iCapital® Completes Over $820 Million Capital Raise, Valuation Surpasses $7.5 Billion

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, today 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 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’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.

About iCapital

iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services, designed to help drive better outcomes² for all participants in the ecosystem.

With strategic investment from leading alternative asset managers, wealth managers, and service providers globally, iCapital provides unrivaled access, data connectivity, education, and research programs to advisors and their clients. Leveraging AI and machine learning for digital identity (KYC/AML), iCapital supports compliant and secure investment lifecycle processes.

iCapital's end-to-end platform manages the lifecycle of non-traditional investment products, making it easier to learn about, buy, manage, and integrate alternative assets, structured investments, and annuities into portfolios, driving growth, scale, and efficiency. Our solution(s) can be customized and offers specific modules as needed.

iCapital has $945³ 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, and serves over 3,000 wealth management firms and 114,000 active financial professionals.

Headquartered in New York, iCapital operates globally with 16 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, and Toronto, and an industry-leading R&D center in Lisbon. iCapital is recognized for its innovation and leadership, with accolades from Euromoney (World's Best Technology Provider for Wealth Management), CNBC (World’s Top Fintech Companies), and Forbes Fintech 50.

For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc

This material has been provided to you for informational purposes only by iCapital, Inc. and/or one of its affiliates including Institutional Capital Network, Inc. (collectively, “iCapital”). This material is the property of iCapital and may not be shared without its written permission. No part of this material may be reproduced in any form or referred to in any other publication without express written permission of iCapital. This is not intended as and may not be relied on in any manner as, legal, tax or investment advice, a recommendation to employ a specific investment strategy, or as an offer to sell, a solicitation of an offer to purchase, or a recommendation of any interest in any fund or security. Security products and services are offered through iCapital Markets LLC, a registered broker/dealer, member FINRA and SIPC. Financial products made available by iCapital Markets LLC may be complex and/or speculative and are not suitable for all investors. iCapital Advisors, LLC is an investment adviser registered with the Securities and Exchange Commission and acts as an adviser to certain privately offered investment funds. “iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc.

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