iCapital Network Completes Capital Raise
Alternative investment platform iCapital Network has closed a $146 million capital raise. Ping An Global Voyager Fund led the round, joined by new investors Goldman Sachs, Affiliated Managers Group), Hamilton Lane and WestCap. Additional commitments came from existing investors BlackRock, UBS Financial Services, Inc. , Blackstone and BNY Mellon.
"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 investment, Ping An and other investors have indicated their intent to, or have already partnered with iCapital to leverage its proprietary technology to help manage the end-to-end operations of their private market activities targeted to the high-net-worth wealth management marketplace.
Jonathan Larsen, Chairman and CEO at Ping An Global Voyager Fund, said "iCapital has rapidly established itself as a pre-eminent distribution, administration and workflow platform for high-net-worth access to alternative assets. They have strong partnerships with the 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."
As part of this capital raise, BlackRock will take a significant minority stake in iCapital.
"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."
Additional existing strategic partners and investors in iCapital include The Carlyle Group, Credit Suisse, JPMorgan Chase & Co and Morgan Stanley Investment Management.
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