Carne Group, Europe’s largest
independent third-party management company and a provider of fund regulation
and governance services, has agreed to sell a significant minority stake to
funds advised by Permira at an enterprise valuation of €1.4 billion.
As part of the transaction,
Vitruvian Partners will exit its minority stake acquired in 2021, alongside
several other minority shareholders. Carne’s founder, management team, and
employees will retain a majority ownership in the group, with founder and CEO
John Donohoe continuing to lead the business.
Founded in 2004, Carne
provides services across the fund lifecycle, supporting asset managers in areas
including risk management, compliance, oversight, and governance.
The investment represents a
new phase in Carne’s development, with Permira providing capital and industry
expertise to support continued growth. Since the investment from Vitruvian in
2021, the group has expanded its operations and strengthened its position
across Europe.
Commenting on the transaction,
John Donohoe said the partnership with Permira marks an important milestone in
Carne’s long-term development, aligning with the company’s growth plans as the
industry evolves, while allowing it to expand its reach, continue serving
clients, and maintain its independence.
Permira’s backing is expected
to support further investment in Carne’s technology platform, Curator,
including product development, commercial capabilities, and advancements in
areas such as AI and automation, while enabling the company to scale its services
globally in response to growing demand for outsourced solutions.