iCapital reported through the acquisition, it will purchase the majority of Artivest’s assets, including all technology and its operating platform and the transaction also includes management of Artivest’s 28 proprietary alternative investment funds, along with several large enterprise relationships and Artivest’s ‘Open Network’ platform, which offers a menu of alternative products and strategies to approximately 1,800 financial advisors and their high-net-worth investors. As part of the transaction, nearly 30 Artivest team members are expected to join iCapital.
iCapital further revealed it will service more than $55 billion in client assets across approximately 650 funds, 115,000 underlying accounts, and over 70 white label partners.
“The acquisition will create further operational economies of scale in the offering and servicing of alternative investments and additional benefits for both Artivest and iCapital clients and partners.”
Speaking about the acquisition, Martin Beaulieu, Chairman and CEO of Artivest, stated:
“We are pleased to reach an agreement with iCapital, which is well positioned to deliver the quality and continuity of client experience that is central to Artivest’s offering. We are confident that iCapital is the right service provider for our managers, advisors, and their clients.”
The acquisition of Artivest comes less than a couple of months after iCapital raised $146 million through its recent funding round, which was led by Ping An Global Voyager Fund with participation from Goldman Sachs (NYSE: GS), Affiliated Managers Group (NYSE: AMG), Hamilton Lane (NASDAQ: HLNE) and WestCap. iCapital reported at the time that 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.