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Carne secures PE backing for ManCo services

Ireland pin‘ManCo’ firm Carne Group has secured €100 million of private equity funding from Vitruvian Partners.

Vitruvian will take a minority stake in Carne Group, which is a provider of third-party management company services – or ‘ManCos’ - for funds and based in Ireland.

The investment comes at a time when ManCo services are in high demand in Ireland and Luxembourg, but have recently come into the spotlight following a thematic review from the Central Bank of Ireland (CBI). The review criticised funds for failing to properly implement the CP86 governance framework.

According to Carne, the investment will be used to fund the rollout of a compliance risk and reporting technology platform.

Vitruvian partner Stephen Byrne said:  “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.”

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