iAltA Holdings, a private markets infrastructure company, announced its launch with an initial funding of $20 million led by WestCap. Launched out of WestCap, iAltA’s goal is to build a digital infrastructure that unifies private market systems.
iAltA Private Markets: Along with the funding announcement, iAltA is also launching its first platform solution, iAltA Private Markets, which empowers General Partners (GPs) to execute transactions and cash movements, efficiently engage with investors, streamline fund operations, and make data-driven decisions.
Value proposition: The rapid growth and complexity of alternative assets, which is expected to surpass $24 trillion in 2028 across private equity, real estate, private credit, and beyond, requires new technology systems to support investment managers and their investors. So, the market has become cluttered with point solutions and is hindered by fragmented processes and limited transparency. And with the launch of iAltA, the founding team is addressing the industry’s need for comprehensive solutions that target the market’s most pressing inefficiencies. The company also plans to establish multiple subsidiaries by acquiring technology companies, retooling and integrating products, and accelerating innovation through strategic partnerships.
Leadership: The founding team members also each bring over thirty years of hands-on experience building and scaling transformational companies in private markets that set industry standards. Laurence A. Tosi will serve as a board member, Scott Ganeles as CEO, and Bill Sherman as President at iAltA.
In 2001, Tosi spearheaded the launch of Ipreo, which was incubated out of Merrill Lynch after noticing the need for a digital-first way to interact and transact with the public markets. And he was joined by Ganeles as CEO and Sherman as EVP and Head of Data Strategy to grow Ipreo into a $1.9 billion business that was acquired by IHS Markit. In 2010, Tosi oversaw the launch of iLEVEL, incubated out of Blackstone, transforming how fund managers view and manage their portfolios and risk in real time.
After reuniting at WestCap in 2018, Ganeles and Tosi experienced the alternative asset class facing the same growing pains they’ve seen before. So together, with Sherman, they created iAltA, which carries forward the legacy of modernizing markets.
To set up the foundation for its first platform, iAltA acquired two companies: Verivend and Betterfront. Verivend is a transaction-ready investor portal, enabling GPs to seamlessly raise, deploy, and manage capital with a purpose-built payments technology platform, while providing LPs with a seamless investing experience. And Betterfront is a fundraising platform dedicated to helping PE and VC fund managers attract and retain LPs using sophisticated track record analytics and technology solutions. These acquisitions combine each company’s expertise with iAltA’s broader mission, robust resources, and extensive team experience in the industry.
WestCap is also actively utilizing the iAltA platform to digitally transact and market its funds, aiming to unlock a new level of transparency for LPs through real-time financials, detailed position tracking, and portfolio company data and analytics. And beyond its role as an investor and client, WestCap has been a key product design and development partner, helping shape the platform’s technology and identifying strategic synergies across its broader portfolio through its extensive network.
New board member: WestCap Partner, Jaime Hildreth, will serve on the board. Before joining WestCap, she was Head of Strategy for Private Capital Markets at Ipreo, where she played a key role in acquiring iLEVEL, which she founded and developed with Tosi during their time at Blackstone.
KEY QUOTES:
“The alternative asset class is facing the growing pains we’ve seen before: inefficiencies and missed opportunities due to outdated infrastructure. We have developed a distinctive model, combining operational expertise, entrepreneurial agility and investment acumen, in a pursuit of transformational change that moves the entire industry forward.”
Scott Ganeles, CEO at iAltA
“Our formation and investment in iAltA follows in the footsteps of Ipreo and iLEVEL with the same proven formula for disruption and innovation: deep industry expertise, technology-driven solutions, and a vision to unify fragmented systems into one seamless digital ecosystem. We’re practitioners building for practitioners — collaborating with the industry to solve its challenges holistically and drive positive, lasting change to benefit all market stakeholders.”
Laurence A. Tosi, Managing Partner and Founder at WestCap
“By joining forces with iAltA, we have the opportunity to scale our impact and bring even greater value to existing and new clients. Together, we will address industry pain points more effectively while capitalizing on the increasing demand for unified fund management solutions.”
Rodney Reisdorf, Co-Founder at Verivend who will now serve as iAltA’s Executive Vice President
