Financial Services Ireland

Strategy & Transactions

EY advises Vitruvian Partners on €100 million investment into Carne Group

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EY is delighted to have acted as buy-side due diligence advisor to Vitruvian Partners on their recent €100 million investment into Carne Group, the digitally-driven platform for the asset management industry. The investment, which is subject to regulatory approval, will be used to expand Carne’s client-led technology solutions and will see Vitruvian Partners take a minority stake in the business. The EY team was led by Alan O’Brien, Financial Services Strategy and Transactions Leader, along with partners Paul Traynor and Sinead Colreavy, and Strategy and Transactions director, Devarshi Ray.

Carne’s industry-leading technology platform, CORR (Compliance Oversight Risk & Reporting), helps asset managers to fulfill their compliance, risk and operational requirements with greater accuracy, efficiency and effectiveness through automated data acquisition, analysis, and real-time reporting. It allows asset managers and institutional investors to not only meet their compliance and regulatory obligations in multiple jurisdictions but puts them in full control of their business, reputational, operational, and financial risks. CORR, Carne’s command and control technology platform has seen rapid roll-out since launch and is already being used to oversee $2 trillion in assets.

John Donohoe, Founder and Group CEO, Carne, said: “At Carne our goal is to provide asset managers and institutional investors with solutions that lead to better investor outcomes. We are focused on transforming the asset management industry through our proprietary CORR technology, hiring the best talent globally, and building client-led, trusted solutions. 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.”

Stephen Byrne, Partner, Vitruvian Partners, 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. We look forward to partnering with John and the team as Carne continues its growth to meet the future needs of its clients and end investors.”