iCapital Network, a NYC-based financial technology platform for alternative investments, is raising a financing round of undisclosed amount.
Blackstone (NYSE: BX) made the investment joining previous investors including:
– BlackRock (NYSE: BLK)
– BNY Mellon (NYSE: BK)
– Credit Suisse Group AG
– Morgan Stanley Investment Management (NYSE: MS)
– UBS Financial Services, Inc. (NYSE: UBS).
Additional backers are expected to join before the round closes.
Led by Lawrence Calcano, Chief Executive Officer, iCapital Network is a financial technology platform for alternative investments with complete tech-based solutions for investors, advisors and asset managers. The firm’s flagship platform offers investors and independent wealth advisors a curated menu of private equity and hedge funds at lower minimums with a full suite of due diligence and administrative support in a secure digital environment.
Banks and asset managers leverage its tech-enabled services to streamline and scale their private investments operational infrastructure.
As of June 30, 2018, iCapital serviced more than $6 billion in invested capital across more than 14,000 underlying accounts.