iCapital Network hits $6bn valuation hot off heels of former round

iCapital Network, which is boosting access and efficiency in alternative investing industries, has scored $50m in fresh funding, which brings its valuation to $6bn.

The round was led by WestCap Apollo and Temasek. Existing investors of iCapital Network are expected to make follow-on commitments to iCapital early next year.

iCapital will use the funding to enhance its technology, expand the breadth of strategies and product types on its alternative investment menu and will explore strategic acquisitions that broaden its client capabilities.

The company previously raised $447m in July 2021, which had put its valuation at $4bn. Since then, the company has increased its platform assets to over $104bn and increased its team to more than 700 employees.

Founded in 2013, iCapital also allows financial advisors and high-net-worth clients with access to a curated list of private equity, private credit, hedge funds, and other alternative investments to help them diversify their portfolios.

WestCap partner Scott Ganeles said, “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.

“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.”

iCapital’s existing investor base includes Blackstone, KKR, The Carlyle Group, Affiliated Managers Group, BlackRock, BNY Mellon, Citi Ventures, Credit Suisse, Goldman Sachs Asset Management, Golub Capital, Hamilton Lane, JPMorgan Chase and many others.

The FinTech company claims it is the only alternative investment platform of its kind to count four of the world’s largest alternative asset managers among its strategic investors (Apollo, Blackstone, KKR and The Carlyle Group).

Speaking on the deal, iCapital Network chairman and CEO Lawrence Calcano said, “We’re honoured for WestCap and Temasek to expand their commitments and to now include Apollo as a shareholder. 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.”

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