iCapital Network, a fintech providing access to alternative investments, announced on Wednesday that iCapital RF Adviser, a registered investment adviser and a subsidiary of iCapital,has been appointed investment adviser of the iCapital KKR Private Markets Fund. iCapital reported that the appointment expands the scope of iCapital’s business model to include registered fund management. iCapital Securities, LLC has been appointed the distributor of the Fund.
According to iCapital, the Fund offers accredited investors, estimated to be over 13 million American households, access to a selection of private equity funds and co-investments sponsored or advised by KKR. It intends to invest and/or make capital commitments of at least 80% of its assets to private equity investments of any type sponsored or advised by KKR and will also seek to diversify its portfolio across vintages, industries, and geographies.
While sharing more details about the Fund, Lawrence Calcano, Chairman and CEO of iCapital Network, stated:
“Advisors are seeking quality registered fund offerings to meet their investors’ burgeoning appetite for alternative investments such as private equity, and the important role they play in diversifying a portfolio. This is a unique opportunity to offer investors access to one of the most respected investment managers in an established, innovative product customized for accredited investors.”
The iCapital RF Adviser team is notably led by Nick Veronis, Head of Portfolio Management, Co-Founder, and Managing Partner of iCapital Network. iCapital RF Adviser is a new subsidiary of iCapital Network solely focused on registered fund management. As an investment adviser, iCapital RF Adviser is responsible for investment selection, portfolio construction, and operational oversight of the Fund. Doug Krupa, Managing Director and Co-Head of KKR’s Private Wealth Partners group, then added:
“The iCapital RF Adviser team has a deep understanding of the drivers of long-term performance in private equity and iCapital’s familiarity with the needs and preferences of the financial advisors and high net worth investors positions them to deliver a diversified fund with exposure across KKR’s global investment strategies.”
The expansion comes just weeks after iCapital announced the acquisition of AI Insight, Inc., an alternative investment education and compliance platform.iCapital revealed at the time that the AI Insight platform offers financial advisors investment research, training, qualification, and compliance support for a broad range of alternative investments, including private capital, hedge funds, non-traded REITs and BDCs, and alternative mutual funds.