iCapital, the global platform with a focus on alternative investments and structured products, is poised for a new phase of growth with could be the largest funding round in the fintech space this year.
iCapital announced Thursday it has closed a new financing round that raised over $820 million and pushed its valuation past $7.5 billion.
The round was co-led by new investors T. Rowe Price and SurgoCap Partners, with additional backing from State Street and increased commitments from existing investors Temasek, UBS and BNY.
The capital injection is intended to support iCapital’s acquisition strategy, enhance its technology infrastructure, and expand its international footprint.
“This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investing experience,” Lawrence Calcano, chairman and CEO of iCapital, said Thursday. “More importantly, it enables us to accelerate the work that matters most – delivering differentiated value to our clients.”
iCapital's $820 million financing is easily the largest so far among funding rounds announced in the wealth and tech space this year, including Compound Planning's $72 million Series B last week and Altruist's $152 million raise in April.
Founded in 2013, iCapital has grown into a major infrastructure provider for private market access and investment lifecycle management. The firm reports $945 billion in assets serviced globally, including $257 billion in alternative investments, $203 billion in structured products and annuities, and $485 billion in reported client assets.
The company’s platform supports over 3,000 wealth management firms and 750 product providers. It also claims more than 114,000 financial professionals as users. Recent growth has been fueled by a combination of strategic acquisitions and expanded technology capabilities. iCapital has completed 23 acquisitions to date, including deals for Mirador, AltExchange, and Parallel Markets.
According to the firm, the newly raised capital will be deployed to scale its operations and broaden its suite of services. That includes modular and end-to-end solutions for education, transactions, analytics, compliance, and performance reporting. The company said its platform enables asset managers and advisors to handle alternatives, structured investments, and annuities alongside traditional holdings through a unified interface.
“The proceeds from this capital raise will be strategically deployed to accelerate our acquisition efforts,” said Michael Kushner, iCapital’s chief financial officer. “These investments will enable us to deliver even greater value to our clients by deepening innovation across our product offerings, strengthening our presence in key markets, and advancing the tools and solutions we provide to wealth and asset managers globally.”
Private market access through the wealth management channel is forecasted to grow substantially in the coming years. BlackRock’s 2025 Private Markets Outlook projects the segment could expand to an estimated $20 trillion by 2030, driven by growing demand from high-net-worth and mass-affluent investors. iCapital is positioning itself to meet that demand by streamlining access through digitization and automation of complex investment processes.
“iCapital has built a platform that has not only become foundational to private markets investing, but it is also setting the standard for operational excellence in the industry,” said David DiPietro, head of private equity at T. Rowe Price. “Their ability to combine advanced technology with a deep understanding of advisor and asset manager needs makes them a uniquely valuable partner to their clients.”
While the firm did not disclose specific acquisition targets, it emphasized plans to reduce friction in the investing ecosystem and support asset managers in expanding distribution through wealth management channels.
The firm also said it has achieved consistent operating profitability and reported sharp increases in volume and platform usage over the past year. The number of funds available on the platform has grown to 2,100, with a corresponding rise in adoption by both advisors and institutions.
Headquartered in New York, iCapital maintains a presence in 16 cities worldwide, including London, Zurich, Hong Kong, Singapore, Tokyo and Toronto, and operates an R&D hub in Lisbon.
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