FinTech giant iCapital raises $820m for global growth

July 10, 2025

iCapital, a global FinTech company shaping the future of investing, has secured over $820m in its latest funding round, boosting its valuation to over $7.5bn.

The round was co-led by T. Rowe Price and SurgoCap Partners, with participation from State Street and additional commitments from existing investors Temasek, UBS, and BNY.

Founded in 2013, iCapital provides technology, data infrastructure, and end-to-end enterprise solutions that power investing at scale, enabling financial advisors, wealth managers, and asset managers to access and manage alternative investments, structured products and annuities alongside traditional investments on a unified platform.

The fresh capital will be used to accelerate iCapital’s global acquisition strategy, drive geographic expansion and support technology innovation across its services.

Since launch, iCapital has invested over $700m into its platform and completed 23 strategic acquisitions, including Mirador, AltExchange, and Parallel Markets, as it expanded to 1,875 employees across 16 offices worldwide. It supports more than 750 product providers and over 3,000 wealth management firms, with platform growth including 2,100 funds and 114,000 active financial professionals.

Goldman Sachs acted as financial advisor and placement agent, with Ropes & Gray as legal advisors to the transaction.

iCapital CEO Lawrence Calcano said, “This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investing experience. More importantly, it enables us to accelerate the work that matters most – delivering differentiated value to our clients.

“They are the cornerstone of everything we do, and this funding ensures we stay ahead of their needs, today and into the future. As demand for alternatives, structured investments, and annuities accelerates, we remain committed to delivering scalable solutions that empower advisors, fund managers, and other infrastructure providers within the ecosystem with the technology, data, and insights they need to personalize their business and deliver exceptional service to their clients and stakeholders.”

T. Rowe Price head of private equity David DiPietro said, “iCapital has built a platform that has not only become foundational to private markets investing, but it is also setting the standard for operational excellence in the industry. Their ability to combine advanced technology with a deep understanding of advisor and asset manager needs makes them a uniquely valuable partner to their clients.”