In a major boost to the region’s private capital ecosystem, Carta, a global leader in private market software, has officially received its Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) at the Abu Dhabi Global Market (ADGM).
This milestone marks a significant step forward in Carta’s global expansion and opens new doors for the company across the Middle East and North Africa (MENA). Already known as the world’s largest fund administrator for venture capital, Carta now brings its trusted solutions to one of the fastest-growing financial hubs in the world.
What impact will Carta’s entry have on the Middle East?
Carta’s entry into the MENA region couldn’t be more timely. Abu Dhabi is quickly earning the title of “capital of capital”, thanks to:
- 245% growth in assets under management (AUM) at ADGM in 2024
- 166 active funds and 134 fund/asset managers
- The UAE accounting for 40% of all MENA funding rounds, up 9% year-on-year
This booming ecosystem provides fertile ground for Carta’s mission: to make private markets more accessible, transparent, and equitable.
Strategic Expansion in Abu Dhabi
Carta has opened its new MENA headquarters at Hub71 WeWork, located in the heart of Abu Dhabi’s financial district. This move supports the company’s efforts to:
- ✅ Expand sales and marketing operations in the region
- ✅ Provide local VCs and PEs with end-to-end fund administration tools
- ✅ Offer cap table management and equity solutions to startups
Bhavik Vashi, Managing Director of Carta APAC & MENA, noted:
“The regulatory framework in ADGM is one of the most progressive we’ve seen globally—perfect for fueling private market growth. That’s why we’ve made a big bet here.”
Laying the Foundation for Growth
Over the past two years, Carta has worked closely with key government-linked institutions such as:
- ADGM
- FSRA
- Abu Dhabi Investment Office (ADIO)
- Abu Dhabi Department of Economic Development (ADDED)
These discussions revealed consistent needs within the local private equity space, needs that Carta is uniquely positioned to fulfill. From quarterly fund reporting and compliance services to tax and audit readiness, Carta is delivering the tools investors and fund managers require to scale effectively.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, said:
“We’re excited to welcome Carta into our innovative ecosystem. Their presence strengthens Abu Dhabi’s global financial footprint, and we look forward to supporting their success.”
Already Making an Impact
Carta is already trusted by some of MENA’s top VCs and unicorns, including:
- ✔️ Global Ventures
- ✔️ BECO Capital
- ✔️ Cotu Ventures
- ✔️ Outliers VC
- ✔️ Dubai Future District Fund
- ✔️ Foodics and Kitopi
With its ADGM license secured, Carta is poised to deepen its impact across MENA, empowering fund managers, investors, and startups with tools to navigate and scale in a rapidly evolving private market landscape.