iCapital Network, a NYC-based financial technology platform that provides the high-net-worth market with access to alternative investments, acquired the HedgeFocus business from Credit Suisse.
The amount of the deal was not disclosed.
The HedgeFocus portfolio contains more than 20 hedge fund access vehicles representing approximately US$1.8 billion in assets in a combination of event driven, multi-strategy, directional, relative value and tactical strategies run by well-established managers.
With the transfer of assets, iCapital will be responsible for the ongoing administration and servicing of the investments for all existing investors as well as marketing, administration and servicing for new investors subscribing through iCapital.
Led by Lawrence Calcano and Nick Veronis, iCapital Network offers a curated selection of alternative investments, including private equity, credit, real estate, venture capital and hedge funds, to its private network of registered investment advisors, broker-dealers, family offices and individual high-net-worth investors.
The firm’s online platform also provides fund diligence, including presentation materials, due diligence reports, competitor benchmarking, manager profile videos and historical fund performance. It is built on proprietary technology that enables electronic fund subscriptions and redemptions and automates capital confirmations, fund statements, tax reporting and investor reporting to deliver the consummate investor relations experience backed by personalized, professional support.