iCapital Network has agreed to acquire Artivest in a bid to bolster its position in the alternative investments technology ecosystem.

The financial details of the transaction were not divulged.

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Artivest enables financial advisors and high net worth individuals to access and invest private equity, real assets and hedge funds.

As agreed, iCapital will acquire most of Artivest’s assets including its technology and its operating platform.

It will also take over the management of Artivest’s 28 alternative investment funds and other enterprise relationships.

Additionally, 28 Artivest employees are expected to join iCapital.

However, the transaction does not include Altegris mutual fund business and commodity pools. Artivest Holdings will continue to manage these businesses.

iCapital Network chairman and CEO Lawrence Calcano said: “Given our shared mission to facilitate meaningful alternative investing opportunities across the wealth and asset management spectrum, this acquisition was compelling for a number of reasons.

“We have long admired Artivest’s technical innovations and capabilities in registered funds and direct investments, and the strength of their team.

“The integration of these attributes with iCapital’s already robust platform and product offerings creates a powerful combination delivering a ‘best-in-breed’ technology experience while also presenting new platform partners and strategies to our respective clients.”

Once the transaction is complete, iCapital will serve more than $55bn in client assets. The acquisition is also expected to drive economies of scale in the offering and servicing of alternative investments.

Notably, iCapital raised $146m in March this year to support its growth.