Investment platform iCapital secures $820 million in funding, bolstering its alternative investment offerings.
In a significant move that underscores investor enthusiasm for transforming the investing experience, iCapital, a leading global asset manager, has successfully completed a major funding round, raising over $820 million. This landmark event values the company at an impressive $7.5 billion, marking a notable increase from its previous valuation of just over $6 billion in 2021.
The funding round was co-led by new investors T. Rowe Price and SurgoCap Partners, with participation from State Street and increased commitments from existing backers such as Temasek, UBS, and BNY Mellon. Goldman Sachs acted as the financial advisor and placement agent for the transaction, while Ropes & Gray provided legal counsel.
iCapital plans to utilise the newly acquired funds in several strategic areas. The company intends to pursue strategic acquisitions to enhance its platform and market position, having a track record of acquiring over 23 companies, including AltExchange and Parallel Markets. iCapital also aims to invest in geographic expansion, broadening its international footprint to serve a global client base.
In addition, the company will focus on further developing and strengthening its technology infrastructure. This includes improving its digital marketplace, data management, AI-powered tools, and sales distribution support to enhance client and advisor experiences and reduce friction within the investment ecosystem. iCapital's ultimate goal is to solidify and grow its leadership in transforming alternative investments and wealth management.
iCapital currently manages $945 billion in global assets, with $485 billion in reported client assets. The platform supports 2,100 funds and boasts 114,000 active financial professional users. iCapital offers a unified interface for private markets and traditional assets, supporting wealth managers and providing end-to-end solutions, a digital marketplace, customised distribution tools, and AI-powered services for asset managers.
The financing round positions iCapital to capitalise on the rapidly growing market for alternatives, projected to reach trillions in assets globally. Wealth channel allocations to private markets are expected to reach $20 trillion by 2030, according to BlackRock's 2025 Private Markets Outlook.
iCapital's chairman and CEO, Lawrence Calcano, emphasised that the capital raise reflects strong investor enthusiasm and enables the company to accelerate its work in delivering differentiated value to clients. Last month, Liechtenstein's GT private bank partnered with iCapital to digitise its alternative investment portfolio, further highlighting the company's growth and influence in the industry.
With this funding round, iCapital has grown its workforce to 1,875 employees across 16 global offices, supporting over 750 product providers and more than 3,000 wealth management firms globally. The company continues to innovate and expand, solidifying its position as a leading player in the transformative world of alternative investments and wealth management.
- iCapital, after a successful $820 million funding round, plans to allocate funds for strategic acquisitions, geographic expansion, and technology development, aiming to improve its digital marketplace, data management, AI-powered tools, and sales distribution support.
- The financing round, co-led by T. Rowe Price and SurgoCap Partners, positions iCapital to capitalize on the rapidly growing market for alternatives, as wealth channel allocations to private markets are expected to reach $20 trillion by 2030.
- iCapital's operation spans across 16 global offices, supporting over 750 product providers and more than 3,000 wealth management firms globally, highlighting its growth and influence in the industry.
- With a focus on wealth management, private markets, and Fintech, iCapital offers a unified interface for traditional and alternative assets, providing end-to-end solutions, a digital marketplace, customized distribution tools, and AI-powered services for asset managers.
