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May 13, 2020 at 02:36 PM
Fintech platform iCapital Network, used for alternative investing, is buying rival Artivest for an undisclosed amount.
The transaction includes Artivest’s technology and management of its 28 alternative investment funds. Its platform is now used by about 1,800 financial advisors and their clients to access private equity and other investments.
After the deal closes, iCapital says it will work with about $55 billion in client assets, 650 funds, 115,000 accounts, and 70 white-label partners. As of April 30, iCapital worked with $51 billion in assets and some 100,000 accounts.
“We have long admired Artivest’s technical innovations and capabilities in registered funds and direct investments, and the strength of their team,” said iCapital Chairman and CEO Lawrence Calcano, in a statement.
“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,” added Artivest Chairman and CEO Martin Beaulieu.
Private equity owners, like KKR, expect to convert their holdings in Artivest into equity shares of iCapital. Other owners are Aquiline Capital Partners, Genstar Capital and Thiel Capital.
Recently, iCapital said it received $146 million in funding from the Ping An Global Voyager Fund, including commitments from BlackRock, Blackstone, BNY Mellon, Goldman Sachs and UBS. Some other iCapital partners and investors are the Carlyle Group, Credit Suisse, JPMorgan and Morgan Stanley.
Artivest Holdings will continue to manage its legacy mutual fund business and commodity pools that are not part of the deal.
