NEWS

HomeServicesAlternative InvestmentsBlackRock Heads ICapital Funding

BlackRock Heads ICapital Funding

BlackRock, the investment management and advisory giant, will lead the next round of funding for iCapital Network, a financial technology platform, ICapital announced Thursday.

iCapital focuses on alternative investments for high-net-worth investors and their financial advisors. Frank Porcelli, chairman of BlackRock’s U.S. Wealth Advisory business, will join iCapital’s board of directors to help facilitate the deal, the terms of which were not released.

“We are building the largest independent digital alternative investments platform in the industry. In BlackRock, we have an investor who understands the importance of technology’s role in the wealth management ecosystem,” said Lawrence Calcano, CEO of iCapital Network, in a statement. “BlackRock’s decision to lead our next round of funding validates the steps we’ve taken thus far and gives us a springboard to scale the platform for future growth.”

iCapital recently announced that it has surpassed $2 billion in subscriptions from approximately 3,000 investors across more than 40 private offerings since the public launch of its platform two years ago. Its member network has expanded to include more than 1,300 users from RIA firms, private banks, independent broker-dealers, family offices and other advisory organizations that collectively oversee more than $1.7 trillion in investable client assets, iCapital said.
 

RELATED ARTICLES

Most Popular