iCapital Network, a New York-based alternatives platform, announced on Monday the completion of a $146 million capital raise to spur future growth.

BlackRock, a long-standing strategic partner of iCapital, will take a significant minority stake in the independent company. Blackstone, BNY Mellon and UBS Financial Services, Inc. also made additional investments toward the fund raise, according to an iCapital press release.

The fund raise will enable iCapital to enhance its platform technology and expand functionality in support of existing client growth, while broadening its slate of investment offerings for a global investor base.

“Initial efforts are focused on white label opportunities abroad,” iCapital CEO Lawrence Calcano said in an email response for comment today.

Through the fund raise, iCapital will now also be able to further build its team internationally as it pursues scale and strives to improve upon the services and technology it currently provides to clients. 

Ping An Global Voyager Fund, a fintech venture capital fund based in Hong Kong, led the round, joined by other new investors Goldman Sachs in New York City; Affiliated Managers Group in West Palm Beach, Fla.; Hamilton Lane in Bala Cynwyd, Penn.; and WestCap, headquartered in San Francisco and New York City. 

“The asset and wealth management industries have embraced the need for an independent, automated, transparent approach to alternatives, ”said Calcano in released comments. “The future we believe in and the future we are building is one where all parties win.” 

New clients like Ping An will leverage iCapital's proprietary technology in managing the operations of their private market activities.

Last year, iCapital increased the assets it services from $8 billion to $46.6 billion across more than 470 funds, 100,000 underlying accounts and 55 white label partnerships. The company also significantly expanded its semior leadership and added over 100 employees to bring its total headcount to 218.

iCapital Network, founded in 2013, connects financial advisors and their clients to private equity, private debt, venture capital and hedge funds for as little as $25,000 per fund.

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