iCapital, a global fintech company, has completed its latest financing round, raising over $820 million. Co-led by accounts advised by T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, along with SurgoCap Partners, this round brings iCapital’s valuation to over $7.5 billion.
With $945 billion in assets serviced globally on its platform, iCapital continues to transform wealth and asset management through technology, data infrastructure, and end-to-end enterprise solutions.
The new capital will support strategic acquisitions aimed at improving advisor and client experiences, empowering asset managers to expand their reach, and reducing friction within the investment ecosystem. As the only integrated platform for alternatives, structured investments, and annuities, iCapital provides comprehensive portfolio management capabilities across the entire investment lifecycle, simplifying the experience for global clients.
This funding comes as the wealth channel is projected to significantly increase allocations to private markets, estimated to reach $20 trillion by 2030, underscoring the need for modern infrastructure. iCapital’s technology enables seamless integration of private markets, structured investments, and annuities with traditional holdings for wealth managers. For asset managers, it offers end-to-end enterprise solutions, a digital marketplace, tailored distribution, data management, AI-powered services, and sales support.
Since its inception in 2013, iCapital has invested over $700 million into its platform, completing 23 strategic acquisitions, including Mirador, AltExchange, and Parallel Markets. The company has also doubled its employee base to 1,875 across 16 global offices.
iCapital has achieved consistent operating profitability with rapid year-over-year growth in transaction volume, client adoption, and platform usage. It currently supports over 750 product providers and more than 3,000 wealth management firms worldwide, with global volume activity and active financial professional users significantly increasing in the last 12 months.
Advisors: Goldman Sachs acted as financial advisor and placement agent, and Ropes & Gray served as legal advisors for the transaction. Specific terms of the capital raise were not disclosed.
KEY QUOTES:
“This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investing experience. More importantly, it enables us to accelerate the work that matters most – delivering differentiated value to our clients. They are the cornerstone of everything we do, and this funding ensures we stay ahead of their needs, today and into the future. 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.”
Lawrence Calcano, Chairman and CEO of iCapital
“iCapital has built a platform that has not only become foundational to private markets investing, but it is also setting the standard for operational excellence in the industry. Their ability to combine advanced technology with a deep understanding of advisor and asset manager needs makes them a uniquely valuable partner to their clients.”
David DiPietro, head of Private Equity at T. Rowe Price
“The proceeds from this capital raise will be strategically deployed to accelerate our acquisition efforts, with a focus on enhancing our technology platform and expanding our data capabilities. These investments will enable us to deliver even greater value to our clients by deepening innovation across our product offerings, strengthening our presence in key markets, and advancing the tools and solutions we provide to wealth and asset managers globally.”
Michael Kushner, Chief Financial Officer at iCapital
