opportunities that are redefining industries, and this is exactly what attracted us to Carne,” said Stephen Byrne, partner at Vitruvian Partners. “Its ability to grow into a global trusted band within an industry valued at over $110 trillion is testament to its business model and the strength and expertise of the management team.” 

Read more: Private equity bidders eye KPMG’s restructuring arm

UK private equity firms have developed an appetite for wealth management in recent years. Anacap Financial recently bought the Novia platform, following its acquisitions of Wealthtime and Amber Financial Investments within the year. 

Beech Tree Private Equity is also reportedly setting aside between £10m and £40m for a wealth management deal.