New York-based iCapital Network announced on Thursday that it will purchase Deutsche Bank’s U.S. Private Equity Access Fund Platform.
iCapital Advisors, an RIA associated with iCapital Network, will take over as investment manager for the U.S. Private Equity Access Fund Platform’s portfolio of 33 funds. The managers and strategies on the platform represent approximately $2.5 billion worth of assets from more than 7,000 investors.
“We see this deal as an important step forward in our mission to connect alternative asset managers with high-net-worth individuals, and are excited to work with a new universe of advisors and investors who can benefit from our state-of-the-art, tech-enabled services,” said Lawrence Calcano, CEO of iCapital Network, in a statement. “This strategic acquisition perfectly complements our existing business and brings with it an outstanding team of experienced professionals as well as expanded relationships with leading general partners, which will strengthen our value proposition to the marketplace and our growing investor network.”
To provide continuity for existing investors, iCapital will offer positions to the 18 Deutsche Asset Management employees currently managing the fund portfolio and servicing investors. iCapital will also maintain relationships with the funds’ third-party service providers. Additional terms of the deal were not disclosed.
The transaction is expected to close before the end of 2017. After the transfer of assets, iCapital will service approximately $5 billion in private fund assets.