New York-based iCapital Network announced the closure of its latest funding round with a $146 million capital raise that will help fuel its future growth, officials said.
The Ping An Global Voyager Fund led the financing round. The Hong Kong-based fund invests in growth stage financial technology and healthcare technology companies.
The fund was joined by new investors including Goldman Sachs, Affiliated Managers Group, Hamilton Lane and WestCap. Existing investors kicked in capital to including BlackRock, UBS Financial Services, Blackstone and BNY Mellon.
Additional strategic partners and investors include The Carlyle Group, Credit Suisse, JP Morgan Chase & Co. and Morgan Stanley Investment Management.
“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,” said Lawrence Calcano, chief executive officer of iCapital Network. “The asset and wealth management industries have embraced the need for an independent, automated, transparent approach to alternatives. The future we believe in and the future we are building is one where all parties win.”
In addition to the new investment, Ping An and other investors have indicated plans to partner with iCapital to leverage its proprietary technology to help manage the operations of their private market activities targeted to the high-net-worth wealth management marketplace.
Through the influx of capital, iCapital said it has a strong balance sheet and capital base from which to operate as an independent company. The funding allows executives to enhance the platform technology and expand functionality in supporting its existing clients and continue growth.
“iCapital has rapidly established itself as a pre-eminent distribution, administration and workflow platform for high-net-worth access to alternative assets,” said Jonathan Larsen, chairman and CEO at Ping An Global Voyager Fund. “They have strong partnerships with leading wealth management players in the U.S. and, increasingly, globally. We are excited to partner with the iCapital team on its next stage of growth, and we see enormous opportunities to open up access to alternatives in Asia and beyond.”
Officials at iCapital also announced that BlackRock, as a long-standing strategic partner of iCapital, will take a significant minority stake in the independent company.
“BlackRock is excited to continue to support iCapital in its next phase of growth as a well-capitalized, independent entity,” said Rob Goldstein, chief operating officer of BlackRock. “As financial advisors explore the role alternatives can play in robust, diversified portfolios, iCapital’s leading open-architecture platform provides technology to streamline, automate and facilitate investments in private markets.”
Last year iCapital grew the assets on its platform from $8 billion to $46.6 billion across more than 470 funds, 100,000 underlying accounts and 55 white label partnerships. Officials also grew its senior leadership team and added more than 100 employees bringing its total headcount to 218.
In January, iCapital partnered with State Street to open up the platform to the custodial and administration firm’s alternative fund manager clients in the offering of U.S. registered funds.
Pimco’s alternative strategies were added to the platform last November.