iCapital, a global fintech platform that helps boost access and efficiencies for investors, has raised a new round of funding to expand the breadth of strategies and products on its alternative investment menu. The fresh capital pushes iCapital’s valuation to $6bn, up $2bn from July when it had raised $440m in a funding round led by Temasek.
Growth equity firm WestCap, which holds more than $8bn of assets under management and has made notable investments into startups such as Airbnb and StubHub led the round, with participation from Apollo Global Management and Temasek also investing.
Other existing investors are expected to make additional commitments by early next year, according to a company statement.
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Founded in 2013, iCapital aims to transform the way investors within the wealth management and banking sectors facilitate access to private markets for their high-net-worth clients by providing the end-to-end technology and service solutions.
Since its capital raise in July, iCapital has witnessed significant growth, increasing its platform assets to more than $104bn and growing to a team of more than 700 employees. It aims to continue enhancing its technology and education capabilities for accredited investors with the latest round of funding.
“We’re honoured for WestCap and Temasek to expand their commitments and to now include Apollo as a shareholder,” said Lawrence Calcano, Chairman and CEO of iCapital Network.
“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.”
Scott Ganeles, Partner at WestCap and iCapital board observer added, “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.”
Source: Currency.com
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