Permira has agreed to acquire a significant minority stake in Carne Group in a transaction that values the fund services platform at €1.4bn, or roughly $1.7bn.

Under the deal, Vitruvian Partners will exit its minority position, which it acquired in 2021. Carne’s founder and chief executive, John Donohoe, will retain a majority stake alongside management and employees.

Founded in 2004, Carne provides governance, risk, and compliance services to investment managers overseeing more than $1tn in assets. The group employs over 650 people across eight locations globally and has benefited from rising regulatory complexity across private markets.

“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,” Chris Pell, Managing Director at Permira, said in a statement. 

The transaction adds to a busy period for Permira, which has recently agreed to acquire JTC, a London-listed provider of fund and corporate services, and struck an $8.4bn deal for Clearwater Analytics. The firm also owns Alter Domus, one of the largest fund administrators serving alternative asset managers.

Permira distributed €12.6bn to investors last year, its highest annual total to date. The Carne deal reinforces private equity’s focus on scalable, fee-based service platforms that benefit from long-term growth in private assets.

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