Caruso Targets US Market with AI-Driven Fund Administration

The expansion brings co-founder and CEO Mark Hurley to Dallas, where he will lead a local team including VP of Fund Administration Services RJ Schulte and VP of Client Partnerships Amit Baria. Founded in Australia and New Zealand in 2023, the firm has seen its assets under administration grow from US$20 billion in late 2025 to over US$75 billion today, serving more than 100 managers across 950 private funds.

Caruso’s platform integrates investor CRM, capital accounts, and a branded portal into a single record, allowing managers to access data via plain-English queries rather than waiting for manual reports. By utilizing AI agents for compliance and processing, the company claims it can maintain high-quality service using domestic staff while keeping margins competitive. This model challenges the long-standing industry practice of offshoring, which Hurley suggests may become obsolete within five years. Unlike traditional providers that rely on disjointed third-party software, Caruso’s engineering and administration teams operate within a unified ecosystem, allowing for rapid feature development based on direct feedback from private equity, credit, and real estate clients.