US-based alternative investment platform iCapital Network secured $440m yesterday in a round featuring insurance group Ping An’s Global Voyager Fund.
Singaporean state-owned investment firm Temasek led the round, which included financial services firms BNY Mellon, UBS and Wells Fargo as well as investment banks Morgan Stanley and Goldman Sachs (the latter through its Asset Management unit), valuing the company at approximately $4bn.
Blue Owl Capital subsidiary Owl Rock, WestCap, Blackstone, Pivot Investment Partners, MSD Partners, Noah Holdings and Golub Capital filled out the participants in the round, with Ping An Global Voyager Fund taking part through growth-stage vehicle Ping An Voyager Partners.
Founded in 2013, iCapital has built an online asset management marketplace that helps wealth managers and high-net-worth individuals manage alternative investments including private equity and hedge funds.
The cash will be used to further develop the company’s technology, ramp up operations, expand its presence globally and conduct strategic acquisitions.
Ping An Global Voyager Fund had led a round for iCapital in March 2020 the company said eventually closed at $162m, investing with UBS, BNY Mellon, Goldman Sachs, Affiliated Managers Group, Hamilton Lane, WestCap, BlackRock and Blackstone.
Financial services firm JPMorgan Chase had provided an undisclosed amount of funding for the company in 2018. It came after a round that included BlackRock, UBS and Morgan Stanley’s Investment Management subsidiary completed the year before that pushed the company’s overall funding to $50m.
Financial services group Credit Suisse’s Private Fund Group led a $9.3m round for iCapital in 2014 that also featured unspecified existing and new investors. Carlyle Group and KKR were additionally identified as shareholders in the latest announcement.
