Alternative investment platform iCapital raises $820m

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

Founded in 2013, iCapital’s technology is used by wealth managers to learn, manage, and invest in private markets, structured investments, and annuities alongside traditional holdings through an interface that unifies onboarding, document workflows, performance data, and regulatory compliance.

For asset managers, the firm provides end-to-end enterprise solutions, a digital marketplace, tailored distribution capabilities within the wealth management channel, data management, AI-powered services and tools, and sales distribution support and reporting.

It now supports over 750 product providers and more than 3000 wealth management firms worldwide and has seen $945 billion of assets serviced globally on its platform.

The new funding will be used for a global acquisition strategy, geographic expansion, and technology innovation.

Lawrence Calcano, CEO, iCapital, says: “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.”