The investment in iCapital Network was led by Ping An’s fund, with participation from existing investors
iCapital Network, an alternative investment start-up, has secured $146m in capital raise led by Hong Kong-based fintech investor Ping An Global Voyager Fund.
The funding round attracted new Investors that include Goldman Sachs, AMG, Hamilton Lane, and WestCap.
It also saw participation from existing investors BlackRock, UBS, Blackstone, and BNY Mellon.
iCapital Network stated that the latest round of investment will be used by the firm to enhance its technology platform and fuel its future growth in alternative investing.
Additional existing partners and investors include the Carlyle Group, Credit Suisse, JPMorgan Chase and Morgan Stanley Investment Management.
iCapital Network aims to expand its platform’s functionality to support its existing clients and continued growth and a globalised investor base.
The funding will also support iCapital Network in solidifying its commitment to international marketplace as it strengthens its relationships with partners across North America, Asia, Europe and the Middle East.
iCapital Network CEO Lawrence Calcano said: “We are honored 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.”
Furthermore, Ping An and other investors said that they intend to partner with iCapital to leverage its technology platform for managing end-to-end operations of their private market activities targeted at high-net-worth wealth management marketplace.
iCapital uses a modular technology and service platform built to provide an end-to-end solution which is fully configurable, highly scalable and can support the unique subscription, administration, and reporting processes for private equity, private credit, hedge funds and other alternative investments.
iCapital increased assets under services from $8bn to $46.6bn, last year
Last year, the firm increased the assets its services from $8bn to $46.6bn across 470 funds, 100,000 underlying accounts and 55 white label partnerships.
It had also expanded its senior leadership and recruited more than 100 employees, taking its total headcount to 218.
Ping An Global Voyager Fund chairman and CEO Jonathan Larsen said “iCapital has rapidly established itself as a pre-eminent distribution, administration and workflow platform for high-net-worth access to alternative assets.
“They have strong partnerships with the leading wealth management players in the U.S. and, increasingly, globally. We are excited to partner with the iCapital team on its next stage of growth, and we see enormous opportunities to open up access to alternatives in Asia and beyond.”