Online alternative investment company iCapital Network is set to acquire the Private Equity Access Fund Platform from Deutsche Bank.
The Access Fund is made up of 33 funds which represent a variety of investment strategies, with around $2.5bn invested in assets and over 7000 domestic and international investors. Once iCapital takes control of the funds, its technology will streamline and automate ongoing administration of the vehicles and offer operational support to investors.
iCapital is an online investment platform helping to give individual investors access to the alternatives market, with a minimum investment value of ?100,000 per fund. The platform also gives wealth management firms, private banks and broker-deals access to market research.
Following the deal, iCapital will have approximately $5bn in private funds, making it one of the biggest US-based independent alternative investment platforms.
iCapital Network COO Tom Fortin said, ?The core of our offering is the technology behind it, which gives us the ability to scale exponentially while continuing to offer the high-touch, seamless service that our network expects when investing in alternatives. This acquisition presents new possibilities for consolidation and growth, and further solidifies our position as the preferred alternative investments technology solution for asset managers and wealth managers.p>
To help maintain relationships with the fund third-party service providers, iCapital will offer positions to those managing the portfolio.
Earlier this year, Deutsche Bank bought a 12.5 per cent stake in trade receivables marketplace TrustBills.
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