fund-operations
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The $2 Trillion Business of Making Private Equity Boring
Gen II began as a boutique for managers who wanted their fund accountant to answer the phone. Seventeen years later, it has turned capital calls, compliance checks and investor PDFs into a $2 trillion infrastructure business - and a useful playbook for founders building in unglamorous markets.
Ark
Ark is a Boston-based software company that builds a cloud platform for running private capital funds. Founded in 2017, it combines fund accounting, an investor portal, LP reporting, and fundraising tools into one system used by venture capital, private equity, fund-of-funds, and real estate managers as well as the fund administrators who service them. By 2026 the platform supported more than 500 GPs and administrators overseeing roughly $185 billion in assets. In July 2026, AngelList acquired Ark to fold its fund-administration software into AngelList's banking, payments, and cap-table infrastructure.
Caruso
Caruso is an AI-native fund administration and registry platform for private markets, built to replace the spreadsheets, manual workflows and fragmented tools that fund managers have long relied on. Founded in 2023 and headquartered in Sydney with offices in Dallas and Auckland, Caruso unifies investor onboarding, capital raising, fund accounting, registry operations and investor reporting into a single system, offered as software, outsourced services, or a hybrid of both. More than 80 fund managers running 900+ funds and $55B+ in assets under administration use the platform, including enterprise clients such as Centuria Capital Group.
Juniper Square
Juniper Square is a San Francisco-based fintech company that provides an end-to-end fund operations platform for private markets managers - combining software, data, and fund administration services for general partners in private equity, venture capital, real estate, and credit. Founded in 2014, the company serves over 2,100 GPs managing more than 40,000 funds and $1 trillion in LP capital. In June 2025, Juniper Square raised a $130M Series D at a $1.1 billion valuation, reaching unicorn status, with major investors including Ribbit Capital, Fifth Wall, and Redpoint Ventures.