iCapital Network, a Fintech providing access to alternative investments, has closed a $146 million funding round, according to a release. Ping An Global Voyager Fund led the round and was joined by new investors Goldman Sachs (NYSE: GS), Affiliated Managers Group (NYSE: AMG), Hamilton Lane (NASDAQ: HLNE) and WestCap.
Ping An Global Voyager Fund is a Hong Kong-based investor in growth-stage Fintech and Healthtech companies.
Existing investors BlackRock (NYSE: BLK), UBS Financial Services, Inc.(NYSE: UBS), Blackstone (NYSE: BX) and BNY Mellon (NYSE: BK) also participated. Additional existing strategic partners and investors in iCapital include The Carlyle Group (NASDAQ: CG), Credit Suisse, JP Morgan Chase & Co (NYSE: JPM) and Morgan Stanley Investment Management (NYSE: MS).
BlackRock said it will take a “significant minority stake in the independent company.”
The terms of the funding were not disclosed.
iCapital says the funding will allow the company to enhance its platform technology and expand functionality in support of its existing clients and continued growth, a diversified slate of investment offerings and a globalized investor base. The funding will also support iCapital’s participation in international marketplaces.
“The asset and wealth management industries have embraced the need for an independent, automated, transparent approach to alternatives. The future we believe in and the future we are building is one where all parties win.”
As part of the funding, Ping An and other investors have indicated their intent to partner with iCapital to leverage its proprietary technology to help manage the end-to-end operations of their private market activities targeted to the high-net-worth wealth management marketplace.
Jonathan Larsen, Chairman and CEO at Ping An Global Voyager Fund, commented on the investment:
“iCapital has rapidly established itself as a pre-eminent distribution, administration and workflow platform for high-net-worth access to alternative assets. They have strong partnerships with the leading wealth management players in the U.S. and, increasingly, globally. We are excited to partner with the iCapital team on its next stage of growth, and we see enormous opportunities to open up access to alternatives in Asia and beyond.”
In 2019, iCapital says it increased the assets it services from $8 billion to $46.6 billion across more than 470 funds, 100,000 underlying accounts and 55 white label partnerships.
iCapital’s tech provides an end-to-end solution that is described as fully configurable, highly scalable, and able to support the unique subscription, administration, and reporting processes for private equity, private credit, hedge funds, and other alternative investments.