Insurance group Ping An led a $146m funding round for US-based alternative investment technology developer iCapital Network yesterday through its Ping An Global Voyager Fund.
Financial services firms UBS Financial Services and BNY Mellon also took part in the round, as did investment bank Goldman Sachs, Affiliated Managers Group, Hamilton Lane, WestCap, BlackRock and Blackstone.
Founded in 2013, iCapital has developed an asset management software platform that allows wealth advisers and high-net-worth individuals to handle the subscription, administration and reporting processes for alternative investments such as private equity and hedge funds.
Access to such investments has traditionally been out of reach for individuals. The company services assets worth $47.6bn across 472 funds and has created 57 white-label versions of its platform to date.
The funding will enable iCapital to further develop its technology and add features, strengthen its international partnerships and double down on its financial education activities. The money will also drive recruitment efforts.
Donald Lacey, managing director and chief operating officer of Ping An Global Voyager Fund, told Global Corporate Venturing: “There are a few companies around the world that are trying to democratise access to alternative investments, but no one else has nearly the scale of iCapital, or the same depth of institutional support from fund distributors and private equity firms.”
Financial services group JPMorgan Chase supplied an undisclosed amount of funding for iCapital in late 2018, adding to a round featuring BlackRock, UBS and investment banking firm Morgan Stanley’s Investment Management division the previous year that took its total funding to $50m.
Financial services firm Credit Suisse’s Private Fund Group had led a $9.3m round for the company in 2014 that included a mix of unnamed existing and new investors.
