iCapital to Allocate $820M Capital Raise to Acquisitions, Tech Enhancements
Global fintech platform iCapital has raised over $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.
“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,” said Michael Kushner, chief financial officer at iCapital. “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.”
The financing was co-led and funded by accounts advised by T. Rowe Price Associates Inc. and T. Rowe Price Investment Management Inc., and SurgoCap Partners.
“[Our clients] are the cornerstone of everything we do, and this funding ensures we stay ahead of their needs, today and into the future,” said Lawrence Calcano, chairman and chief executive officer of iCapital. “As demand for alternatives, structured investments and annuities accelerates, we remain committed to delivering scalable solutions that empower advisers, 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.”
As an integrated platform for alternatives, structured investments, and annuities, iCapital said its integration of technology on both a modular and comprehensive basis simplifies the investment experience for clients globally and engineers better connectivity and automation for all participants in the ecosystem.
“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,” said David DiPietro, head of private equity at T. Rowe Price. “Their ability to combine advanced technology with a deep understanding of adviser and asset manager needs makes them a uniquely valuable partner to their clients.”
Since its inception in 2013, iCapital has invested more than $700 million into its platform and continues to invest in its technology and education capabilities across geographies to bring its solutions and tools to wealth managers, asset managers and banks globally. The company has completed 23 strategic acquisitions including recent transactions with Mirador in April 2024, AltsExchange in October 2024 and Parallel Markets in January 2025, and doubled its employee base in recent years to 1,875 across 16 global offices.
More recently, AltsWire reported in May 2025 that iCapital was acquiring one of Citi’s indirect subsidiaries, Citi Global Alternatives LLC, the adviser to Citi Wealth’s global alternative investment fund platform.
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 $257 billion in alternatives.
For more iCapital news, please visit their directory page.
