iCapital Network Announces Latest Funding Round Led by WestCap

New investor Apollo is the latest preeminent alternatives manager to make strategic investment, highlighting iCapital’s global leadership in facilitating access to alternative investments

iCapital Network, the leading global financial technology platform driving access and efficiency in alternative investing for the asset and wealth management industries, announced that it has closed on a $50 million funding round led by WestCap. Apollo and Temasek also invested in the round, which valued the company in excess of $6 billion. Other existing investors are expected to make follow-on commitments to iCapital early next year.

“The democratization of finance brings tremendous opportunity for advisors and their clients to access alternatives and will play an increasingly important role in Apollo’s growth strategy”

Apollo is the latest alternative asset manager to invest in iCapital, joining strategic investors Blackstone, KKR, and The Carlyle Group, making iCapital the only alternative investment platform of its kind to count four of the world’s largest alternative asset managers among its strategic investors. The round further expands the consortium of industry leaders aligned with iCapital’s industry-standard technology solution for facilitating private wealth channel access to alternative investments, which also includes: Affiliated Managers Group, BlackRock, BNY Mellon, Citi Ventures, Credit Suisse, Goldman Sachs Asset Management, Golub Capital, Hamilton Lane, JPMorgan Chase, Morgan Stanley, MSD Partners, Noah Holdings, Owl Rock, Ping An Voyager Partners, Pivot Investment Partners, UBS, and Wells Fargo.

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“We’re honored for WestCap and Temasek to expand their commitments and to now include Apollo as a shareholder,” said Lawrence Calcano, Chairman and CEO of iCapital Network. “With the addition of Apollo, we now have the largest and most distinguished general partners in the world supporting iCapital in its mission of delivering the definitive technology solution for alternative investments within the wealth management space.”

“WestCap is expanding our equity position in iCapital as the company has completely transformed how private market and hedge fund investments are bought and sold,” said Scott Ganeles, Partner at WestCap and iCapital board observer. “Financial advisors, wealth managers, and asset managers around the world now have access to everything they need to deliver the return and diversification potential of alternatives to high-net-worth investors.”

“The democratization of finance brings tremendous opportunity for advisors and their clients to access alternatives and will play an increasingly important role in Apollo’s growth strategy,” said Stephanie Drescher, Partner and Chief Client and Product Development Officer at Apollo. “iCapital has developed one of the industry’s most comprehensive technology solutions bridging the gap between alternative asset managers and wealth advisors, and we’re pleased to make an investment in a market leader.”

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iCapital’s continued growth

iCapital will use the proceeds from this latest 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 broaden its client capabilities.

Since announcing its last fundraising round in July 2021, which the company ultimately closed at $447 million, iCapital has undergone a period of transformative growth. It increased platform assets to more than $104 billion, grew its headcount to more than 700 employees, enhanced its technology and education capabilities, and expanded the breadth of strategies and product types it services to include structured notes and expanded offerings for accredited investors.

In addition, iCapital hit several important milestones internationally. It increased its global employee base and its international office presence with more than 130 employees and consultants located outside of the United States, based in Zurich, London, Lisbon, Hong Kong, Singapore, Tokyo, and Toronto. Over the past 12 months, iCapital grew its platform assets from international clients to US$22 billion², making it the largest alternatives platform outside the US. It recently announced strategic partnerships with global industry leaders such as Allfunds, BlackRock and UBS, further solidifying iCapital’s international footprint. Most recently, iCapital announced the appointment of Masato Degawa as its Senior Advisor for the Japanese market.