New York-based fintech company iCapital has agreed to acquire Passthrough, a provider of investor onboarding and financial compliance technology for general partners.
In a news release issued Wednesday, iCapital said the acquisition will strengthen its support of the limited partner onboarding process. With Passthrough’s technology, iCapital plans to expand fundraising capabilities across both private wealth and institutional channels, giving GPs a unified platform to onboard and service a range of investors.
Additionally, iCapital expects to further scale its platform to meet growing institutional demand and support allocations from wealth managers, ultimately improving the overall client experience.
“ICapital began with a clear focus on modernizing and simplifying how GPs connect with the wealth channel. The acquisition of Passthrough is a natural extension of that focus and expands our capabilities to support the global GP community as they engage with — and serve — all of their LPs across the wealth and institutional markets,” Lawrence Calcano, CEO of iCapital, said in a statement.
Together, iCapital and Passthrough support more than 1,200 GPs and product providers, ranging from individual managers to global asset management firms.
