iCapital Network, a NYC-based financial technology platform focused on alternative investments for high-net-worth individuals and their advisors, acquired the US Private Equity Access Fund Platform from the Asset Management division of Deutsche Bank.
The terms of the transaction, which was completed on December 8, 2017, were not disclosed. With the transfer of assets, iCapital now services more than $5 billion in investor capital and nearly 10,000 investor accounts.
The US Private Equity Access Fund Platform is comprised of 33 fund families representing 53 onshore and offshore vehicles and $2.8 billion in capital across more than 7,200 domestic and international investor accounts.
iCapital has assumed management of the fund portfolio and its technology solution will be leveraged to streamline and automate the ongoing administration of the funds and provide operational support for the underlying investors.
Additionally, iCapital has hired 15 employees from Deutsche Asset Management who will continue to manage funds and support investors in the US Private Equity Access Fund Platform and will ensure a smooth transition for clients.
In particular,
– Wes Sturdevant has been named Managing Director of iCapital and will focus on strategic business development and relationship management with key clients, – Joanie O’Grady has been named Senior Vice President and Head of Portfolio Monitoring, and
– Susan Park has been named Senior Vice President, Fund Administration and joins the Investor Relations & Fund Administration group reporting to iCapital’s Chief Operating Officer and Managing Partner Tom Fortin.
Led by Lawrence Calcano, Chief Executive Officer, iCapital Network is a financial technology platform that provides modular alternative investments solutions for registered investment advisors, broker-dealers, private banks, family offices and other sophisticated investors. The online portal offers a curated menu of private equity, private credit, venture capital, real estate and hedge funds, along with due diligence support, an automated subscription process and integration with a wide range of custodians and reporting packages.
FinSMEs
29/12/2017