Carne Group has agreed to sell a minority stake to Permira, supporting continued growth, technology investment, and expansion while maintaining majority ownership and existing leadership.
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.