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iCapital to Acquire Private Equity Platform From Deutsche Bank

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Alts platform iCapital announced on Thursday that it will acquire the US Private Equity Access Fund Platform from the Asset Management division of Deutsche Bank. Terms were not disclosed, but the transaction is expected to be closed by the end of the year.

Following the transfer of assets to iCapital’s platform, it will service approximately $5 billion in private fund assets.

“We see this deal as an important step forward in our mission to connect alternative asset managers with high-net-worth individuals, and are excited to work with a new universe of advisors and investors who can benefit from our state-of-the-art tech-enabled services,” Lawrence Calcano, CEO of iCapital Network, said in a statement.

 (Related: iCapital Adds Morgan Stanley to Big-Name Investors)

The platform comprises 33 funds with about $2.5 billion in assets from over 7,000 investors. ICapital will take over as the investment manager of the private equity access funds on the platform, using its technology platform to automate fund administration.

Pierre Cherki, head of alternatives at Deutsche Asset Management, noted that “iCapital is a well-known leader in the alternative investments space delivering a suite of digital capabilities that are well-suited to foster and grow the US Private Equity Access Fund Platform.” 

There are 18 employees currently managing the fund portfolio, who will be offered positions at iCapital. The platform is also maintaining relationships with third-party providers currently supporting the funds.

Calcano added, “This strategic acquisition perfectly complements our existing business and brings with it an outstanding team of experienced professionals as well as expanded relationships with leading general partners, which will strengthen our value proposition to the marketplace and our growing investor network.”

Tom Fortin, chief operating officer of iCapital Network, stressed the value of the technology.

“The core of our offering is the technology behind it, which gives us the ability to scale exponentially while continuing to offer the high-touch, seamless service that our network expects when investing in alternatives,” he said. “This acquisition presents new possibilities for consolidation and growth, and further solidifies our position as the preferred alternative investments technology solution for asset managers and wealth managers.”

— Read Alts Platform iCapital Opens to Accredited Investors: Tech Roundup on ThinkAdvisor.


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