iCapital Network, the leading financial technology platform driving access and efficiency in alternative investing for the asset and wealth management industries, announced it has entered into an agreement to acquire the alternative investments feeder fund platform from Wells Fargo’s Global Alternative Investments (GAI) division. As a part of the transaction, Wells Fargo is making a strategic investment in iCapital under the terms of iCapital’s latest fundraising round.
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Wells Fargo’s alternative investment feeder fund platform supports a full suite of alternative solutions, including private equity, private debt, hedge funds, private real estate and direct private investments across approximately 70 investment vehicles. Last month, iCapital announced its agreement to acquire the Artivest platform and operating businesses. Upon completion of both transactions, iCapital’s platform will service nearly $58 billion in client assets across more than 720 funds, 120,000 underlying accounts, and more than 70 white label partners.
“We are enormously excited to forge this partnership with Wells Fargo as another important milestone on our mission to create the industry standard technology solution for private investments,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital Network. “This agreement is emblematic of the great strides we have made to provide greater access, efficiency and transparency for the wealth management community seeking alternative investing strategies for their high-net-worth clients.”
“We are pleased to partner with iCapital to deliver alternative investments to enhance the experience for our advisors and clients,” said Darrell Cronk, president of Wells Fargo Investment Institute. “This transaction will allow us to continue to provide innovative alternative investment solutions to our clients as well as upgrade the overall platform and launch new offerings.”
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