iCapital Network, a New York, NY-based financial technology platform, received an investment of unisclosed amount.
UBS Financial Services (NYSE: UBS) joined lead investor BlackRock (NYSE: BLK) as a strategic partner.
The company intends to use the funds to further develop the core functions of its innovative platform.
Founded in 2013 by Lawrence Calcano, Chief Executive Officer, iCapital Network provides an online platform that offers the high-net-worth community access to a curated menu of alternative investments such as hedge funds and private equity funds. As part of its offering, the company provides an end-to-end technology solution automating the subscription, administration and reporting processes of these investments, which have historically only been available to institutional investors.
As of June 30, 2017, iCapital had surpassed more than $2.25 billion in private fund subscriptions for more than 3,500 investors across more than 45 funds and maintained an investor network of more than 1,800 registered entities overseeing more than $1.7 trillion in investable assets.
Alongside the investment, UBS will incorporate iCapital’s proprietary technology into its private fund operations to streamline and automate its alternative investment offering.