iCapital announced it has entered into a definitive agreement to acquire Passthrough to broaden investor onboarding and financial compliance capabilities for private markets general partners. The transaction is intended to extend iCapital’s support for limited partners onboarding beyond private wealth distribution into institutional fundraising, offering GPs a single platform to onboard and service investors across channels.
The company said the combination will deepen automation around investor identity, subscription documents, and KYC/AML workflows, with the goal of creating a more consistent experience for both managers and investors regardless of LP type, size, or strategy. iCapital and Passthrough said they collectively support 1,200 GPs and product providers, spanning emerging managers and large asset management firms.
iCapital framed the deal as a step toward capturing growing demand for alternatives across both institutional and wealth allocations. The company noted that institutional flows into alternative investments exceeded $1.30 trillion in 2025 and said the acquisition expands its onboarding solution and financial compliance infrastructure to better support GPs.
Passthrough’s platform focuses on digitizing investor identity and onboarding, streamlining subscription workflows, and handling sensitive identity data through integrations across the private capital technology ecosystem. iCapital said these capabilities complement its existing Identity Solutions and will help it tailor tools to specialized reporting, operating, and compliance needs across the private markets landscape.
iCapital also highlighted the scale of its broader platform, saying it services more than $1.13 trillion of assets globally, including $295.9 billion in alternative platform assets, $251.4 billion in structured investments and annuities outstanding, and $589.4 billion in client assets reported on, and serves over 3,300 wealth management firms and 122,000 active financial professionals.
KEY QUOTES
“iCapital began with a clear focus on modernizing and simplifying how GPs connect with the wealth channel. The acquisition of Passthrough is a natural extension of that focus and expands our capabilities to support the global GP community as they engage with—and serve—all of their LPs across the wealth and institutional markets. We are excited to welcome Passthrough and their talented team to iCapital, and together, we will continue to deliver a more unified, seamless client experience across the investment industry.”
Lawrence Calcano, Chairman And CEO, iCapital
“We are thrilled to join the iCapital team and integrate our investor identity and onboarding technology capabilities with iCapital’s global platform, and together we will accelerate the industry’s shift toward a unified, identity-first standard—for the entire alternative investment ecosystem.”
Tim Flannery, CEO And Co-Founder, Passthrough
