iCapital has acquired Citi Global Alternatives, the unit responsible for managing Citi Wealth’s global alternative investments feeder platform, in a transaction that will also see iCapital deliver an end-to-end technology and servicing solution across Citi’s alternative investment infrastructure.

The acquired platform includes more than 180 alternative funds across private equity, growth equity, private credit, infrastructure, venture capital, real estate, and hedge fund strategies. iCapital will assume responsibility for the ongoing operation and management of the fund platform while Citi will remain the distributor and continue advising clients on portfolio construction.

As part of the transaction, iCapital will provide a dedicated team of specialists to support Citi Wealth’s global distribution efforts, spanning pre-sale, sale, and post-sale activities across all asset classes and structures.

“This partnership reflects our shared commitment to delivering best-in-class alternative investment access and operational scale,” said Lawrence Calcano, Chairman and CEO of iCapital. “We’re proud to expand our relationship with Citi and support the growth of their global alts platform.”

Daniel O’Donnell, Head of Citi Wealth Alternatives and Investment Manager Solutions, added: “We’re excited to bring greater integration of iCapital’s market-leading digital capabilities to our global network of advisors and clients.”

Backed by over $880bn in platform assets, including $220bn in alternatives, iCapital serves more than 2,900 wealth management firms and 108,000 financial professionals globally. The company operates across 16 offices worldwide and has received industry recognition for its role in digitising private market access and distribution.