iCapital company profile: valuation, funding & revenue

This iCapital company profile covers the company's valuation, revenue, funding rounds, investors and history. iCapital works in fintech, with a focus on alternative investments platform for wealth management. It was founded in 2013 and is headquartered in New York, New York, United States. Its latest valuation on record is More than US$7.5 billion (July 2025). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

iCapital timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2013 — iCapital is founded in New York by Lawrence Calcano (CEO) and co-founders.
• 2021 — Equity round: See source, valuing the company at More than US$6B. Investors: WestCap (lead).
• Jul 2025 — Equity round: More than US$820M, valuing the company at More than US$7.5B. Investors: T. Rowe Price and SurgoCap Partners (co-leads); Temasek, UBS, BNY.
• July 2025 — Platform assets: About US$945 billion in assets serviced globally.
• July 2025 — Employees: About 1,875 across 16 offices.

Investors

Overview

iCapital runs a technology platform that helps financial advisers, private banks and wealth managers give their clients access to alternative investments such as private equity, private credit, hedge funds, real estate and infrastructure funds. Historically, these investments were difficult for individual investors to reach: minimum investments were high, subscription paperwork was complex, and tracking capital calls and distributions was laborious. iCapital digitises the whole process, from fund selection and onboarding to reporting and secondary trading, and has become the leading marketplace connecting asset managers with the wealth management industry.

Lawrence Calcano, the CEO, co-founded iCapital in New York in 2013. Calcano previously spent many years at Goldman Sachs in technology investment banking. The company was built on the observation that wealthy individuals and their advisers held large amounts of capital but were underrepresented in alternative investments compared with institutions such as pension funds and endowments.

What iCapital does

• Marketplace: a platform where advisers find and research alternative funds, often with lower minimums through feeder funds.
• Subscription and operations: digital onboarding, e-signatures, investor eligibility checks and capital call management.
• Reporting: consolidated reporting of alternative and traditional holdings for advisers and clients.
• Structured investments and annuities: platforms for other complex products.
• Secondary trading: tools that provide some liquidity for fund interests.
• White-label technology: software licensed to banks and wealth firms to run their own alternative investment programmes.

Funding

iCapital has raised from major financial institutions and investors, including Blackstone, BlackRock, Goldman Sachs, Morgan Stanley, UBS, BNY, Temasek and WestCap, many of which are also partners on its platform. A 2021 round led by WestCap valued it at just over US$6 billion. In July 2025 it raised more than US$820 million at a valuation above US$7.5 billion, co-led by T. Rowe Price and SurgoCap Partners, with participation from Temasek, UBS and BNY. iCapital said it would use the money for acquisitions, geographic expansion and technology investment. At the time, it serviced about US$945 billion of assets globally and employed about 1,875 people across 16 offices.

Business model

iCapital earns fees from asset managers for distribution and administration of funds on its platform, from wealth managers and banks for technology and white-label services, and from investors in some products. Its revenue grows with the amount of assets on its platform and the number of transactions processed. The company doesn't publish revenue, so we show it as not disclosed.

Competition

iCapital competes with CAIS, another alternative investment platform for advisers; with private markets platforms such as Moonfare in Europe; with in-house platforms at large wealth managers; and with fund administrators and wealth technology providers such as Addepar in reporting. Its advantages are scale, deep relationships with both asset managers and wealth firms, and a broad technology suite.

iCapital at a glance

iCapital is a New York fintech company co-founded in 2013 by Lawrence Calcano. It connects wealth managers and their clients with alternative investments through a digital platform. It raised more than US$820 million in July 2025 at a valuation above US$7.5 billion, co-led by T. Rowe Price and SurgoCap Partners, and serviced about US$945 billion in assets.

Timeline

• 2013: founded in New York.
• 2016–2020: grows partnerships with banks, wealth managers and asset managers.
• 2021: raises at just over US$6 billion, led by WestCap.
• 2022–2024: expands internationally, adds data and reporting capabilities and combines with SIMON Markets, a structured investments platform.
• July 2025: raises more than US$820 million at above US$7.5 billion.

The democratisation of private markets

Private equity, private credit and other alternative asset managers increasingly target individual investors, who hold tens of trillions of dollars of wealth but historically allocated little to private markets. Large managers such as Blackstone, KKR and Apollo have launched funds designed for wealthy individuals, often with lower minimums and periodic liquidity. Regulators are also debating whether to open private investments to retirement savers. Platforms like iCapital provide the infrastructure that makes this distribution possible, which is why private markets firms have invested in it.

Risks for investors in alternatives

Alternative investments can offer diversification and potentially higher returns, but they come with important risks: limited liquidity, as money may be locked up for years; complex fees; less transparency; and valuations that may lag reality. Our guides to private equity secondaries and investing in pre-IPO companies explain related concepts.

Questions for advisers

• What due diligence does the platform perform on funds?
• What are the total fees, including platform, fund and feeder costs?
• How liquid are the investments, and what secondary options exist?
• How are reporting and tax documents delivered to clients?

Who uses iCapital

iCapital's users include financial advisers at large wirehouses and independent firms, private banks, regional banks, insurance companies and asset managers. Advisers use it to research and invest in funds on behalf of clients; asset managers use it to reach thousands of advisers efficiently; and banks license its technology to run their own alternative investment programmes under their own brands. Serving all three groups creates network effects that strengthen its position.

Risks

• Market cycles: fundraising for alternative funds slows when markets fall.
• Regulation: rules on selling complex products to individuals could tighten.
• Competition: large banks and asset managers may build their own platforms.

Latest developments (October 2026)

iCapital's July 2025 round of about US$820 million at US$7.5 billion remains its latest valuation. It has continued acquiring companies to broaden its alternative investment platform, including Passthrough, a fund subscription document provider, in February 2026, according to CB Insights. Demand for private markets access among wealth managers has kept growing.

What to watch

Watch for acquisitions, international expansion, regulatory changes allowing more retail access to private markets, and any IPO plans.

Takeaways

Wealth managers can offer clients private market investments with less paperwork. Founders can see the value of building infrastructure that both sides of a market need. Investors should watch platform assets as the key growth indicator.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Fintech Futures
2. Crunchbase News