Citigroup Inc. agreed to sell a unit that advises its global alternative investment fund platform, which represents more than 180 funds, to technology provider iCapital.
Terms of iCapital’s deal to buy the Citi Global Alternatives business weren’t disclosed, according to a statement Tuesday.
ICapital will manage and operate the fund platform, while Citi remains the distributor, offering guidance to its clients on the role of alternative investments.
“Citi Wealth already has a strong working relationship with iCapital on alternative solutions, and we’re excited to expand our relationship,” Daniel O’Donnell, head of Citi Wealth Alternatives and Investment Manager Solutions, said in the statement.
The platform represents more than 180 alternatives funds distributed globally.
It comprises a range of alternative investment strategies and asset classes, including private equity, growth equity, private credit, infrastructure, venture capital, real estate and hedge funds.
“We will enhance Citi Wealth’s global sales capabilities with a dedicated alternative investment specialist team, equipping advisors with more resources focused on pre-sale, sale and post sales investment activities,” iCapital Chief Executive Officer Lawrence Calcano said in the statement.
(Image: Diego Radzinkschi/ALM)
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