iCapital to Acquire Passthrough, an Investor Onboarding, Compliance Platform
Global fintech platform iCapital has entered into a definitive agreement to acquire Passthrough, a financial technology platform providing investor onboarding solutions and financial compliance infrastructure for general partners.
The acquisition, according to iCapital, is meant to enhance its support of the limited partnership onboarding process by extending fundraising across both private wealth and institutional channels, giving GPs a unified, scalable platform to onboard and service investors of any type, size, or strategy.
The acquisition price was not disclosed, but in a 2023 funding round, investors valued Passthrough at $40 million. The startup had raised a total of $15 million from various venture capital firms prior to the acquisition.
“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,” said Lawrence Calcano, chairman and chief executive officer of iCapital.
Together, iCapital and Passthrough support 1,200 GPs and product providers ranging from emerging and specialty managers to the largest asset management firms in the world. In 2025, Passthrough handled $34 billion in subscriptions.
In 2025, the institutional flows into alternative investments exceeded $1.30 trillion, according to the 2026 global report by Preqin.
With the acquisition of Passthrough, iCapital said it expands its onboarding solution and financial compliance infrastructure to support GPs while tapping into the growing allocations from wealth managers and aims to deliver a more consistent client experience.
Passthrough focuses on modernizing investor identity, subscription documents, and KYC/AML compliance for private markets. According to the company, its software enables fund managers to automate investor onboarding, streamline subscription workflows, and securely manage sensitive identity data, supported by deep integrations across the private capital technology ecosystem.
“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,” said Tim Flannery, CEO and co-founder of Passthrough.
iCapital said Passthrough complements iCapital Identity Solutions, and the acquisition enables iCapital to further enhance and tailor these tools to meet the specialized reporting, operating, and compliance needs of all LPs across the private markets landscape.
In December 2025, AltsWire reported that iCapital had joined BNY, Nasdaq, and S&P Global in a $50 million strategic investment in Digital Asset, the creator of the Canton Network and a leader in privacy-enabled blockchain technology for global financial markets.
In 2025, iCapital grew its total global workforce by 31% to more than 2,200 people worldwide and expanded its global footprint with new offices in Sydney, Abu Dhabi, and Miami. The company offers a diverse range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services.
iCapital reported more than $1.13 trillion of assets serviced globally on its platform, as of Dec. 31, 2025, including $295.9 billion in alternative platform assets.
For more iCapital news, visit its directory page.
