Carta Expands into Private Markets

Carta is turning private market back office software into a wider system of record for many kinds of capital, not just startup equity. The move matters because private equity, private credit, funds of funds, and institutional LPs all run on messier ownership data, cash flows, and reporting than a venture fund. By adding loan operations, waterfall support, and LP analytics, Carta can sell into firms that manage money across the full private capital stack.1 2 3 4

• Private credit pushes Carta beyond cap tables into loan level accounting. The Sirvatus acquisition added tools for tracking loan terms, interest accruals, covenants, and repayments, then feeding that data into fund accounting and reporting. That gives credit managers one workflow instead of separate loan admin and fund admin systems.1 4
• The customer expansion is already showing up in product mix. As of 2023, private equity solutions were about $20M of ARR, alongside $100M from fund administration and $250M from cap table management and 409A valuations. That shows the newer asset class products are still early, but no longer experimental.4
• This also puts Carta into a more direct race with Juniper Square for institutional private markets software. Juniper Square built around investor management, fund administration, and LP reporting across private market firms, with products aimed at institutional reporting and thousands of GPs and hundreds of thousands of LP accounts. Carta is moving toward that same broader operating system position from a startup equity base.2 5 6 7

The next step is a unified data layer across issuers, fund managers, lenders, and LPs. If Carta can connect company ownership data, fund accounting, loan servicing, and investor reporting in one product set, it can move from a startup tool into core infrastructure for how private capital firms run day to day.1 3 4