iCapital Acquires Citi’s Global Alternative Investment Fund Adviser
By Staff
Global fintech platform iCapital, along with Citi, announced that iCapital is acquiring one of Citi’s indirect subsidiaries, Citi Global Alternatives, LLC, the adviser to Citi Wealth’s global alternative investment fund platform. Terms of the purchase agreement were not disclosed.
According to iCapital, this platform represents more than 180 alternative funds distributed globally and comprises investment vehicles across a diverse range of alternative investment strategies and asset classes, including private equity, growth equity, private credit, infrastructure, venture capital, real estate, and hedge funds. The company also mentioned that the platform will focus largely on the retail space, as opposed to the institutional space.
With this transaction, iCapital will manage and operate the fund platform, while Citi will remain the distributor of such funds and will continue to offer guidance to its clients on the role of alternative investments within a diversified investment strategy.
“We are excited to partner with Citi Wealth to drive growth for their alternatives business globally. iCapital’s technology platform will streamline the operations and management of their current and future alternative investment funds platform,” said Lawrence Calcano, chairman and CEO of iCapital. “Additionally, we will enhance Citi Wealth’s global sales capabilities with a dedicated alternative investment specialist team, equipping advisers with more resources focused on pre-sale, sale, and post sales investment activities. The team will cover all asset classes and product structures, working in close partnership with Citi and general partners to support alts platform growth.”
“Citi Wealth already has a strong working relationship with iCapital on alternative solutions, and we’re excited to expand our relationship to bring greater integration of iCapital’s market-leading digital capabilities to our advisers, bankers, investment counselors, and clients,” said Daniel O’Donnell, head of Citi Wealth alternatives and investment manager solutions.
For iCapital, this is the company’s 14th acquisition of this nature and follows closely on their partnership with MAI Capital Management, as well as Morgan Stanley.
Headquartered in New York, iCapital is a global fintech company supporting the alternative investments marketplace. Its solutions enable organizations to streamline and scale their operational infrastructure for alternative investments and to provide access to direct investments and feeder funds at lower minimums through simplified digital workflows. iCapital reports more than $880 billion in global platform assets, including $220 billion in alternatives.
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