The financial technology platform iCapital Network has acquired the U.S., Private Equity Access Fund Platform from Deutsche Bank.

The deal, completed December 8, brings iCapital’s investor assets to $5 billion in almost 10,000 accounts. The terms of the deal were not released.

iCapital makes alternative investments available to high-net-worth and ultra-high-net-worth investors. The U.S. Private Equity Access Fund Platform includes 33 fund families representing 53 onshore and offshore vehicles and $2.8 billion in capital across more than 7,200 domestic and international investor accounts.

“This transaction aligns with our goals and global vision for the company,” said Lawrence Calcano, the CEO of iCapital Network.

iCapital has hired 15 employees from Deutsche Asset Management who will continue to manage the funds.

They include Wes Sturdevant, who has been named managing director of iCapital and will focus on strategic business development and relationship management. Sturdevant was a director and head of the U.S. Private Equity Access Fund Platform at Deutsche Asset Management, where he oversaw structuring and distribution to wealth management clients globally.

Deutsche’s Joanie O’Grady has come over as the senior vice president and head of portfolio monitoring and joins the origination and due diligence team led by Nick Veronis, iCapital’s co-founder and managing partner. Previously, O’Grady was a director of the U.S. Private Equity Access Fund Platform, where she was head of portfolio monitoring and product development and a member of the investment committee.

Susan Park has been named senior vice president of fund administration and joins the investor relations and fund administration group reporting to iCapital’s chief operating officer and managing partner, Tom Fortin. Previously, Park was a director of the U.S. Private Equity Access Fund Platform, where she was head of U.S. fund finance and oversaw fund management and operations, including client reporting, accounting and tax.

 

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