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iCapital has announced the completion of a funding round totaling more than $820 million, pushing its valuation beyond $7.5 billion. The investment was co-led by new backers T. Rowe Price and SurgoCap Partners, with additional support from State Street and renewed commitments from existing investors Temasek, UBS, and BNY.
The New York-based fintech company stated that the new capital would support its global acquisition strategy, geographic expansion, and continued investment in technology. iCapital currently services $945 billion in assets across its platform, including $257 billion in alternative assets and $203 billion in structured investments and annuities.
iCapital platform became “foundational to private markets investing”
Lawrence Calcano, Chairman and CEO of iCapital, said, “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. 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.”
David DiPietro, Head of Private Equity at T. Rowe Price, commented, “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.”
iCapital’s platform integrates investment accounting, transaction workflows, regulatory compliance, and performance reporting into a single interface. According to the firm, the financing will also support the acquisition of complementary businesses that enhance advisor and client experiences and improve connectivity for all market participants.
Michael Kushner, Chief Financial Officer at iCapital, added, “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.”
Private market allocations to reach $20 trillion by 2030
The funding round comes at a time when private market allocations are projected to grow significantly. BlackRock estimates that wealth channels could reach $20 trillion in private markets allocations by 2030. iCapital positions itself as a core infrastructure provider for this expansion, offering access to structured investments, private equity, private credit, and annuities through a modular and fully integrated platform.
The company has completed 23 acquisitions since its founding in 2013, including Mirador, AltExchange, and Parallel Markets. Its user base includes more than 3,000 wealth management firms and over 114,000 financial professionals. Over the past year, the platform has seen an increase in volume and fund listings, now totaling more than 2,100 products.
Goldman Sachs & Co. LLC served as financial advisor and placement agent for the transaction. Ropes & Gray LLP acted as legal counsel. Financial terms of the raise were not disclosed.
