Total amount raised
$1.49B
Latest funding date
2025-07-10
Location
iCapital Network has successfully raised funding over 13 rounds, with notable investors including UBS and State Street. The platform offers a comprehensive suite of services for alternative investments, structured notes, and annuities.
Keep reading to explore the intricacies of iCapital Network's fundraising journey and the investors backing this innovative platform.
iCapital has raised over $1.49 billion across multiple funding rounds, backed by a broad coalition of top-tier investors including T. Rowe Price, SurgoCap Partners, Temasek, BlackRock, Blackstone, JPMorgan Chase, The Carlyle Group, Bank of America, UBS, BNY, State Street, Ping An, Goldman Sachs, and more.
Keep reading to explore iCapital's full fundraising journey, from its 2013 seed round to its landmark $820 million raise in July 2025.
What Is iCapital?
iCapital (Institutional Capital Network, Inc.) is a New York-based financial technology company founded in 2013. Its mission is to power the world's alternative investment marketplace, making high-quality alternative investments — including private equity, private credit, hedge funds, real assets, and structured products — accessible to wealth advisors and their high-net-worth clients. As of 2024, the platform supports more than 100,000 financial advisors and has surpassed $200 billion in global platform assets, with access to funds from over 560 asset managers.
How Much Funding Has iCapital Raised?
- Seed Round
- Amount Raised: USD 3,040,000
- Date: July 2013
- Lead Investors: Undisclosed
- Series A (First Tranche)
- Amount Raised: USD 9,250,000
- Date: October 2014
- Lead Investors: Credit Suisse (Private Fund Group)
- Other Investors: Pivot Investment Partners, Eaton Partners, Park Hill, Gen II Fund Services, Evercore, Monument Group, Capstone Headwaters
- Series A (Second Tranche)
- Amount Raised: USD 10,000,000
- Date: June 2015
- Lead Investors: Undisclosed
- Series B (First Tranche)
- Amount Raised: USD 14,800,000
- Date: December 2016
- Lead Investors: BlackRock
- Series B (Second Tranche)
- Amount Raised: USD 11,800,000 (approximate)
- Date: December 2017
- Lead Investors: BlackRock
- Other Investors: UBS Financial Services, Morgan Stanley Investment Management (bringing total funding at the time to over $50M)
- Series B (Strategic, Third Tranche)
- Amount Raised: Undisclosed (approximately USD 25,666,085 per some sources)
- Date: August–November 2018
- Lead Investors: Blackstone, The Carlyle Group, JPMorgan Chase
- Other Investors: BlackRock, BNY Mellon, Credit Suisse, UBS, Morgan Stanley
- Series C
- Amount Raised: USD 146,000,000
- Date: March 2020
- Lead Investors: Ping An Global Voyager Fund
- Other Investors: Goldman Sachs, Affiliated Managers Group, Hamilton Lane, WestCap, BlackRock, Blackstone, UBS, BNY Mellon
- Series D (First Tranche)
- Amount Raised: USD 440,000,000
- Date: July 2021
- Valuation: ~$4 billion
- Lead Investors: Temasek
- Other Investors: Owl Rock (Blue Owl Capital), MSD Partners, Noah Holdings, Golub Capital, WestCap, Ping An Voyager Partners, Blackstone, UBS, Pivot Investment Partners, BNY Mellon, Wells Fargo, Morgan Stanley, Goldman Sachs Asset Management
- Series D (Second Tranche)
- Amount Raised: USD 50,000,000
- Date: December 2021
- Valuation: Over $6 billion
- Lead Investors: WestCap
- Other Investors: Apollo Global Management, Temasek
- Strategic / Corporate Round
- Amount Raised: Undisclosed
- Date: June 2022
- Valuation: $6 billion
- Lead Investors: Bank of America
- Private Equity / Series E
- Amount Raised: USD 820,000,000+
- Date: July 10, 2025
- Valuation: Over $7.5 billion
- Lead Investors: T. Rowe Price (T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc.), SurgoCap Partners
- Other Investors: State Street (new), Temasek (increased commitment), UBS (increased commitment), BNY (increased commitment)
Total Amount Raised: At least $1.49 billion based on disclosed funding (multiple rounds contain undisclosed amounts; some sources cite total funding of over $1.5 billion).
Key Investors
- T. Rowe Price
- Details: Co-led iCapital's $820M+ Series E / Private Equity round in July 2025 alongside SurgoCap Partners. T. Rowe Price is a global asset management firm managing trillions in assets, marking a significant new strategic relationship with iCapital.
- SurgoCap Partners
- Details: Co-led the July 2025 $820M+ round. SurgoCap is a technology-focused investment firm. This was a new investor relationship for iCapital.
- Temasek
- Details: Singapore's sovereign wealth fund, Temasek led iCapital's $440M Series D in July 2021 and has increased its commitment in multiple subsequent rounds including December 2021 and July 2025.
- BlackRock
- Details: One of iCapital's earliest institutional investors (2016), BlackRock led the first Series B tranche and participated in the 2020 Series C and the 2025 Series E.
- Blackstone
- Details: A strategic investor since 2018, Blackstone has participated across multiple rounds including Series B, Series C ($146M), and Series D ($440M). Blackstone's involvement reflects the firm's broader push into the wealth management channel.
- JPMorgan Chase
- Details: Made a strategic investment in iCapital in 2018 (Series B), joining Blackstone and The Carlyle Group. JPMorgan has leveraged iCapital's platform to serve advisors and clients.
- The Carlyle Group
- Details: Strategic investor since 2018, co-investing alongside JPMorgan and Blackstone. Carlyle also participated in the December 2021 Series D tranche.
- Bank of America
- Details: Made an undisclosed strategic investment in June 2022 at the $6 billion valuation, deepening a partnership with iCapital that had started in 2018 when iCapital acquired Bank of America's alternative investment feeder fund operations.
- Ping An Global Voyager Fund
- Details: Hong Kong-based growth-stage fintech and healthtech investor. Led iCapital's $146M Series C in March 2020 and participated in the $440M Series D in July 2021.
- WestCap
- Details: Long-time investor and strategic partner, WestCap led iCapital's $50M Series D second tranche in December 2021 and participated in prior rounds. WestCap Partner Scott Ganeles serves as an iCapital board observer.
- UBS
- Details: Strategic investor across multiple rounds (Series B, Series C, Series D, and Series E 2025 with increased commitment). UBS Financial Services is a core distribution partner for iCapital on the wealth management side.
- State Street
- Details: New investor in iCapital's July 2025 $820M+ round. State Street is one of the world's largest custodians and asset servicing firms.
- Goldman Sachs
- Details: Participant in the Series C (2020) and Series D (2021) rounds via Goldman Sachs Asset Management. Goldman Sachs also served as placement agent for the $440M Series D.
- BNY
- Details: Longstanding investor in iCapital (Series B, C, D), with an increased commitment made in the July 2025 Series E round.
What's Next for iCapital?
iCapital is well-positioned to continue its expansion in the alternative investments space. With over $820 million raised in its latest round and a valuation surpassing $7.5 billion, the company has the capital and strategic backing to accelerate technology development, expand globally, and deepen partnerships with wealth managers worldwide. Key growth areas are expected to include enhanced platform capabilities, broader access to private markets for individual investors, and continued strategic acquisitions — consistent with iCapital's track record of acquiring alternative investment platforms from major banks.
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