iCapital, a global financial technology (fintech) company, announced on Thursday that it has raised more than $820 million in its latest funding round. This new investment brings the company’s total value to over $7.5 billion.
The firm said in a statement that the investment round was co-led by new investors T. Rowe Price and SurgoCap Partners, with additional participation from State Street, and increased commitments from existing investors Temasek, UBS, and BNY.
The money will be used to make smart business purchases that help improve the experience for both financial advisors and their clients. It will also help asset managers reach more people and attract new types of investors. Overall, the goal is to make the whole system work more smoothly for everyone involved.
“The proceeds from this capital raise will be strategically deployed to accelerate our acquisition efforts, with a focus on enhancing our technology platform and expanding our data capabilities,
“These investments will enable us to deliver even greater value to our clients by deepening innovation across our product offerings, strengthening our presence in key markets, and advancing the tools and solutions we provide to wealth and asset managers globally,” said Michael Kushner, Chief Financial Officer at iCapital.
iCapital is a platform that helps manage investments like alternative assets, structured investments, and annuities. It offers tools for learning, making transactions, tracking data, analyzing investments, and supporting clients throughout the entire investment process.
Its technology can be used in parts or as a full system, making investing easier and more efficient for clients around the world. It also helps improve connection and automation across the entire investment industry.
Today, iCapital manages $945 billion in assets globally. This includes $257 billion in alternative investments, $203 billion in structured investments and annuities, and $485 billion in reported client assets. The company continues to modernize the wealth and asset management world with powerful tech, data systems, and solutions designed to support investing at a large scale.
“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,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital.
“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,” he added.
According to BlackRock’s 2025 Private Markets Outlook private markets could grow to around $20 trillion by 2030 and beyond. This highlights the growing need for modern systems and tools to support that expansion.
“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,” said David DiPietro, head of Private Equity at T. Rowe Price.
Since it was founded in 2013, iCapital has invested over $700 million into building and improving its platform. The company continues to invest in technology and education tools to support wealth managers, asset managers, and banks around the world.
iCapital has made 23 strategic acquisitions, including deals with Mirador, AltExchange, and Parallel Markets. It has also doubled its team size in recent years, now employing 1,875 people across 16 offices globally.
The company says it has stayed consistently profitable while growing quickly each year in transactions, users, and overall platform activity.
Today, iCapital works with over 750 product providers and more than 3,000 wealth management firms worldwide.
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