Apollo and Temasek also invest in the round
New investor Apollo is the latest preeminent alternatives manager to make strategic investment, highlighting iCapital’s global leadership in facilitating access to alternative investments
NEW YORK–(BUSINESS WIRE)–iCapital Network1, the leading global financial technology platform driving access and efficiency in alternative investing for the asset and wealth management industries, today announced that it has closed on a $50 million funding round led by WestCap. Apollo (NYSE: APO) and Temasek also invested in the round, which valued the company in excess of $6 billion. Other existing investors are expected to make follow-on commitments to iCapital early next year.
Apollo is the latest alternative asset manager to invest in iCapital, joining strategic investors Blackstone, KKR, and The Carlyle Group, making iCapital the only alternative investment platform of its kind to count four of the world’s largest alternative asset managers among its strategic investors. The round further expands the consortium of industry leaders aligned with iCapital’s industry-standard technology solution for facilitating private wealth channel access to alternative investments, which also includes: Affiliated Managers Group, BlackRock, BNY Mellon, Citi Ventures, Credit Suisse, Goldman Sachs Asset Management, Golub Capital, Hamilton Lane, JPMorgan Chase, Morgan Stanley, MSD Partners, Noah Holdings, Owl Rock, Ping An Voyager Partners, Pivot Investment Partners, UBS, and Wells Fargo.
“We’re honored for WestCap and Temasek to expand their commitments and to now include Apollo as a shareholder,” said Lawrence Calcano, Chairman and CEO of iCapital Network. “With the addition of Apollo, we now have the largest and most distinguished general partners in the world supporting iCapital in its mission of delivering the definitive technology solution for alternative investments within the wealth management space.”
“WestCap is expanding our equity position in iCapital as the company has completely transformed how private market and hedge fund investments are bought and sold,” said Scott Ganeles, Partner at WestCap and iCapital board observer. “Financial advisors, wealth managers, and asset managers around the world now have access to everything they need to deliver the return and diversification potential of alternatives to high-net-worth investors.”
“The democratization of finance brings tremendous opportunity for advisors and their clients to access alternatives and will play an increasingly important role in Apollo’s growth strategy,” said Stephanie Drescher, Partner and Chief Client and Product Development Officer at Apollo. “iCapital has developed one of the industry’s most comprehensive technology solutions bridging the gap between alternative asset managers and wealth advisors, and we’re pleased to make an investment in a market leader.”
iCapital’s continued growth
iCapital will use the proceeds from this latest capital raise to enhance its platform technology, expand the breadth of strategies and product types on its alternative investment menu, and pursue strategic acquisitions that broaden its client capabilities.
Since announcing its last fundraising round in July 2021, which the company ultimately closed at $447 million, iCapital has undergone a period of transformative growth. It increased platform assets to more than $104 billion, grew its headcount to more than 700 employees, enhanced its technology and education capabilities, and expanded the breadth of strategies and product types it services to include structured notes and expanded offerings for accredited investors.
In addition, iCapital hit several important milestones internationally. It increased its global employee base and its international office presence with more than 130 employees and consultants located outside of the United States, based in Zurich, London, Lisbon, Hong Kong, Singapore, Tokyo, and Toronto. Over the past 12 months, iCapital grew its platform assets from international clients to US$22 billion2, making it the largest alternatives platform outside the US. It recently announced strategic partnerships with global industry leaders such as Allfunds, BlackRock and UBS, further solidifying iCapital’s international footprint. Most recently, iCapital announced the appointment of Masato Degawa as its Senior Advisor for the Japanese market.
About iCapital Network
Founded in 2013 in NYC, iCapital Network is the leading global financial technology company powering the world’s alternative investment marketplace. It has transformed the way the wealth management, banking, and asset management industries facilitate access to private markets investments for their high-net-worth clients by providing intuitive, end-to-end technology and service solutions. Wealth management firms use iCapital’s solutions to provide clients with quality funds at lower minimums and simplified digital workflows. Asset managers and banks leverage iCapital’s technology to streamline and scale their alternative investments operational infrastructure. Additionally, the iCapital ‘flagship’ platform offers wealth advisors and their high-net-worth clients access to a curated menu of private equity, private credit, hedge funds, structured notes, and other alternative investments to help meet their investing needs for return and diversification. iCapital’s research and diligence team offers robust analysis alongside the firm’s extensive suite of advisor education, compliance, portfolio management, and portfolio analytics tools and services. iCapital was recognized on the Forbes FinTech 50 list in 2018, 2019, 2020 and 2021, the Forbes America’s Best Startup Employers in 2021, and MMI/Barron’s Industry Awards as Solutions Provider of the Year in 2020 and 2021. As of November 2021, iCapital services more than $100 billion in client assets, of which over $22 billion are from international investors (non-US Domestic), across 860 funds. Employing more than 700 people globally, iCapital is headquartered in NYC and has offices in Zurich, London, Lisbon, Hong Kong, Singapore, and Toronto.
For additional information, please visit iCapital Network’s website at www.icapitalnetwork.com | LinkedIn: https://www.linkedin.com/company/icapital-network-inc | Twitter: @icapitalnetwork
See disclosures here.
WestCap is a strategic investor and operator in growth equity that partners with visionary leaders to build generational companies. WestCap’s team is comprised of seasoned entrepreneurs and company builders who work side-by-side with founders to help companies scale. With over $8 billion of assets under management and committed capital, WestCap has made notable investments like Airbnb, StubHub, iPreo, Skillz, Addepar, Hopper, iCapital, GoodLeap, Cerebral, Bolt, Celsius, and NYDIG. The firm has offices in New York, San Francisco and London. For more information, visit www.WestCap.com.
1 Institutional Capital Network, Inc., and its affiliates (herein “iCapital Network”, “iCapital” or “the Company”)
2 As of 10/31/21
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