iCapital Names Industry Veteran to Lead Alts in Retirement Portfolios Strategy
Global fintech platform iCapital has appointed Drew Carrington to lead its alternatives in retirement portfolios strategy. Carrington will helm iCapital’s efforts to accelerate the adoption of the full range of alternative asset classes and products in the defined contribution market.
The company said its technology platform is purpose-built to scale and meet the needs of the broader ecosystem as the industry commits to making alternative investments available in suitable products for defined contribution plans, such as 401(k) retirement plans.
In his new role as managing director, Carrington will position iCapital as a thought leader and committed solutions provider in the defined contribution and retirement markets, which are undergoing rapid transformation, including the adoption of alternative assets, increased personalization, and the implementation of retirement income solutions.
While Carrington gets his feet wet at his new position, affiliated policies are underway to accelerate access to alts. A group of nine Republican senators recently urged the U.S. Department of Labor to implement the executive order from President Trump that would dramatically expand investment options for Americans’ retirement savings.
iCapital said Carrington will also be responsible for partnering with alternative managers to develop and distribute new vehicles that deliver cost-effective, professionally managed alternative investment solutions designed to integrate seamlessly into the existing defined contribution ecosystem.
Carrington reports to Dan Vene, co-founder, managing director, and co-head of iCapital Solutions for iCapital.
Prior to iCapital, Carrington was the senior vice president, head of institutional defined contribution, or DC, at Franklin Templeton Investments from 2013 to 2024. He was also a managing director at UBS Global Asset Management from 2005 to 2013, and a senior investment consultant at Mercer Investment Consulting from 2000 to 2005.
Carrington earned his bachelor’s degree at Harvard University and holds FINRA Series 7 and 63 licenses.
Previously reported by AltsWire this summer, iCapital raised more than $820 million with the completion of its latest financing round, bringing the company’s valuation to over $7.5 billion. According to the company, the boost in capital will be used to support strategic acquisitions that improve the adviser and client experience, empower asset managers to expand their reach and attract a broader range of investors, and further streamline its ecosystem for all participants.
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 $945 billion in global platform assets, including more than $260 billion in alternatives.
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