Latest news with #T.RowePrice
Yahoo
6 days ago
- Business
- Yahoo
Private-Markets Tech Provider iCapital Raises $820 Million
An early mover in the effort to open up private markets to individuals is now reaping the benefits of the industry's push into the mainstream. iCapital, a provider of private-markets financial technology for wealth advisers, has raised more than $820 million in a deal that values it at more than $7.5 billion, the company said. It was last valued at about $6 billion in 2022, according to PitchBook. How Volkswagen's Electric Bus Went From American Flagship to Flop Yaccarino's Break From Musk Was Months in the Making What Division Inside the Fed Means for Future Interest-Rate Cuts Ferrero Strikes Roughly $3 Billion Deal for Maker of Froot Loops, Frosted Flakes The AI Scraping Fight That Could Change the Future of the Web Asset-manager T. Rowe Price and investment firm SurgoCap Partners led the new investment. iCapital, which has been profitable since 2019, plans to use the proceeds to do more acquisitions and expand its business globally, according to Chief Executive Lawrence Calcano. 'We believe we can create a marketplace and an infrastructure for people to buy and sell a complicated range of assets in their portfolio,' he said. 'The new investors see that opportunity and view it as both a strategic one and a financial one.' Private-equity firms are increasingly looking to wealthy individuals as growth from institutional investors such as pension funds and endowments levels off. Wealthy individuals, typically via financial advisers, are expected to increase their allocations to private markets to more than $20 trillion by 2030, up from $13 trillion today, BlackRock estimates. iCapital was founded in 2013 to help independent wealth advisers get access to private markets. Its first set of offerings were feeder funds, which pooled commitments from wealthy individuals and invested them in private-equity funds. iCapital now also offers investments in funds specifically structured for individuals and has expanded to areas like credit, real estate and infrastructure. It has $945 billion in transaction volume on its platform and 114,000 users. The company's roster of existing investors is a who's-who of the asset-management world, including Apollo Global Management, Blackstone, BlackRock and JPMorgan Chase. It is considered a likely candidate for an eventual initial public offering, according to people familiar with the matter. iCapital has done 23 acquisitions, doubling its employee base in recent years to more than 1,800. It has 16 offices around the world. Write to Miriam Gottfried at Linda Yaccarino Steps Down as CEO of Elon Musk's X How Nvidia Became the World's First $4 Trillion Company Google's Unloved Stock Makes It a Big Tech Bargain Prosecutors Question Doctors About UnitedHealth's Medicare Billing Practices Without Remedy, Countries With Aging Populations Are Set for Weaker Income Growth, Says OECD Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
6 days ago
- Business
- Economic Times
Fintech iCapital valued at over $7.5 billion in latest fundraise
Alternative investments fintech iCapital was valued at more than $7.5 billion in its latest external funding round, where it raised more than $820 million, the company said on Thursday, highlighting increasing investor interest in platforms that expand access to private-market strategies. Asset managers are pursuing individual investors and smaller wealth-management clients for private market investments, which have traditionally been limited to institutional investors such as pension funds and university endowments. However, some analysts argue that the illiquid and high-risk nature of such assets might add regulatory friction to such efforts from asset managers. The round was led by asset manager T. Rowe Price and hedge fund SurgoCap Partners. The funding comes over three years after an Apollo-backed round valued the New York-based company at over $6 billion. Alternative asset giant Blackstone and index fund pioneer BlackRock are also investors in iCapital. "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. Founded in 2013, iCapital has completed 23 strategic acquisitions, including the purchase of the wealth alternatives unit of Citigroup in May, adding to its portfolio more than 180 funds distributed by the bank across private asset classes. The company assists investment professionals with asset administration, analytics, and educational tools, making traditionally institutional products easier to manage. iCapital currently services $945 billion in assets on its platform, with $257 billion of those in alternative platform assets.
Time of India
6 days ago
- Business
- Time of India
Fintech iCapital valued at over $7.5 billion in latest fundraise
Synopsis The round was led by asset manager T. Rowe Price and hedge fund SurgoCap Partners. The funding comes over three years after an Apollo-backed round valued the New York-based company at over $6 billion. Alternative asset giant Blackstone and index fund pioneer BlackRock are also investors in iCapital.
Yahoo
6 days ago
- Business
- Yahoo
Private market fintech iCapital valued at over $7.5 billion in latest fundraise
(Reuters) -Alternative investments fintech iCapital was valued at more than $7.5 billion in its latest external funding round, where it raised more than $820 million, the company said on Thursday, highlighting increasing investor interest in platforms that expand access to private-market strategies. Asset managers are pursuing individual investors and smaller wealth-management clients for private market investments, which have traditionally been limited to institutional investors such as pension funds and university endowments. However, some analysts argue that the illiquid and high-risk nature of such assets might add regulatory friction to such efforts from asset managers. The round was led by asset manager T. Rowe Price and hedge fund SurgoCap Partners. The funding comes over three years after an Apollo-backed round valued the New York-based company at over $6 billion. Alternative asset giant Blackstone and index fund pioneer BlackRock are also investors in iCapital. "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. Founded in 2013, iCapital has completed 23 strategic acquisitions, including the purchase of the wealth alternatives unit of Citigroup in May, adding to its portfolio more than 180 funds distributed by the bank across private asset classes. The company assists investment professionals with asset administration, analytics, and educational tools, making traditionally institutional products easier to manage. iCapital currently services $945 billion in assets on its platform, with $257 billion of those in alternative platform assets. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Private market fintech iCapital valued at over $7.5 billion in latest fundraise
(Reuters) -Alternative investments fintech iCapital was valued at more than $7.5 billion in its latest external funding round, where it raised more than $820 million, the company said on Thursday, highlighting increasing investor interest in platforms that expand access to private-market strategies. Asset managers are pursuing individual investors and smaller wealth-management clients for private market investments, which have traditionally been limited to institutional investors such as pension funds and university endowments. However, some analysts argue that the illiquid and high-risk nature of such assets might add regulatory friction to such efforts from asset managers. The round was led by asset manager T. Rowe Price and hedge fund SurgoCap Partners. The funding comes over three years after an Apollo-backed round valued the New York-based company at over $6 billion. Alternative asset giant Blackstone and index fund pioneer BlackRock are also investors in iCapital. "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. Founded in 2013, iCapital has completed 23 strategic acquisitions, including the purchase of the wealth alternatives unit of Citigroup in May, adding to its portfolio more than 180 funds distributed by the bank across private asset classes. The company assists investment professionals with asset administration, analytics, and educational tools, making traditionally institutional products easier to manage. iCapital currently services $945 billion in assets on its platform, with $257 billion of those in alternative platform assets.
