How Fusion Fund scales hypergrowth with Carta Fund Administration

Fusion Fund, a venture capital firm based in Palo Alto, California, started its fourth fund in early 2025. The fund attracted a mix of institutional and family-office investors, helping catapult Fusion, founded in 2015, towards half a billion dollars in assets under management. 

Founder and managing partner Lu Zhang knew Fusion required fund administration backed by strong technology and white-glove service to meet the demands of hypergrowth.

Carta Fund Administration satisfies those demands, automating back-office activities from formations to closings. Carta’s dedicated fund accountants provide additional support as an extension of Fusion Fund’s finance team, allowing the firm to put growth first. 

Carta streamlines Fusion Fund’s complex fund management

Fusion Fund has nearly 90 portfolio companies, so Zhang’s workdays can run long and pull her in multiple directions.

"I look over everything we do, but my days start early and include many people,” says Zhang. “It’s critical that I have enough time for sourcing and due diligence, portfolio management, and the long-term strategy of the fund.” 

Carta Fund Administration structures and automates fund accounting, including capital calls, distributions, and reporting, so Fusion’s finance team can handle the fund’s daily workflows, while Zhang uses insights from Carta to drive Fusion’s scalability.

"As we get bigger, our operations become more institutionalized, so I care about more than just management and reporting,” says Zhang. “It's also about making sure we have scalability to prepare for the future. 

“Carta’s automation capabilities fit where we are in year ten, because we’ve always managed a high volume of capital calls, but now we have more distributions following more liquidity events. On Carta, we can set up capital calls and distributions for multiple investors at once. It makes managing cash more streamlined.”

Fusion Fund provides high-quality investor relations with Carta

Carta also helps Fusion Fund strengthen investor relations. The platform centralizes documents so limited partners (LPs) can easily find what they need, building trust in the fund and Zhang’s decision-making.

“We are very close with our LPs. Many have been with us for years, so giving them a positive experience with everything in one place is important,” says Zhang. “On Carta, they can stay organized. It’s easy for them to check details and compare information.”

Many of Fusion Fund’s investors are already familiar with Carta, further easing the path to growth, but some of Fusion’s institutional partners occasionally request specialized reports. 

In these cases, Carta’s fund administration team helps Fusion Fund provide high-quality service to sophisticated partners. 

“It’s impressive how responsive Carta is. When LPs have requests, I reach out to a dedicated correspondent who loops in the right people quickly, even during atypical hours,” says Zhang. “I’m all about optimized efficiency, and communicating with Carta is easy for me. I trust the team because they deliver.”

Carta’s flexibility gives Fusion Fund more control over fund activity

As Fusion Fund’s investor base evolved, so did the nuances of its workflows. While preparing for an upcoming distribution, Zhang identified an opportunity to refine the notice process for her partners’ needs. 

Carta responded by collaborating with Fusion Fund to develop a new platform feature. For Zhang, the experience reinforced Carta’s value as a solution that advances with market demands. 

“As fund managers, we get used to traditional fund administration services with high human touch,” says Zhang, “but Carta provides technology that empowers the future, too.”