iCapital Network, the global financial technology platform specialising in alternative investing for asset and wealth management, has raised $440m (£317m, €372m) to fund its expansion plan.
The company said it “will use the proceeds from the capital raise to enhance its platform technology, expand the breadth of strategies and product types on its alternative investment menu, and pursue strategic acquisitions that will broaden its client capabilities”.
Temasek led the fundraising round, joined by Owl Rock, a division of Blue Owl Capital, MSD Partners, Noah Holdings and Golub Capital.
Additional investments came from existing investors, including WestCap, Ping An Voyager Partners, Blackstone, UBS, Pivot Investment Partners, BNY Mellon, Wells Fargo, Morgan Stanley and Goldman Sachs Asset Management.
Currently, the company’s valuation is approximately $4bn.
The terms of the fundraising round were not disclosed.
‘Evaluating most advantageous acquisition opportunities’
Lawrence Calcano, chairman and chief executive of iCapital Network, said: “We are honoured to welcome such a renowned group of strategic investors into our latest fundraising round.
“Their conviction in iCapital validates the achievements of our team to date and our ongoing efforts to expand alternative investing opportunities to wealth advisers and their clients in the years ahead. iCapital will deploy the proceeds from this fundraising to the direct benefit of our client.
“We’re investing in growing our talented team, developing market-leading technology solutions, and providing a comprehensive set of educational tools. As always, we are evaluating the most advantageous acquisition opportunities to broaden our capabilities for wealth managers, asset managers and banks globally.”
Since announcing its last fundraising round in March 2020, which closed at $162m, iCapital has expanded globally.
It has grown platform assets to more than $80bn from $46bn, doubled its headcount, made five acquisitions, expanded its technology and education capabilities, launched offerings for accredited investors, widened its international footprint, and rolled out more than 45 new white labels with partners across the globe.