Alternative Asset Startup iCapital Network Completes $146M Funding Round

Despite all the nasty headlines, massive funding rounds seem to be coming through.

Crunchbase News reports that iCapital Network, the New York-based fintech startup, has just closed a $146 million round of funding.

The round was led by Hong Kong-based Ping An Global Voyager Fund and was participated in by firms including Goldman Sachs, the Affiliated Managers Group, and Hamilton Lane.

Existing investors BlackRock, UBS, Blackstone, and BNY Mellon also joined the round, with BlackRock said to have taken a “significant minority stake” in the seven-year-old firm.

iCapital Network developed a distribution, administration, and workflow platform that provides advisors access to private equity, hedge funds, and other alternative assets. It has so far raised about $183 million, and it boasts investors such as Morgan Stanley, Credit Suisse, and Pivot Investment Partners.

The startup’s latest round of funding comes amidst excellent growth for the company:

In 2019, iCapital said it upped the assets it services from $8 billion to $46.6 billion across more than 470 funds, 100,000 underlying accounts and 55 white label partnerships. Specifically, iCapital said it saw $12.1 billion in organic platform growth as well as growth as a result of its strategic partnership acquisitions. In the first half of 2019, iCapital acquired the alternative investment feeder fund platforms of both Bank of America and Morgan Stanley. The company also expanded its senior leadership during the year, and added nearly 100 employees to bring its total headcount to 218.

In a statement, iCapital Network CEO Lawrence Calcano said the raise is indicative of the fact that asset and wealth management industries “have embraced the need for an independent, automated, transparent approach to alternatives.”

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