iCapital Network, a fintech platform for alternative investments, is to acquire the US Private Equity Access Fund Platform from the Asset Management division of Deutsche Bank.
The amount of the deal – expected to close before the end of 2017 – was not disclosed.
The US Private Equity Access Fund Platform is comprised of 33 funds representing a range of investment strategies and underlying managers with approximately $2.5 billion in invested assets and more than 7,000 domestic and international investors.
iCapital Advisors LLC, an SEC registered investment adviser, will take over as investment manager for the portfolio of private equity access funds and its end-to-end technology solution will be leveraged to streamline and automate the ongoing administration of the funds and provide operational support for investors.
With the transfer of assets, iCapital will service approximately $5 billion in private fund assets.
To ensure continuity of service, iCapital plans to maintain relationships with the funds’ third-party service providers and will offer positions to the 18 employees currently managing the fund portfolio and servicing the investors within Deutsche Asset Management.
As part of iCapital, the team will continue to support existing fund investors, which include clients of Deutsche Bank Wealth Management.
Led by Lawrence Calcano, Chief Executive Officer, and Tom Fortin, Chief Operating Officer, iCapital Network provides modular alternative investments solutions for registered investment advisors, broker-dealers, private banks, family offices and other investors. The online portal offers a curated menu of private equity, private credit, venture capital, real estate and hedge funds, along with extensive due diligence support, an automated subscription process and integration with a wide range of custodians and reporting packages.