Carne Group Valuation, Funding & Investors

Carne Group is valued at $1.7B as of February 2026.

Last Carne Group valuation

$1.7B

Undisclosed stage · Feb 2026

Last Carne Group funding round

Undisclosed stage

Amount undisclosed · Feb 2026

Cumulative funding Carne Group raised

$121M

across 2 funding rounds

Key investors in Carne Group

  • Permira
  • Vitruvian Partners

Carne Group Overview

About Carne Group

Carne Group is a Luxembourg-headquartered governance and outsourced fund administration provider serving asset managers globally. It supports more than €1 trillion in assets under management through four regulated entities in Europe. With over 200 professionals, the firm delivers compliance oversight, risk management, and reporting technology to pension funds, insurers, and wealth managers. Carne Group enables access to institutional investors in major markets like the U.S. and Asia, maintaining local expertise in Jersey, Luxembourg, and Ireland.


Founded

2004

HQ

IrelandDublin

Status

Privately held

Customer focus

B2B

Revenue model

Services

Valuation

$1.7B (Feb 2026)

Carne Group Valuation

Carne Group is currently valued at $1.7B, based on its undisclosed-stage round in February 2026.

The round included Permira.

Carne Group's valuation has grown 3.7x from $460M at its undisclosed-stage round in January 2021 to $1.7B in February 2026, across 3 priced rounds.

Carne Group valuation by funding round

Carne Group valuation by funding round
DateStageValuation
Feb 2026Undisclosed stage$1.7B
Jan 2026Secondary$1.6B
Jan 2021Undisclosed stage$460M

Carne Group Funding History

Carne Group has raised a total of $121M across 2 funding rounds, plus 1 secondary share sale.

Carne Group's first fundraising round was a $121M undisclosed-stage round in January 2021. The most recent completed round was a undisclosed-stage round in February 2026.

Carne Group funding rounds

Carne Group funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2026Undisclosed stagePermira-$1.7BCarne Group, Europe's largest independent third-party management company, announced a strategic investment from Permira on January 30, 2026, at an enterprise valuation of €1.4 billion. The company, founded in 2004 in Dublin, provides fund regulation and governance solutions to asset managers globally. Carne previously received a minority investment from Vitruvian Partners in 2021. Permira acquired a significant minority stake in the transaction, with founder and CEO John Donohoe and the management team retaining majority control. The deal is expected to close in Q3 2026, subject to customary regulatory approvals. Vitruvian Partners exited its stake alongside other minority shareholders as part of the transaction. The investment will fund accelerated development of Carne's technology platform, Curator, with increased focus on product innovation, commercial capabilities, and technology advancements including artificial intelligence and automation. The capital will also support expanded global client services and position the company to capitalize on growing demand for larger outsourcing mandates in the financial services sector.
Jan 2026SecondaryPermira (lead)-$1.6BCarne Group is Europe's largest independent third-party management company, founded in 2004 by John Donohoe. The company provides fund regulation, governance solutions, and technology-enabled services to the global asset management industry, serving over 700 clients across multiple jurisdictions including Ireland, the UK, Luxembourg, France, Germany, the Cayman Islands, Switzerland, the Netherlands, Portugal, the USA, and Japan. Carne manages compliance and regulatory requirements for asset managers and institutional investors controlling approximately $1 trillion in assets under management. On January 30, 2026, funds advised by Permira agreed to acquire a significant minority stake in Carne Group at an enterprise valuation of €1.4 billion. The transaction facilitates the exit of previous investor Vitruvian Partners, which had acquired a stake in 2021 at a valuation of €400 million, alongside certain other minority shareholders. Founder and CEO John Donohoe and the management team will retain most of the company and remain in control. The transaction is expected to close in Q3 2026, subject to customary regulatory approvals. Permira's investment will support Carne's acceleration of its technology platform, Curator, with enhanced investment in product innovation, business capabilities, and technology improvements, particularly in artificial intelligence and automation. The funding enables Carne to strengthen global client support and capitalize on expanding outsourcing opportunities within the financial services sector. Carne operates with more than 650 employees across eight global locations, with approximately 460 staff based in Ireland.
Jan 2021Undisclosed stageVitruvian Partners (lead)$121M$460MCarne Group is a digitally driven platform providing governance, risk, compliance, and technology solutions to the asset management industry, including its proprietary CORR (now Curator) platform for fund regulation and oversight. On January 13, 2021, it secured a €100 million growth investment from Vitruvian Partners, which took a minority stake in the business, subject to regulatory approval. The full capital amount was invested to expand client-led technology solutions, accelerate product developments, and support global hiring of top talent. The transaction valued Carne Group at €400 million, as reported in connection with the Vitruvian deal. Vitruvian, investing from its €4.0 billion fourth fund, provided growth capital and board representation with two members joining Carne's board, while Carne retained full operational control. This positioned Carne to transform the asset management sector, serving an industry valued at over $110 trillion. Vitruvian exited its minority position in a later Permira transaction valuing Carne at €1.4 billion, highlighting strong growth post-2021, with over 650 employees across eight locations and oversight of more than $1tn in assets by that time.

Who has invested in Carne Group?

2 investors have backed Carne Group across its funding rounds, including Permira and Vitruvian Partners.

Lead investors include Permira and Vitruvian Partners.


Carne Group Investors

Investors in Carne Group by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Carne Group

Carne Group has acquired 1 company to date.

Last acquisition by Carne Group was on July 2nd 2025. Carne Group acquired Japan Fund Management for undisclosed valuation.


Latest Acquisitions by Carne Group

Japan Fund Management
Description
Japan Fund Management is a Luxembourg-based provider of fund administration, risk management, compliance, and depositary services. The firm oversees UCITS and AIFs for Asian and European asset managers, handling NAV calculations, regulatory reporting, and anti-money laundering oversight from its European hub.
HQ CountryLuxembourg
HQ City
Luxembourg
Deal Date2 Jul 2025
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Carne Group Competitors

Carne Group competitors include listed companies like Luxempart, AFP ProVida, Goodman New Zealand and Metrics Master Income, and private ones like Nassau Financial Group and Fabric Invest.

Public and private companies comparable to Carne Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LuxempartLuxembourgLuxembourgPublicly listed$322M-$1.7B-
AFP ProVidaChileChilePublicly listed$330M$215M$1.7B-
Nassau Financial GroupUnited StatesHartford, CTPrivate--$1.7B-
Goodman New ZealandNew ZealandNew ZealandPublicly listed$140M($371M)$1.7B16.6x
Metrics Master IncomeAustraliaAustraliaPublicly listed$125M-$1.7B-
Fabric InvestUnited KingdomLondonPrivate--$1.5B-

Carne Group Public Comps

Carne Group is still privately-owned, but its public comps include Luxempart, AFP ProVida, Goodman New Zealand, Metrics Master Income, Montea, Magellan Financial Group, Eurocommercial Properties, AG Anadolu Grubu Holding, Okasan Securities and IntegraFin.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Luxempart$322M-5.0x---
AFP ProVida$330M$215M4.7x-7.3x-
Goodman New Zealand$140M($371M)13.3x16.6x(5.0x)18.1x
Metrics Master Income$125M-13.4x---
Montea$192M$162M9.0x9.9x10.7x10.2x
Magellan Financial Group$139M$104M10.7x6.6x14.4x13.4x
Eurocommercial Properties$316M$304M11.4x13.1x11.9x16.4x
AG Anadolu Grubu Holding$15B$2B0.6x0.5x4.2x5.6x

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Common questions about Carne Group

When was Carne Group founded?Carne Group was founded in 2004.
Where is Carne Group headquartered?Carne Group is headquartered in Dublin, Ireland.
Is Carne Group publicly listed?No, Carne Group is a private, VC-backed company.
What is Carne Group's valuation?Carne Group was last valued at $1.7B in its undisclosed-stage round in February 2026.
How much funding has Carne Group raised?Carne Group has raised $121M across 2 funding rounds.
What was Carne Group's last funding round?Carne Group's last funding round was a undisclosed-stage round in February 2026.
Who are Carne Group's investors?Carne Group's investors include Permira and Vitruvian Partners.
Which companies are comparable to Carne Group?Companies comparable to Carne Group include Luxempart, AFP ProVida, Nassau Financial Group, Goodman New Zealand, Metrics Master Income and Fabric Invest.
How many companies has Carne Group acquired?Carne Group has acquired 1 company, including Japan Fund Management.

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