Investment round co-led by new investors T. Rowe Price and SurgoCap Partners with additional participation from State Street, and increased commitments from existing investors Temasek, UBS, and BNY. New capital to accelerate global acquisition strategy, geographic expansion, and technology innovation.

iCapital¹, the global fintech company shaping the future of investing, announced it has raised over $820 million with the completion of its latest financing round co-led and funded by accounts advised by T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc. (“T. Rowe Price”) and SurgoCap Partners, bringing the company’s valuation to over $7.5 billion. With $945 billion of assets serviced globally on its platform, including $257 billion in alternative platform assets, $203 billion in structured investments and annuities outstanding, and $485 billion in client assets reported on, iCapital continues to transform the wealth and asset management landscape through technology, data infrastructure, and end-to-end enterprise solutions that power investing at scale.

“This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investing experience. More importantly, it enables us to accelerate the work that matters most – delivering differentiated value to our clients,” said Lawrence Calcano, Chairman and CEO of iCapital. “They are the cornerstone of everything we do, and this funding ensures we stay ahead of their needs, today and into the future. 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.”

Fueling Global Growth and Innovation

The capital will be used to support strategic acquisitions that 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. As the only integrated platform for alternatives, structured investments, and annuities, iCapital delivers a complete portfolio of management capabilities for education, transactions, data flows, analytics, and client support throughout the investment lifecycle. The integration of iCapital’s technology on both a modular and comprehensive basis simplifies the portfolio investment experience for clients globally and engineers better connectivity and automation for all participants in the ecosystem.

Accelerating a $20 Trillion Market Opportunity

According to BlackRock’s 2025 Private Markets Outlook, the private markets are expected to grow to an estimated $20 trillion by 2030 and beyond – underscoring the need for modern infrastructure to support this growth. iCapital’s technology enables wealth managers to learn, manage and invest in private markets, structured investments and annuities alongside traditional holdings through a seamless interface that unifies onboarding, document workflows, performance data, and regulatory compliance. For asset managers, iCapital provides end-to-end enterprise solutions, a digital marketplace, tailored distribution capabilities within the wealth management channel, data management, AI-powered services and tools, and sales distribution support and reporting.

“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.”

Proven Momentum and Market Validation

Since its inception in 2013, iCapital has invested more than $700 million into its platform and continues to invest in its technology and education capabilities across geographies to bring its solutions and tools to wealth managers, asset managers and banks globally. The company has completed 23 strategic acquisitions including recent transactions with Mirador, AltExchange, and Parallel Markets and doubled its employee base in recent years to 1,875 across 16 global offices.

iCapital has achieved consistent operating profitability, with rapid year-over-year growth in transaction volume, client adoption, and platform usage. Today, it supports over 750 product providers and more than 3,000 wealth management firms worldwide. Over the last 12 months, global volume activity on platform has increased significantly, the number of funds on platform has grown to 2,100, and the number of active financial professional users has increased to 114,000.

“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,” said 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.”

Goldman Sachs & Co. LLC served as financial advisor and placement agent, and Ropes & Gray LLP acted as legal advisors to the transaction. Terms of the capital raise were not disclosed.

Source: iCapital