Wells Fargo & Company has entered into an agreement to sell its global alternative Investments feeder fund platform to fintech firm iCapital Network, according to releases from both companies.

As part of the deal, which is expected to close during the second half of 2020, Wells Fargo is making a strategic investment in iCapital under the terms of iCapital’s latest fundraising round.

Terms of the agreement were not disclosed.

The deal ensures that iCapital offers employment to Wells Fargo employees who support operations for the platform, the release said, adding that the transitioning team will continue to support the fund portfolio to ensure continuity of service.

The Wells Fargo alternative investment feeder fund platform supports a suite of alternative solutions to brokerage and wealth management clients, including private equity, private debt, hedge funds, private real estate, and direct private investments across about 70 investment vehicles.

Wells Fargo will continue to provide its clients with existing investment services, while leveraging the iCapital platform to streamline and automate ongoing fund operations and provide support to Wells Fargo advisors and their high-net-worth clients, the release said.

“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,” Lawrence Calcano, chairman and CEO of iCapital Network, said in the release.

Earlier this year iCapital announced the close of a $146 million capital raise to support its future growth. iCapital also recently said it plans to acquire the Artivest platform. When both transaction close, iCapital’s platform will service nearly $58 billion in client assets across more than 720 funds, 120,000 underlying accounts, and more than 70 white label partners, the company said.