iCapital Network raises $440 mn in funding; reaches $4bn valuation

By Pavithra R

iCapital Network, the leading global financial technology platform driving access and efficiency in alternative investing for the asset and wealth management industries, has announced raising  US$440 mn to fuel continued client success. The investment brings the company’s valuation to approximately $4.0 bn.

The funding round was led by Temasek with participation from new investors Owl Rock, a division of Blue Owl Capital; MSD Partners, L.P.; Noah Holdings and Golub Capital. Additional commitments came from existing investors WestCap, Ping An Voyager Partners, Blackstone, UBS, Pivot Investment Partners, BNY Mellon, Wells Fargo, Morgan Stanley and Goldman Sachs Asset Management.

“We are honored to welcome such a renowned group of strategic investors into our latest fundraising round. Their conviction in iCapital validates the achievements of our team to date and our ongoing efforts to expand alternative investing opportunities to wealth advisors and their clients in the years ahead,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital Network.

The firm will use the proceeds from the capital raise to enhance its platform technology, expand the breadth of strategies and product types on its alternative investment menu, and pursue strategic acquisitions that will broaden its client capabilities.

“iCapital will deploy the proceeds from this fundraising to the direct benefit of our clients. We’re investing in growing our talented team, developing market-leading technology solutions, and providing a comprehensive set of educational tools. As always, we are evaluating the most advantageous acquisition opportunities to broaden our capabilities for wealth managers, asset managers and banks globally,” added Mr. Calcano.

“We are pleased to have the opportunity to deepen our partnership with iCapital. Blackstone is committed to bringing institutional-quality private market solutions to individual investors. Our shared vision with iCapital, centered around providing an outstanding advisor and client experience alongside alternatives education, has enabled us to deliver our industry-leading capabilities to more individual investors across the globe,” said Todd Myers, Chief Operating Officer of Blackstone’s Private Wealth Solutions group.

The announcement further expands a consortium of the largest and most influential firms in the wealth and asset management industries aligned with iCapital’s development of an industry standard technology solution for alternative investments. In addition to those participating in this investment round, iCapital’s strategic partners and investors include BlackRock, The Carlyle Group, Credit Suisse, JPMorgan Chase, KKR, Affiliated Managers Group and Hamilton Lane.