iCapital Network has agreed to purchase the alternative investments feeder fund platform from the Global Alternative Investments (GAI) arm of Wells Fargo for an undisclosed sum.

The deal is anticipated to complete in the second half of this year.

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The feeder fund platform supports alternative solutions such as private equity, private debt, hedge funds, private real estate and direct private investments across nearly 70 investment vehicles.

Wells Fargo will make a strategic investment in iCapital as part of the latter’s recent funding round.

Notably, iCapital, a fintech platform that connects advisers and investors with alternative investment managers, raised $146m in March this year. The investment round led by Ping An Global Voyager Fund.

Wells Fargo Investment Institute president Darrell Cronk said: “This transaction will allow us to continue to provide innovative alternative investment solutions to our clients as well as upgrade the overall platform and launch new offerings.”

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The latest deal comes shortly after the iCapital’s acquisition of Artivest.

Post completion of the Wells Fargo and Artivest deals, iCapital’s client assets under management will reach around $58bn across more than 720 funds, 120,000 underlying accounts, and over 70 white label partners.

iCapital chairman and CEO Lawrence Calcano said: “We are enormously excited to forge this partnership with Wells Fargo as another important milestone on our mission to create the industry standard technology solution for private investments.”

Last year, iCapital snapped up Morgan Stanley’s alternative investments feeder fund business.