{{Short description|American fintech company}} {{lowercase title}} {{Use mdy dates|date=July 2024}} {{Infobox company | name = Institutional Capital Network, Inc | logo = ICapital.svg | image = | image_caption = | trade_name = iCapital | image_size = | type = Private | traded_as = | industry = Financial services | founded = {{Start date and age|2013}} | location = One Grand Central Place, New York City, U.S. | key_people = Lawrence Calcano (Chairman & CEO) | assets = {{US$|191.2 billion}} (May 2024) | products = {{Unbulleted list||Alternative investments}} | num_employees = 1,510 (2024) | website = {{URL|icapital.com}} | footnotes = }}
'''Institutional Capital Network, Inc''' (doing business as '''iCapital''') is an American fintech company that provides platform solutions related to alternative investments in the private markets.
== Background ==
iCapital was founded in New York in 2013 with the goal of opening up alternative investments to more investors.<ref name=":4">{{Cite web |last=Lim |first=Dawn |date=December 29, 2019 |title=BlackRock in Talks to Cancel Option to Take Over iCapital Network |url=https://www.wsj.com/articles/blackrock-in-talks-to-cancel-option-to-take-over-icapital-network-11576756801 |website=Wall Street Journal |access-date=July 20, 2024 |archive-date=December 7, 2022 |archive-url=https://web.archive.org/web/20221207123452/https://www.wsj.com/articles/blackrock-in-talks-to-cancel-option-to-take-over-icapital-network-11576756801 |url-status=live }}</ref><ref name=":0">{{Cite web |last=Block |first=Fang |date=November 9, 2018 |title=Fintech Startup iCapital Aims to Democratize Alternative Investments |url=https://www.barrons.com/articles/fintech-startup-icapital-aims-to-democratize-alternative-investments-1541796414 |website=Barrons |access-date=July 20, 2024 |archive-date=June 24, 2019 |archive-url=https://web.archive.org/web/20190624160540/https://www.barrons.com/articles/fintech-startup-icapital-aims-to-democratize-alternative-investments-1541796414 |url-status=live }}</ref>
iCapital has made a series of acquisition from banks. In March 2016, iCapital acquired HedgeFocus, a hedge fund business of Credit Suisse that focused on private banking clients.<ref name=":1">{{Cite web |last=Lim |first=Dawn |date=May 3, 2016 |title=iCapital Uses Tech Platform to Help GPs and the Wealthy Connect |url=https://www.wsj.com/articles/icapital-uses-tech-platform-to-help-gps-and-the-wealthy-connect-1459273413 |website=Wall Street Journal|url-access=subscription}}</ref> In December 2017, iCapital acquired Deutsche Bank's US private equity access fund platform.<ref>{{Cite web |date=December 14, 2017 |title=ICapital Network Buys US Private Equity Access Fund Platform from Deutsche Bank |url=https://www.wsj.com/articles/icapital-network-buys-us-private-equity-access-fund-platform-from-deutsche-bank-1513275097 |website=Wall Street Journal|url-access=subscription}}</ref> In March 2019, iCapital acquired Bank of America’s alternative investment feeder fund operations business.<ref name=":2">{{Cite web |last=Foerch |first=Andrew |date=June 23, 2022 |title=iCapital scores Bank of America investment at $6bn valuation |url=https://citywire.com/pro-buyer/news/icapital-scores-bank-of-america-investment-at-6bn-valuation/a2390726 |access-date=July 20, 2024 |website=Citywire |archive-date=February 28, 2024 |archive-url=https://web.archive.org/web/20240228191212/https://citywire.com/pro-buyer/news/icapital-scores-bank-of-america-investment-at-6bn-valuation/a2390726 |url-status=live }}</ref> In June 2020, iCapital acquired the feeder fund platform from Wells Fargo’s Global Alternative Investments division.<ref>{{Cite web |last=Benjamin |first=Jeff |date=June 18, 2020 |title=Wells Fargo sells $3 billion alternatives platform to iCapital |url=https://www.investmentnews.com/alternatives/news/wells-fargo-sells-alternatives-platform-icapital-194243 |website=Investment News}}</ref>
When BlackRock became an investor of iCapital in 2016, it also negotiated the option to buy all of the company in two to five years. In 2019, Blackrock renegotiated its agreement where it would give up its option to acquire all of iCapital while acquiring additional ownership to remain as iCapital's largest minority shareholder. It was decided it was in the best interests for iCapital to remain independent in the hands of multiple investors.<ref name=":4" />
In February 2024, ''Institutional Investor'' reported that more than 100,000 financial advisors used iCapital and it had access to funds from 560 asset managers.<ref>{{Cite web |last=Thrasher |first=Michael |date=February 27, 2024 |title=Why Family Offices Have Little Interest in Alts Platforms |url=https://www.institutionalinvestor.com/article/2cwk9wu5dzxpnppquhse8/portfolio/why-family-offices-have-little-interest-in-alts-platforms |access-date=July 20, 2024 |website=Institutional Investor |language=en |archive-date=April 24, 2024 |archive-url=https://web.archive.org/web/20240424002620/https://www.institutionalinvestor.com/article/2cwk9wu5dzxpnppquhse8/portfolio/why-family-offices-have-little-interest-in-alts-platforms |url-status=live }}</ref>
In April 2024, iCapital acquired Mirador, a fintech reporting company. Mirador had strengths in data aggregation which would enhance iCapital's reporting process.<ref>{{Cite web |last=Deaton |first=Holly |date=April 3, 2024 |title=iCapital Is Acquiring Fintech Reporting Company Mirador |url=https://www.riaintel.com/article/2d23ev1jdlu0y0qbwsdmo/wealth-management/icapital-is-acquiring-fintech-reporting-company-mirador |access-date=July 20, 2024 |website=RIA Intel |language=en}}</ref> In the same month, iCapital launched iCapital Marketplace in Hong Kong and Singapore.<ref>{{Cite web |last=Walker |first=Rupert |date=2024-04-17 |title=iCapital launches alternatives platform in Hong Kong and Singapore |url=https://fundselectorasia.com/icapital-launches-alternatives-platform-in-hong-kong-and-singapore/ |access-date=2024-07-20 |website=Fund Selector Asia |language=en-US |archive-date=May 18, 2024 |archive-url=https://web.archive.org/web/20240518074255/https://fundselectorasia.com/icapital-launches-alternatives-platform-in-hong-kong-and-singapore/ |url-status=live }}</ref>
In May 2025, iCapital agreed to acquire Citigroup's wealth alternatives unit, which represents more than 180 funds across private equity, infrastructure, hedge funds and private credit.<ref>{{Cite news |date=2025-05-13 |title=Citi to sell wealth alternatives unit to fintech firm iCapital |url=https://www.reuters.com/business/finance/citi-sell-wealth-alternatives-unit-fintech-firm-icapital-2025-05-13/ |access-date=2025-08-05 |work=Reuters |language=en}}</ref> iCapital will manage and operate the platform, while Citi will serve as the fund distributor and offer client guidance. Terms of the deal were not disclosed.
In 2025, iCapital reached a valuation of $7.5 billion.<ref>{{Cite news |last=Bhandari |first=Ateev |date=2025-07-10 |title=Fintech iCapital valued at over $7.5 billion in latest fundraise amid private markets rush |url=https://www.reuters.com/technology/private-market-fintech-icapital-valued-over-75-billion-latest-fundraise-2025-07-10/ |access-date=2025-08-05 |work=Reuters |language=en}}</ref>
The company provides platforms that make alternative investments more accessible to investors. Traditionally, most alternative investment assets have been held by institutional investors due to their complex nature as well as strict regulations.<ref name=":0" /><ref name=":3">{{Cite news |last=Foxman |first=Simone |date=November 8, 2018 |title=JPMorgan, Carlyle Are Latest Wall Street Firms to Back iCapital |url=https://www.bloomberg.com/news/articles/2018-11-08/jpmorgan-carlyle-are-latest-wall-street-firms-to-back-icapital |access-date=July 20, 2024 |work=Bloomberg News |language=en |archive-date=January 20, 2022 |archive-url=https://web.archive.org/web/20220120235954/https://www.bloomberg.com/news/articles/2018-11-08/jpmorgan-carlyle-are-latest-wall-street-firms-to-back-icapital |url-status=live }}</ref> iCapital invests in private funds and assembles the fund allocation into vehicles that can be accessed more broadly by investors.<ref name=":1" />
iCapital has been backed by financial institutions such as banks which include JPMorgan Chase and Morgan Stanley as well as asset management firms which include Blackrock, Fidelity Investments and Blackstone Inc. They have also partnered with iCapital to use its technology platforms.<ref name=":0" /><ref name=":2" /><ref name=":3" />
== References == {{Reflist}}
==External links== * {{Official website| https://www.icapital.com}} {{authority control}} {{Private equity and venture capital}} {{Hedge funds}}
Category:2013 establishments in New York City Category:Alternative investment management companies Category:American companies established in 2013 Category:Companies based in New York City Category:Financial services companies based in New York City Category:Financial services companies established in 2013 Category:Financial technology companies