ICapital, the global fintech company, announced Thursday it has raised over $820 million with the completion of its latest financing round, bringing the company’s valuation to over $7.5 billion.
The firm said in a statement that the investment round co-led by new investors T. Rowe Price and SurgoCap Partners with additional participation from State Street, and increased commitments from existing investors Temasek, UBS, and BNY.
The capital will be used to support strategic acquisitions that improve the advisor and client experience, empower asset managers to expand their reach and attract a broader range of investors, and create opportunities to reduce friction in the ecosystem for all participants.
“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,” said Michael Kushner, Chief Financial Officer at iCapital.
As the integrated platform for alternatives, structured investments, and annuities, iCapital delivers a portfolio of management capabilities for education, transactions, data flows, analytics, and client support throughout the investment lifecycle.
The integration of iCapital’s technology on both a modular and comprehensive basis simplifies the portfolio investment experience for clients globally and engineers better connectivity and automation for all participants in the ecosystem.
With $945 billion of assets serviced globally on its platform, including $257 billion in alternative platform assets, $203 billion in structured investments and annuities outstanding, and $485 billion in client assets reported on, the firm said it continues to transform the wealth and asset management landscape through technology, data infrastructure, and end-to-end enterprise solutions that power investing at scale.
“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,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital.
“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,” he added.
According to BlackRock’s 2025 Private Markets Outlook, the private markets are expected to grow to an estimated $20 trillion by 2030 and beyond – underscoring the need for modern infrastructure to support this growth.
“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,” said David DiPietro, head of Private Equity at T. Rowe Price.
Since its inception in 2013, iCapital has invested more than $700 million into its platform and continues to invest in its technology and education capabilities across geographies to bring its solutions and tools to wealth managers, asset managers and banks globally.
The company has completed 23 strategic acquisitions including recent transactions with Mirador, AltExchange, and Parallel Markets and doubled its employee base in recent years to 1,875 across 16 global offices.
ICapital said the firm has achieved consistent operating profitability, with rapid year-over-year growth in transaction volume, client adoption, and platform usage.
Today, it supports over 750 product providers and more than 3,000 wealth management firms worldwide.
Over the last 12 months, global volume activity on platform has increased significantly, the number of funds on platform has grown to 2,100, and the number of active financial professional users has increased to 114,000.