Last updated: 02:49 / Monday, 19 December 2016
For an undisclosed amount

BlackRock to Invest in iCapital Network

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 BlackRock to Invest in iCapital Network
  • Porcelli will join iCapital’s Board of Directors
  • iCapital’s online platform facilitates access to private investment opportunities
  • iCapital’s member network has expanded to include more than 1,300 users

 BlackRock will lead iCapital’s next funding round. Frank Porcelli, Chairman of BlackRock’s US Wealth Advisory business, will join iCapital’s Board of Directors and will work closely with the organization as a strategic advisor.

Individual investors remain significantly under-allocated to alternative investments relative to institutional investors, but are increasingly exploring the critical role alternatives can play in state-of-the-art portfolio construction. iCapital’s online platform facilitates access to private investment opportunities through an independent origination and due diligence process that prioritizes quality offerings from an array of top managers, and provides an end-to-end technology solution automating the unique subscription, administration and reporting processes of alternative investments.

“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, Chief Executive Officer of iCapital Network. “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 sophisticated advisory organizations that collectively oversee more than $1.7 trillion in investable client assets.

“Based on our experience, as well as dialogue with our distribution partners, iCapital Network’s open-architecture alternatives platform solves a critical problem for high-net-worth investors and their advisors,” said Frank Porcelli, Chairman of BlackRock’s US Wealth Advisory business. “iCapital’s combination of due diligence capabilities, technology and relationships with alternative asset managers seamlessly facilitates investments in hedge funds and private equity funds, including BlackRock Alternative Investors.”

Terms of the transaction were not disclosed.

 

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