Institutional Capital Network, Inc. (d/b/a iCapital)

iCapital: Powering the Global Alternative Investment Marketplace

Institutional Capital Network, Inc. does business as iCapital. iCapital is a global financial technology company modernizing the wealth management industry through innovation and scale. Since its inception in 2013, iCapital has built the world’s leading financial technology platform connecting financial advisors, wealth managers, and asset managers with institutional quality private markets alternatives including private equity, private credit, hedge funds, structured products and annuities. Total platform assets are now over $1 trillion, $283.9 billion of which is in alternative investments as of October 2025. The firm’s employees, located in 18 offices across 10 countries, support over 3,000 of the financial industry’s most sophisticated wealth management firms and approximately 121,000 financial professionals across 90+ countries. In July 2025, iCapital closed a $700M preferred equity round at a valuation of $7.5 billion. iCapital’s strategic investors include Blackstone, KKR, Apollo, The Carlyle Group, BlackRock, T. Rowe Price and Temasek.

Investment Platform & Solutions

We’re the technology company behind alternative investments, structured products and annuities. Our fully integrated platform streamlines every step of the complex process associated with these investments and products, automating and making more efficient, a process that historically has been time-consuming, labour intensive and lacking in transparency. The iCapital Marketplace is the leading digital platform that connects wealth managers with institutional-quality alternative investment funds from leading managers globally. The Marketplace offers access to a curated group of more than 2,100 investment vehicles through feeder funds with lower minimums, starting at $25,000. The Enterprise Solutions suite of products provides a range of customizable, white label and/or off-the-shelf solutions that enable wealth and asset management firms to bring alternative investments onshore and seamlessly integrate them within their current business practices. Our proprietary registered fund series – the iDirect Private Markets Fund, iDirect Private Credit Fund and iDirect Multi-Strategy Fund – enables accredited investors to invest directly in blue chip private equity, private credit and multi-strategy alternative investments. In addition to providing the transactional infrastructure for investing in alternatives, we also provide technology and data services that support a range of functions such as Data Intelligence, Architect for portfolio construction tools, blockchain/DLT-based distributed ledger solutions, Fund Master the industry leading UCITS platform, Document Center, and Identity Solutions. We also provide a wealth of learning materials on alternative investments through our AltsEdge educational program. These materials help financial advisors understand what alternatives are and how they can be used to optimize their clients’ investment portfolios.

• Over $1 trillion in total platform assets serviced globally, including $283.9 billion in alternative platform assets as of October 2025
• Serves 3,000+ wealth management firms and 121,000+ active financial professionals across the globe
• 18 offices in 10 countries spanning North America, Europe, Asia Pacific, and the Middle East
• Strategic investors include Blackstone, KKR, Apollo, Carlyle, BlackRock, T. Rowe Price, Temasek, UBS, Morgan Stanley, and Goldman Sachs Asset Management
• $7.5 billion valuation following $820 million capital raise in July 2025, with approximately $1.49 billion in total funding raised
• Named to the Forbes FinTech 50 list for seven consecutive years (2018–2024)
• The iDirect Private Markets Fund provides direct co-investment access to KKR, Vista Equity Partners, and Warburg Pincus across approximately 400 portfolio companies
• Platform supports structured investments, annuities, defined outcome solutions (m+ funds), and separately managed accounts alongside core alternatives

Track Record & Notable Milestones

ICapital’s controlled growth comes from steadily building a platform through the acquisition of companies within the infrastructure industry of alternative investments. The firm has acquired HedgeFocus from Credit Suisse in 2016, the private equity access fund platform of Deutsche Bank in 2017, the feeder fund business of Bank of America’s alternative investment platform in 2019 and the feeder fund business of Wells Fargo in 2020, among other acquisitions. The company acquired the digital wealth platform Mirador in April 2024 and then acquired alternatives platform of Citi Wealth in May 2025, bringing an additional 180 alternative investment products spanning private equity, infrastructure, hedge funds and private credit. As of 2018 spun into 2019 and then to 2021 the firm launched the I Capital KKR Private Markets Fund, formerly known as the I Capital Direct Private Markets Fund, which grants access to private equity co-investments to accredited investors starting with just a $25,000 investment, giving investors exposure to select KKR deals. The firm expanded this fund to include Vista Equity Partners, Warburg Pincus and included approximately 400 of KKR’s investments within the fund comprised of companies that are business application software companies, health care and pharmaceutical, industrial manufacturing and financial services as well as technology, amongst other sectors. The firm has completed a string of fundraises, including raising $440m via a round of funding that was led by Temasek of Singapore in 2021 at a valuation of around $4bn and then $820m+ (depending on the various deal sources providing figures at slightly different points in time) of funding that was led by T. Rowe Price and SurgoCap Partners in July 2025 in a valuation of the company of $7.5bn.

Market Position & Competitive Differentiation

Our Investment: We believe iCapital is the leading infrastructure provider in the fintech sector for alternative investment access in the wealth management channel. While other competitors such as CAIS and Moonfare have some solutions in place to fill the gaps in the alternatives distribution market, they fall far short relative to iCapital’s massive $1 trillion+ of assets on its platform, its 121,000 registered financial advisors and the fact that iCapital has integrated its technology with almost all the large wirehouses, private banks and RIA platforms. We believe that iCapital’s size, in terms of scale, technology offerings and number of advisors using its platform, has created a barrier that others cannot cross and thus we refer to iCapital’s platform as a “network effect” play similar to others we have invested in that have large, barriers to entry moats. The firm’s ownership structure (with all of the top alternative asset managers and BlackRock being both partners, investors and customers of iCapital’s) is very compelling as it illustrates the firm’s entrenched position within the industry of alternative investments. Importantly, the firm is the one stop shop platform for all types of alternative and structured products and annuities making it the must have platform for advisors and customers. The firm has serially acquired 9 legacy Alternative Investment platforms from various large banks (Credit Suisse, Deutsche Bank, Bank of America, Wells Fargo and Citi) which has given iCapital a monopoly on what was antiquated infrastructure. The 100 year plus growth of private markets and institutional and wealth customer allocation thereto is accelerating rapidly. This trend of which iCapital is at the core of the infrastructure behind makes the firm the operational backbone that the majority of new business in private markets will go through. All five of the Investment Themes we wrote about several years ago are playing out in the sector and iCapital’s historic wins for being on the Forbes FinTech 50 for the last 7 years and a leading solutions provider by MMI/Barron’s also suggests to us that iCapital is a leading fin-tech platform for access, administration, reporting and other aspects of alternative investments.