Funds advised by Permira have agreed to acquire a significant minority stake in Carne Group, based on an enterprise valuation of €1.4bn. Carne Group is an independent third-party management company, and provider of fund regulation and governance solutions.
As part of the transaction, Vitruvian Partners will exit its minority shareholding acquired in 2021, alongside several other minority shareholders selling their stakes. Carne’s founder, management team and employees will retain a majority shareholding in the group, while Founder and CEO John Donohoe will continue to lead the business.
Carne says that Permira’s backing will allow it to accelerate the development of its technology platform, Curator, through increased investment in product innovation, commercial capabilities, and technology advancements, particularly in AI and automation. It added that the investment will allow it to strengthen the support it provides to clients globally, while also positioning it to capitalise on the growth opportunity across the sector as larger outsourcing mandates continue to gain momentum.
The transaction is subject to customary regulatory approvals and is expected to close in Q3 2026.
Carne Group was advised by Raymond James (M&A), Linklaters (Legal), PwC (Financial, Tax & Structuring DD) and Matheson (Legal). Permira was advised by Rothschild & Co (M&A), Freshfields (Legal), A&L Goodbody (Legal), Deloitte (FDD), EY (Tax), Oliver Wyman (Commercial), Kroll (Regulatory) and Alvarez & Marsal (Operations & Tech).
