Carne Group announces strategic investment from Permira at €1.4bn valuation

London, 30 January 2026 – Carne Group (‘Carne’ or the ‘Group’), Europe’s largest independent third-party management company and a leading provider of fund regulation and governance solutions, today announced that funds advised by Permira, the global investment firm, have agreed to acquire a significant minority stake in Carne Group based on an enterprise valuation of €1.4 billion.

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, ensuring continuity and stability.

This strategic investment marks a significant milestone for Carne as the business enters its next phase of growth, with Permira bringing the deep resource and expertise of a highly regarded global firm with strong market access and experience in the financial services ecosystem.

The investment from Permira recognises Carne’s position as Europe’s largest independent third-party management company and its strong track record of delivering governance, oversight and operational excellence to asset managers globally. Following the investment from Vitruvian in 2021, the Group has continued on an impressive growth trajectory and built out its leading market position across Europe.

Permira’s backing will enable Carne to accelerate the development of its market-leading technology platform, Curator, through increased investment in product innovation, commercial capabilities and technology advancements – particularly in AI and automation. The investment will allow Carne to strengthen the support it provides to clients globally, while also positioning the Group to capitalise on the significant growth opportunity across the sector as larger outsourcing mandates continue to gain momentum.

John Donohoe, Founder and CEO at Carne Group, said: “Partnering with Permira is an important step in Carne’s long‑term journey. Their global perspective and experience working with international, technology‑enabled businesses align well with our ambitions as the industry continues to evolve. This partnership supports our ability to scale thoughtfully, broaden our reach, and continue delivering for clients, while remaining independent and staying true to our mission of taking care of the people who take care of money. We thank Vitruvian for their partnership over the last five years.”

Chris Pell, Managing Director at Permira, added: “Carne Group has built a leading position in an attractive and growing segment of the financial services ecosystem, supported by durable client relationships and a well-earned reputation for service quality. As thematic investors with deep expertise in financial and business services, as well as technology-enabled platforms, we are excited to partner with John and the talented management team to support Carne’s ambitious next chapter of growth.”

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).

For media enquiries, please contact:

Carne Group

Noreen Biddle Shah – noreen.biddleshah@carnegroup.com
Clotilde Gros / Danila Andreev – carnegroup@secnewgate.co.uk
+44 7899 79 0749 / +44 7388 20 4845

Permira

Nina Gilbert / James Williams – media@permira.com
Headland Consultancy – permira@headlandconsultancy.com