iCapital Network Valuation, Funding & Investors
iCapital Network is valued at $7.5B as of July 2025.
Last iCapital Network valuation
$7.5B
Undisclosed stage · Jul 2025
Last iCapital Network funding round
$820M
Undisclosed stage · Jul 2025
Cumulative funding iCapital Network raised
$1.5B
across 11 funding rounds
Key investors in iCapital Network
Temasek
Pivot Investment Partners
BNY Mellon
Credit Suisse
BlackRock
MergerID Ltd.
About iCapital Network
iCapital Network is a New York-headquartered fintech platform that equips wealth management firms, banks, and asset managers with technology for distributing private equity, private credit, hedge funds, and structured investments to high-net-worth individuals. Solutions cover digital enrollment, compliance monitoring, portfolio construction, risk analytics, and advisor training. The firm conducts fund due diligence through its research team and maintains offices in Zurich, London, Lisbon, Hong Kong, Singapore, and Toronto. iCapital Network earned Forbes FinTech 50 recognition from 2018 to 2022, Forbes America's Best Startup Employers in 2021 and 2022, and MMI/Barron’s Solutions Provider of the Year in 2020 and 2021. Founded in 2013, iCapital expanded via acquisitions from Deutsche Bank and Bank of America.
Founded
2013
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$7.5B (Jul 2025)
iCapital Network Valuation
iCapital Network is currently valued at $7.5B, based on its undisclosed-stage round in July 2025.
The $820M round was led by SurgoCap Partners and T. Rowe Price, with participation from Temasek, BNY Mellon, UBS and State Street.
iCapital Network's valuation has grown 375x from $20M at its Series B in June 2014 to $7.5B in July 2025, across 7 priced rounds.
iCapital Network valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2025 | Undisclosed stage | $7.5B |
| Dec 2021 | Undisclosed stage | $6B |
| Jul 2021 | Series C | $4B |
| Mar 2020 | Undisclosed stage | $792M |
| Dec 2017 | Series B | $136M |
| May 2015 | Series B | $56M |
| Jun 2014 | Series B | $20M |
iCapital Network Funding History
iCapital Network has raised a total of $1.5B across 11 funding rounds.
iCapital Network's first fundraising round was a $4M Series A in June 2013. The most recent completed round was a $820M undisclosed-stage round in July 2025.
iCapital Network funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2025 | Undisclosed stage | SurgoCap Partners (lead); T. Rowe Price (lead); Temasek; BNY Mellon; UBS; State Street | $820M | $7.5B | iCapital Network, a fintech platform providing technology solutions for alternative investments, wealth management, and asset managers, completed a financing round raising over $820 million co-led by T. Rowe Price and SurgoCap Partners, with participation from State Street, BNY Mellon, Temasek Holdings, and UBS. The round elevated the company's valuation to over $7.5 billion as of July 2025. Proceeds will fund acquisitions, technology enhancements, geographic expansion, and data capabilities, building on 23 prior acquisitions including Mirador, AltExchange, and Parallel Markets. The platform services $945 billion in global assets, comprising $257 billion in alternative assets, $203 billion in structured investments and annuities, and $485 billion in client assets. It supports over 3,000 wealth management firms, 750 product providers, 2,100 funds, and 114,000 financial professionals. iCapital has invested over $700 million in its platform since 2013, positioning it as key infrastructure for private markets amid projected growth to $20 trillion by 2030. |
| Dec 2021 | Undisclosed stage | Temasek (lead); Westcap (lead) | $50M | $6B | iCapital Network is a leading global financial technology platform that drives access and efficiency in alternative investing for asset and wealth management industries, providing financial advisors and high-net-worth clients with curated access to private equity, private credit, hedge funds, structured notes, and other alternatives to diversify portfolios. The company offers a suite of tools including advisor education, compliance, portfolio management, and analytics, and is used by over 7,000 advisors and more than 250 asset managers like BlackRock, Goldman Sachs, and Affiliated Managers Group. On December 23, 2021, iCapital Network closed a $50 million funding round led by WestCap and Temasek, with participation from new investor Apollo Global Management and commitments from existing investors like Blackstone, KKR, and The Carlyle Group, valuing the company at $6 billion post-money. This followed a larger $440-447 million round in July 2021 led by Temasek, which valued iCapital at $4 billion and included investors such as Owl Rock (Blue Owl Capital), MSD Partners, Noah Holdings, Golub Capital, Ping An Voyager Partners, UBS, Pivot Investment Partners, BNY Mellon, Wells Fargo, Morgan Stanley, and Goldman Sachs Asset Management. The $50 million proceeds were earmarked to enhance platform technology, expand strategies and product types, and pursue strategic acquisitions to broaden client capabilities. Since the July 2021 round, iCapital significantly grew its platform assets from $68 billion to over $104 billion as of November-December 2021, across 860 funds with over $22 billion from international investors, while expanding its team to more than 700 employees globally, with offices in New York, Zurich, London, Lisbon, Hong Kong, Singapore, and Toronto. The company struck partnerships with Allfunds, BlackRock, and UBS to grow internationally and has been recognized on Forbes FinTech 50 lists and other awards. Existing investors planned follow-on commitments in early 2022, underscoring iCapital's transformative role in private market and hedge fund investments. |
| Jul 2021 | Series C | Temasek (lead) | $440M | $4B | iCapital Network is a global financial technology platform that drives access and efficiency in alternative investing for asset and wealth management industries, offering tools for advisor education, compliance, portfolio management, and analytics. The company announced a $440 million funding round on July 27/28, 2021, led by Temasek Holdings with participation from new investors Owl Rock (division of Blue Owl Capital), MSD Partners, Noah Holdings, and Golub Capital, alongside existing backers including Blackstone, UBS, BNY Mellon, Wells Fargo, WestCap, Ping An Voyager Partners, Pivot Investment Partners, Morgan Stanley, and Goldman Sachs Asset Management. This round valued iCapital at approximately $4.0 billion post-money, with proceeds intended to enhance platform technology, expand alternative investment strategies and product types, and pursue strategic acquisitions to broaden capabilities for wealth managers, asset managers, and banks globally. Since its prior $146-162 million round in March 2020 led by Ping An, iCapital had grown platform assets from $46 billion to over $80 billion, doubled its headcount, completed five acquisitions, widened its international footprint, and launched more than 45 new white labels with partners worldwide. The platform supports high-net-worth investors in accessing alternatives like private equity, addressing under-allocation relative to institutions, and digitizing the process. Goldman Sachs & Co. LLC acted as placement agent, with terms otherwise undisclosed; a modest second closing was anticipated shortly after with additional strategic investors. iCapital has been recognized on Forbes FinTech 50 lists (2018-2021), Forbes America's Best Startup Employers (2021), and MMI/Barron's Solutions Provider of the Year (2020). Subsequent rounds included a $50 million raise in late 2021/early 2022 led by WestCap valuing it over $6 billion with Temasek and new investor Apollo, and a later over $820 million round surpassing $7.5 billion valuation amid growth to $945 billion in assets serviced, including $257 billion in alternatives. |
| Jun 2020 | Series B | - | $16M | - | iCapital Network closed a Series B funding round in June 2020, raising $16 million. At the time, iCapital was an alternative investments platform serving the wealth management industry. The company's subsequent funding history shows it valued at approximately $4 billion in July 2021 following a $440 million Series C round led by Temasek, and later valued at $6 billion in late 2021 after raising an additional $50 million round led by WestCap. |
| Mar 2020 | Undisclosed stage | Ping An Global Voyager (lead) | $146M | $792M | iCapital Network is a US-based financial technology platform that provides asset management software enabling wealth advisers and high-net-worth individuals to access, subscribe to, administer, and report on alternative investments like private equity and hedge funds, democratizing previously inaccessible opportunities. The company, founded in 2013, had services covering $47.6 billion in assets across 472 funds and 57 white-label platform versions at the time of the March 2020 funding announcement. On March 23, 2020, iCapital closed a funding round initially reported as $146 million and later noted as $162 million or up to $175.5 million plus $66 million in related tranches, led by Ping An Global Voyager Fund with participation from Goldman Sachs, Affiliated Managers Group, Hamilton Lane, WestCap, BlackRock, UBS Financial Services, Blackstone, BNY Mellon, and others including JPMorgan and Credit Suisse from prior rounds. Ping An and other investors committed to partnering with iCapital to utilize its technology for managing private market operations targeted at high-net-worth wealth management. The funds were intended to enhance technology development, add features, strengthen international partnerships, expand financial education, and support recruitment to drive growth. Forge Global data indicates a post-money valuation of $791.65 million for this March 23, 2020 Series B-7 and A-7 round at a share price of $2.68. No sources provide explicit revenue, ARR, or EBITDA metrics near the round date; platform assets stood at approximately $46 billion prior to significant post-round growth to over $80 billion by mid-2021. The round built on prior funding including a $50 million total by 2018 and a $9.3 million round in 2014. iCapital demonstrated strong traction with $12.1 billion in organic platform growth amid skyrocketing demand for alternative investing access. Investors highlighted iCapital's unmatched scale, institutional support from major fund distributors and private equity firms, and potential for global expansion especially in Asia. Subsequent rounds included a $440 million raise in July 2021 at $4 billion valuation led by Temasek, a $50 million round in late 2021 at over $6 billion, and over $820 million by 2023 surpassing $7.5 billion valuation. |
| Aug 2018 | Strategic investment | JPMorgan Chase (lead); Carlyle Group (lead) | $26M | - | iCapital Network is a financial technology platform that streamlines access and efficiency in the alternative investing marketplace, providing tech-enabled solutions for investors, advisors, and asset managers to democratize private equity, hedge funds, and other alternatives with lower minimums, due diligence, and administrative support in a secure digital environment. Banks and asset managers leverage its white-label offerings to scale private investment operations. In 2018, the company announced strategic investments from Blackstone, The Carlyle Group, and JPMorgan Chase & Co., who utilize iCapital's proprietary technology for managing private fund vehicles targeted at the retail wealth management community. These investments expanded iCapital's consortium of industry leaders, including BlackRock, Morgan Stanley, and UBS. The 2018 investments aligned with significant platform growth: from over $5 billion in invested capital across 10,000 accounts at end-2017 to more than $8 billion across 14,000 accounts by December 2018. In September 2018, iCapital acquired Bank of America’s alternative investment feeder fund operations, boosting platform assets toward $40 billion by early 2019 after a similar Morgan Stanley deal. New partnerships that year included J.P. Morgan Asset Management, Barings, AllianceBernstein, HSBC Global Private Banking, and Rockefeller Capital Management, alongside a May 2018 agreement with J.P. Morgan for white-label access to global alternative strategies for RIAs and high-net-worth clients. Later rounds included a $440 million raise in 2021 at $4 billion valuation and a $50 million round valuing the company at $6 billion, with subsequent growth to over $945 billion in assets serviced, 750+ product providers, and 3,000 wealth management firms. The 2018 investments underscored iCapital's momentum in building an industry-standard technology for alternatives amid rapid adoption by major financial firms. |
| Dec 2017 | Series B | Morgan Stanley Investment Management (lead); BNY Mellon; UBS Wealth Management; BlackRock; Pivot Investment Partners; Credit Suisse | $13M | $136M | iCapital Network, a financial technology platform democratizing alternative investments for high-net-worth individuals and financial advisors, completed a funding round in 2017 with investment from Morgan Stanley Investment Management, alongside BlackRock as lead investor and UBS Financial Services, bringing total funding to over $50 million. Morgan Stanley plans to leverage iCapital’s technology to access advisors and streamline private fund operations. As of June 30, 2017, iCapital had surpassed $2.25 billion in private fund subscriptions for more than 3,500 investors across over 45 funds, with an investor network of more than 1,800 registered entities overseeing more than $1.7 trillion in investable assets. |
| Dec 2016 | Series B | BlackRock (lead) | $15M | - | iCapital Network raised $14.8 million in a Series B funding round in December 2016 led by BlackRock to enhance platform capabilities and expand market presence. The company operates as a financial technology platform focused on democratizing access to alternative investments for high-net-worth investors and their financial advisors. |
| May 2015 | Series B | Pivot Investment Partners (lead); BNY Mellon; MergerID Ltd.; Credit Suisse | $11M | $56M | - |
| Jun 2014 | Series B | Credit Suisse (lead); Panorama Point Partners (lead); MergerID Ltd.; Pivot Investment Partners | $9M | $20M | iCapital Network is a financial technology platform that provides access to alternative investments for high-net-worth individuals, wealth managers, and institutional investors. The platform enables qualified investors to browse, analyze, and invest in private equity funds and hedge funds through a digital marketplace with simplified subscription and capital call processes. iCapital completed a $9.25 million Series A funding round in 2014 led by Credit Suisse's Private Fund Group, with participation from Pivot Investment Partners, Eaton Partners, Park Hill Group, Evercore's Private Funds Group, Monument Group, Capstone Partners, Gen II Fund Services, and select strategic individuals. The capital was intended to support continued platform development and expand access to private funds for a broader investor audience. The company had established significant traction by the time of this round. As of year-end 2017, iCapital serviced approximately $5.2 billion in platform assets across over 115 private fund access vehicles, representing a 1,500% increase from 2015 levels. By June 2021, the platform managed more than $80 billion in global client assets across over 780 funds, with a team of approximately 450 employees across offices in New York, Zurich, London, Lisbon, and Hong Kong. |
| Jun 2013 | Series A | - | $4M | - | iCapital Network, founded in 2013 in New York, is a global financial technology platform powering alternative investment access for wealth management, banking, and asset management industries. It provides end-to-end technology and service solutions to facilitate private markets investments for high-net-worth clients. No financial details such as post-money valuation, revenue, ARR, EBITDA, or valuation multiples are available for the company's funding round around June 2013. |
Who has invested in iCapital Network?
17 investors have backed iCapital Network across its funding rounds, including Temasek, Pivot Investment Partners, BNY Mellon, Credit Suisse, BlackRock and MergerID Ltd..
Lead investors include SurgoCap Partners, T. Rowe Price, Temasek, Westcap, Ping An Global Voyager and 7 other investors.
iCapital Network Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Singapore | 3 | Lead | Jul 2021 | |
| United States | 3 | Participant | May 2015 | |
| New York City, NY | 3 | Lead | Jun 2014 | |
 Zurich | 3 | Lead | Jun 2014 | |
 London | 2 | Participant | Jun 2014 | |
| United States | 2 | Lead | Dec 2016 | |
 Madrid | 1 | Participant | Dec 2017 | |
 Hong Kong | 1 | Lead | Mar 2020 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Morgan Stanley Investment Management | New York City, NY | 1 | Lead | Dec 2017 |
| Baltimore, MD | 1 | Lead | Jul 2025 | |
| Washington, DC | 1 | Lead | Aug 2018 | |
| Zurich | 1 | Participant | Jul 2025 | |
| New York City, NY | 1 | Lead | Aug 2018 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by iCapital Network
iCapital Network has acquired 17 companies to date.
Last acquisition by iCapital Network was on March 16th 2026. iCapital Network acquired Hexure for undisclosed valuation.
Latest Acquisitions by iCapital Network
| Citi Global Alternatives | |||||
| Description | Hexure is a Colorado Springs-headquartered provider of digital sales automation platforms tailored for insurance carriers, broker-dealers, independent marketing organizations, field marketing organizations, banks, credit unions, broker general agencies, and wirehouses. Its solutions facilitate customer-centric sales experiences for life insurance, annuities, retirement products, and wealth management offerings by automating digital workflows, minimizing paper-based processes, ensuring regulatory compliance, speeding up policy issuance, and elevating in-good-order sales submissions. Originally launched as Insurance Technologies in 1995, Hexure operates across the United States serving the insurance and financial services sectors. | Passthrough is a platform automating subscription workflows for private investment funds, enabling electronic distribution and execution of agreements. Available at passthrough.com, it streamlines investor onboarding processes. | - | Parallel Markets is an investor verification platform simplifying accreditation and KYC for online investment portals. It enables one-click credential sharing for individuals and entities across SEC Reg D, Reg A, and Reg CF offerings. Parallel Markets integrates with broker-dealers and crowdfunding sites handling billions in annual transactions. | |
| HQ Country | | | | | |
| HQ City | Colorado Springs, CO | New York City, NY | - | New York City, NY | |
| Deal Date | 16 Mar 2026 | 11 Feb 2026 | 13 May 2025 | 16 Jan 2025 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by iCapital Network
iCapital Network has invested in 2 companies to date.
Latest investment by iCapital Network was on June 10th 2026. iCapital Network invested in Digital Asset in their $355M Series E round.
Latest Investments by iCapital Network
| Description | Digital Asset is a New York-headquartered technology provider developing Daml, a smart contract platform that enables multi-party applications across organizational boundaries in financial services, healthcare, and insurance sectors. The company serves clients including five of the world's top 10 stock exchanges such as the Australian Securities Exchange and Deutsche Börse, alongside partners like Broadridge Financial Solutions. Daml integrates with existing infrastructure to synchronize data flows, eliminate silos, and reduce processing errors through encrypted distributed ledgers. Founded in 2014, Digital Asset supports global enterprises in building secure, scalable blockchain solutions. | Digital Asset is a New York-headquartered technology provider developing Daml, a smart contract platform that enables multi-party applications across organizational boundaries in financial services, healthcare, and insurance sectors. The company serves clients including five of the world's top 10 stock exchanges such as the Australian Securities Exchange and Deutsche Börse, alongside partners like Broadridge Financial Solutions. Daml integrates with existing infrastructure to synchronize data flows, eliminate silos, and reduce processing errors through encrypted distributed ledgers. Founded in 2014, Digital Asset supports global enterprises in building secure, scalable blockchain solutions. | Tangible Markets is a London-based financial services provider offering liquidity solutions for private market assets. The platform facilitates on-demand trading of pre-IPO shares, venture funds, and secondary positions for institutional and accredited investors. Tangible Markets connects buyers and sellers across Europe and the United States with RFQ-based execution. |
| HQ Country | | | |
| HQ City | New York City, NY | New York City, NY | London |
| Deal Date | 10 Jun 2026 | 4 Dec 2025 | 8 Sep 2025 |
| Round | Series E | Strategic investment | Strategic investment |
| Raised | $355M | $50M | $10M |
| Investors | GreenWulf; CME Ventures; a16z crypto; R136 Ventures; SoFi; SBI Holdings; Liberty City Ventures; S&P Global; Alumni Ventures; Broadridge; ABN AMRO Fund | BNY Mellon; Nasdaq; S&P Global | - |
| Valuation | $2B | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
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iCapital Network Competitors
iCapital Network competitors include listed companies like StoneX Group, Swissquote, Nordnet and Allfunds, and private ones like Carta and Wealthsimple.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | $150M | - | $7.4B | 49.3x | |
 Toronto | Private | - | - | $7.3B | - | |
| United States | Publicly listed | $132B | $2B | $8B | 5.0x | |
| Switzerland | Publicly listed | $880M | - | $7B | 6.9x | |
 Sweden | Publicly listed | $550M | - | $8.5B | 14.9x | |
| Spain | Publicly listed | $749M | $295M | $6.3B | 8.1x |
iCapital Network Public Comps
iCapital Network is still privately-owned, but its public comps include Nippon Life India Asset, TPG, Compagnie du Cambodge, StoneX Group, Swissquote, Nordnet, Allfunds, Onex, Legend Hldgs and IG Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $282M | $207M | 25.3x | 22.1x | 34.5x | 34.3x | |||
| $4.8B | $1.1B | 2.6x | 5.0x | 10.8x | 9.4x | |||
| $158M | $16M | 48.2x | - | 482.6x | - | |||
| $132B | $2B | 0.2x | 5.0x | 14.6x | - | |||
| $880M | - | 7.1x | 6.9x | - | - | |||
| $550M | - | 17.3x | 14.9x | - | - | |||
| $749M | $295M | 8.4x | 8.1x | 21.2x | 12.3x | |||
| $897M | $642M | 7.0x | - | 9.8x | - | |||
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Common questions about iCapital Network
| When was iCapital Network founded? | iCapital Network was founded in 2013. |
| Where is iCapital Network headquartered? | iCapital Network is headquartered in New York City, NY, United States. |
| Is iCapital Network publicly listed? | No, iCapital Network is a private, VC-backed company. |
| What is iCapital Network's valuation? | iCapital Network was last valued at $7.5B in its undisclosed-stage round in July 2025. |
| How much funding has iCapital Network raised? | iCapital Network has raised $1.5B across 11 funding rounds. |
| What was iCapital Network's last funding round? | iCapital Network's last funding round was a $820M undisclosed-stage round in July 2025, led by SurgoCap Partners and T. Rowe Price. |
| Who are iCapital Network's investors? | iCapital Network's investors include Temasek, BNY Mellon, Pivot Investment Partners, Credit Suisse, MergerID Ltd., BlackRock, UBS Wealth Management, Ping An Global Voyager, Morgan Stanley Investment Management, T. Rowe Price and 7 others. |
| Which companies are comparable to iCapital Network? | Companies comparable to iCapital Network include Carta, Wealthsimple, StoneX Group, Swissquote, Nordnet and Allfunds. |
| How many companies has iCapital Network acquired? | iCapital Network has acquired 17 companies, including Hexure, Passthrough, Citi Global Alternatives, Parallel Markets and AltExchange. |
| How many companies has iCapital Network invested in? | iCapital Network has invested in 2 companies, including Digital Asset and Tangible Markets. |
| What was iCapital Network's last investment? | In June 2026, iCapital Network invested in Digital Asset's $355M Series E alongside GreenWulf, CME Ventures, a16z crypto and 8 other investors. |
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