iCapital Network, a NYC-based financial technology platform for alternative investing, closed a $146m capital raise.
The round was led by Ping An Global Voyager Fund, joined by new investors Goldman Sachs (NYSE: GS), Affiliated Managers Group (NYSE: AMG), Hamilton Lane (NASDAQ: HLNE) and WestCap and existing investors BlackRock (NYSE: BLK), UBS Financial Services, Inc. (NYSE: UBS), Blackstone (NYSE: BX) and BNY Mellon (NYSE: BK). Additional existing strategic partners and investors in iCapital include The Carlyle Group (NASDAQ: CG), Credit Suisse, JPMorgan Chase & Co (NYSE: JPM) and Morgan Stanley Investment Management (NYSE: MS).
The company intends to use the funds to enhance its platform technology and expand functionality in support of its existing clients and continued growth, and solidify relationships with partners across North America, Asia, Europe and the Middle East.
Led by Lawrence Calcano, Chief Executive Officer, iCapital Network provides a financial technology platform that offers advisors and their clients access to a curated menu of private equity and hedge funds at lower minimums with a suite of due diligence and administrative support in a secure digital environment. As of December 31, 2019, the company services more than $46.6 billion in invested capital across more than 100,000 underlying accounts. The company has over 218 employees.