Investment solution iCapital Network raises $146m in funding round

March 23, 2020

iCapital Network, which is helping boost connectivity in the alternative investing market, has raised $146m in its new funding round.

The capital injection was led by Ping An Global Voyager Fund, with Goldman Sachs, Affiliated Managers Group, Hamilton Lane and WestCap also contributing to the round. Investments also came from existing iCapital backers BlackRock, UBS Financial Services, Blackstone and BNY Mellon.

With the fresh funds, the company is looking to enhance its technology and expand functionality when supporting existing clients. Furthermore, the company plans to use the funds to support its international efforts, cementing its relationship with partners across North America, Asia, Europe and the Middle East.

Finally, the FinTech is looking to improve market education and increase the size of its team.

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. Its end-to-end solution supports unique subscription, administration and reporting processes for private equity, private credit, hedge funds, and other alternative investments.

In addition to the funding, Ping An and other investors indicated their intent to partner with iCapital to make use of its technology and help with the management of end-to-end operations, the FinTech claims.

Ping An Global Voyager Fund chairman and CEO Jonathan Larsen 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.”

Other strategic partners and investors of iCapital include The Carlyle Group, Credit Suisse, JPMorgan Chase & Co and Morgan Stanley Investment Management.