Alternative investment fintech iCapital has raised over $820 million in its latest financing round co-led and funded by accounts advised by T. Rowe Price Associates, T. Rowe Price Investment Management and SurgoCap Partners. The new round of funding brings the company’s valuation to over $7.5 billion.
Additional investors in the round included State Street and increased commitments from existing investors Temasek, UBS and BNY.
“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,” iCapital CFO Michael Kushner said in a statement. “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.”
iCapital, which is based in New York City, currently services $945 billion in assets, including $257 billion in alternative platform assets, $203 billion in structured investments and annuities outstanding, and $485 billion in client assets reported on.
“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,” iCapital Chairman and CEO Lawrence Calcano said in a statement.
According to the firm, since its creation in 2013, it has invested more than $700 million into its platform and completed 23 strategic acquisitions including recent transactions with Mirador, AltExchange and Parallel Markets. It has doubled its employee base in recent years to 1,875 across 16 global offices. It features 750 product providers and 2,100 funds and more than 3,000 wealth management firms use the platform.
“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,” David DiPietro, head of private equity at T. Rowe Price, said in a statement.
“We’re proud to support iCapital’s continued growth as it expands access to alternative investments through technology-driven innovation and operational excellence, and that aligns well with State Street’s strategic objective to enable continued democratization of alternatives.” Scott Carpenter, global head of alternatives, State Street, said in a statement.
Goldman Sachs & Co. LLC served as financial advisor and placement agent, and Ropes & Gray LLP acted as legal advisors to the transaction. Terms of the capital raise were not disclosed.
The announcement comes just days after The Bank of New York Mellon Corp. tapped iCapital to give its clients more access to private market strategies and enhance its investment management capabilities.
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