iCapital Network acquires Wells Fargo Alternative Investments Feeder Fund Platform

Source: IBS Intelligence 2020-06-19

iCapital Network, a FinTech platform provider transforming alternative investments has announced that the company has agreed to acquire the alternative investments feeder fund platform from Wells Fargo’s Global Alternative Investments (GAI) division. The transaction is expected to close by the second half of 2020.

Wells Fargo is also making investment in iCapital under the terms of iCapital’s latest fundraising round. Wells Fargo’s alternative investment feeder fund platform supports a full suite of alternative solutions, including hedge funds, private equity, private real estate, private debt, and direct private investments across approx. 70 investment vehicles.

Recently, iCapital announced its agreement to acquire Artivest to deliver best in breed technology experience. Upon completion of the transactions, iCapital’s platform will service nearly $58 B in client assets across more than 720 funds, 120,000 underlying accounts, and more than 70 white label partners.

“We are enormously excited to forge this partnership with Wells Fargo as another important milestone on our mission to create the industry standard technology solution for private investments. This agreement is emblematic of the great strides we have made to provide greater access, efficiency and transparency for the wealth management community seeking alternative investing strategies for their high-net-worth clients,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital Network.

Wells Fargo’s alternative investment feeder funds will be leveraging iCapital’s white-label technology to streamline and automate ongoing operations and fund administration services. As part of the transaction, iCapital will also offer employment to a team of Wells Fargo employees who is currently supporting operations for the GAI Feeder Fund Platform.

“We are pleased to partner with iCapital to deliver alternative investments to enhance the experience for our advisors and clients. This transaction will allow us to continue to provide innovative alternative investment solutions to our clients as well as upgrade the overall platform and launch new offerings,” said Darrell Cronk, president of Wells Fargo Investment Institute.

iCapital was founded in 2013 with the goal of making high-quality alternative investments accessible to wealth advisors and their high-net-worth investors, enabling fund managers to reach new sources of capital. The company recently raised $146 million in funding led by Ping An Global Voyager Fund.

iCapital Network

Wells Fargo

iCapital Network acquires Wells Fargo Alternative Investments Feeder Fund Platform

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