Preheat oven to 350 degrees. Line 42 mini muffin cups with mini cupcake liners; set aside.
Beat sugar, eggs, oil, vanilla, and buttermilk together in the bowl of an electric mixer fitted with a paddle attachment until well combined.
In a large bowl, sift together flour, cinnamon, baking powder, baking soda, and salt. Slowly add three-quarters of the flour mixture to the sugar mixture; mix until well combined. Add carrots and raisins to remaining flour mixture; toss to combine. Stir into batter until well combined.
Fill each muffin cup with about 2 teaspoons batter. Bake until a cake tester inserted into the center of cupcakes comes out clean, 10 to 12 minutes. Transfer cupcakes to wire rack to cool. Let cool completely before frosting with cream cheese frosting.