iCapital raises $820M at $7.5B valuation to expand access to alternative investments

Alternative investments are having a moment—and iCapital is cashing in.

The New York-based fintech has just closed a massive $820 million funding round, which pushes its valuation north of $7.5 billion. The raise signals growing demand for platforms that make private-market strategies accessible to a broader range of investors, not just pension funds and endowments.

T. Rowe Price and hedge fund SurgoCap Partners led the round, with backing from heavyweight investors like Apollo, Blackstone, and BlackRock, all of whom have previously bet on the company. This latest round comes more than three years after Apollo’s involvement helped push iCapital’s valuation to over $6 billion.

Fintech Unicorn iCapital Hits $7.5B Valuation as Investors Back Private Market Expansion

Michael Kushner, iCapital’s CFO, said the new capital will fuel more acquisitions, especially those that bolster the company’s tech platform and data capabilities. “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,” he said.

Founded in 2013, iCapital has positioned itself as the gateway to alternative investments. The platform helps investment professionals manage complex assets through a mix of admin tools, analytics, and education. That approach seems to be working: iCapital currently services $945 billion in assets, with $257 billion sitting in alternative investments.

“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.”

Asset managers have increasingly set their sights on individual investors and smaller wealth advisors—groups that have historically been boxed out of private markets. That shift has created space for platforms like iCapital to grow fast. Still, some analysts have raised concerns that the illiquid and risk-heavy nature of these assets could invite tighter regulatory scrutiny.

So far, iCapital has completed 23 acquisitions, including a recent deal to acquire Citigroup’s wealth alternatives unit. That move alone added more than 180 funds to its platform.

For a company that started just over a decade ago, iCapital has carved out a significant role in reshaping how private markets are accessed. The appetite for alternatives is growing—and iCapital wants to be the one feeding it.

iCapital