iCapital Network, a New York-based fintech startup that developed an alternative investment marketplace, announced Monday it has raised $146 million.
According to the company, much of the economic growth today is taking place outside of the public markets in investments made available to a small number of players. iCapital helps facilitate these deals by connecting financial advisors and their high-net-worth clients to alternative investment managers, providing them with a variety of investing opportunities they can take part in to diversify their portfolios. Asset managers and banks can also use the platform to streamline their private investment operational infrastructure.
iCapital says last year it serviced more than $46 million in assets across more than 470 funds, with $12 billion in organic platform growth and acquisitions of other investment funds like Bank of America and Morgan Stanley, as reported by Crunchbase News.
This latest funding round brings the company’s total capital raised to $183 million, according to Crunchbase data, and was led by Hong Kong-based Ping An Global Voyager Fund with participation from additional investors including Goldman Sachs, UBS Financial and BlackRock.
“We are honored to have the support of a distinguished group of strategic investors, and a world-class team completely focused on supporting the success of our clients,” CEO Lawrence Calcano said in a statement. “The asset and wealth management industries have embraced the need for an independent, automated, transparent approach to alternatives. This future we believe in and the future we are building is one where all parties win.”
iCapital says it plans to use this $146 million to enhance its platform and diversify its investment offerings. The company also plans to expand its partnership with wealth management players across North America, Asia, Europe and the Middle East.
