iCapital Network, a fintech providing access to alternative investments, announced on Thursday has entered into an agreement to acquire the alternative investments feeder fund platform from Wells Fargo’s (NYSE: WFC) Global Alternative Investments (GAI) division. iCapital reported as a part of the transaction, Wells Fargo is making a strategic investment in the company under the terms of iCapital’s latest fundraising round.
According to iCapital, Wells Fargo’s alternative investment feeder fund platform supports a full suite of alternative solutions, including private equity, private debt, hedge funds, private real estate, and direct private investments across approximately 70 investment vehicles. Speaking about the acquisition, Lawrence Calcano, Chairman and CEO of iCapital Network, stated that the agreement is “emblematic of the great strides” the company has made to provide greater access, efficiency and transparency for the wealth management community seeking alternative investment strategies for high-net-worth clients.
Darrell Cronk, president of Wells Fargo Investment Institute, added:
“This transaction will allow us to continue to provide innovative alternative investment solutions to our clients as well as upgrade the overall platform and launch new offerings.”
The acquisition agreement comes just a little over a month after iCapital acquired Artivest, a tech company that focuses on accessing and investing in alternatives. The company also recently 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.