iCapital Network, a fintech platform that connects advisers and investors with alternative investment managers, has raised $146m.
The investment round was led by Ping An Global Voyager Fund.
Go deeper with GlobalData
New investors such as Goldman Sachs, Affiliated Managers Group, Hamilton Lane and WestCap; and the company’s existing backers BlackRock, UBS Financial Services, Blackstone and BNY Mellon also participated in the round.
iCapital Network will utilise the new proceeds to support its growth as an independent company.
The plan includes improving its platform and rolling out new functionalities for its clientele.
Moreover, the company also aims to use the funding to strengthen its position as an alternative investment marketplace.
iCapital Network CEO Lawrence Calcano said: “We are honoured to have the support of a distinguished group of strategic investors, and a world-class team completely focused on supporting the success of our clients.
“The asset and wealth management industries have embraced the need for an independent, automated, transparent approach to alternatives. The future we believe in and the future we are building is one where all parties win.”
As part of the investment, BlackRock will acquire a significant minority stake in the company.
BlackRock COO Rob Goldstein said: “BlackRock is excited to continue to support iCapital in its next phase of growth as a well-capitalised, independent entity.
“As financial advisers explore the role alternatives can play in robust, diversified portfolios, iCapital’s leading open-architecture platform provides technology to streamline, automate and facilitate investments in private markets.”
iCapital Network platform provides advisers and their clients with access to select private equity and hedge funds.
As of 31 December 2019, iCapital Network services more than $46.6bn in invested capital across 100,000 underlying accounts.
