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Global asset managers back $146m funding for alts platform

Global asset managers back $146m funding for alts platform

Global asset managers have invested in iCapital, a financial technology platform focused on alternative investments.

The $146m round was led by the Ping An Global Voyager fund and joined by new investors such as Goldman Sachs, Affiliated Managers Group and Hamilton Lane.

Existing investors - BlackRock, UBS Financial Services, Blackstone, and BNY Mellon - have also invested in the latest round, the company said. 

iCapital is a modular technology and service platform that supports the administration for private equity, private credit, hedge funds and other alternative investments. 

Some of its existing partners and investors include Carlyle, Credit Suisse, JPMorgan and Morgan Stanley Investment Management, who use iCapital’s platform for their private market activities.

Rob Goldstein, chief operating officer of BlackRock, said the firm is looking forward to supporting the fintech platform’s ‘next phase of growth as a well-capitalized, independent entity’.

‘As financial advisors explore the role alternatives can play in robust, diversified portfolios, iCapital’s open-architecture platform provides technology to streamline, automate and facilitate investments in private markets,’ he said.

iCapital is also looking to build on its relationships with partners across North America, Europe and the Middle East.

Last August, the firm appointed Michael Kushner as managing director and chief financial officer. He was formerly JPMorgan’s chief financial officer for risk management and finance.