Fintech firm iCapital says that it has raised some $820 million in its latest financing round, which was co-led and funded by accounts advised by T. Rowe Price and SurgoCap Partners.
The firm plans to use the capital for acquisitions that “improve the advisor and client experience, empower asset managers to expand their reach and attract a broader range of investors, and create opportunities to reduce friction in the ecosystem for all participants," iCapital said in a statement.
The company says its valuation now exceeds $7.5 billion. Also, the firm now has about $945 billion of assets on its platform, including $257 billion in alternative platform assets, and works with roughly 3,000 wealth management firms and 114,000 financial professionals.
“This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investing experience," said Lawrence Calcano, chair and CEO of iCapital. "More importantly, it enables us to accelerate the work that matters most — delivering differentiated value to our clients."
According to BlackRock’s 2025 Private Markets Outlook, asset allocations to private markets are estimated to hit $20 trillion by 2030.
“As demand for alternatives, structured investments and annuities accelerates, we remain committed to delivering scalable solutions that empower advisors, fund managers and other infrastructure providers within the ecosystem with the technology, data and insights they need to personalize their business and deliver exceptional service to their clients and stakeholders,” Calcano said.
Courtesy photo
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