iCapital said Thursday it raised more than $820 million after completing a new financing round that was co-led and funded by accounts advised by new investors T. Rowe Price and SurgoCap Partners.
Two T. Rowe Price divisions made investments: T. Rowe Price Associates and T. Rowe Price Investment Management, according to iCapital.
Additional funding in the round came from State Street and increased commitments were made by existing investors BNY, Temasek and UBS, iCapital said.
The new funding boosted iCapital’s valuation to more than $7.5 billion, according to the firm.
The capital will be used for acquisitions that iCapital said will “improve the advisor and client experience, empower asset managers to expand their reach and attract a broader range of investors, and create opportunities to reduce friction in the ecosystem for all participants.”
“The proceeds from this capital raise will be strategically deployed to accelerate our acquisition efforts, with a focus on enhancing our technology platform and expanding our data capabilities,” according to Michael Kushner, Chief Financial Officer at iCapital.
“These investments will enable us to deliver even greater value to our clients by deepening innovation across our product offerings, strengthening our presence in key markets, and advancing the tools and solutions we provide to wealth and asset managers globally,” Kushner added.
“This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investing experience,” according to Lawrence Calcano, CEO and Chairman of iCapital.
“More importantly, it enables us to accelerate the work that matters most – delivering differentiated value to our clients,” Calcano said. “They are the cornerstone of everything we do, and this funding ensures we stay ahead of their needs, today and into the future.”
Calcano added, “As demand for alternatives, structured investments, and annuities accelerates, we remain committed to delivering scalable solutions that empower advisors, fund managers, and other infrastructure providers within the ecosystem with the technology, data, and insights they need to personalize their business and deliver exceptional service to their clients and stakeholders.”
Citing BlackRock’s 2025 Private Markets Outlook, iCapital said, “The wealth channel is expected to significantly increase allocations to private markets – to an estimated $20 trillion by 2030 and beyond – underscoring the need for modern infrastructure to support this growth.”
“iCapital has built a platform that has not only become foundational to private markets investing, but it is also setting the standard for operational excellence in the industry,” said David DiPietro, Head of Private Equity at T. Rowe Price. “Their ability to combine advanced technology with a deep understanding of advisor and asset manager needs makes them a uniquely valuable partner to their clients.”
iCapital now services $945 billion in assets on its platform, including $257 billion in alternative assets, $203 billion in structured investments and annuities outstanding, and $485 billion in client assets reported on, it said.
iCapital said it completed 23 acquisitions to date, including recent transactions with Mirador, AltExchange and Parallel Markets.
Goldman Sachs served as financial advisor and placement agent for this transaction, and Ropes & Gray acted as legal advisors.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
