iCapital Secures $820M in New Funding
iCapital announced it has raised more than $820 million in its latest funding round, bringing its post-money valuation to over $7.5 billion. The round was co-led by T. Rowe Price and SurgoCap Partners, with continued backing from other blue-chip investors. The milestone comes as iCapital now services $945 billion in assets globally across private markets, structured investments, annuities, and client reporting.
Chairman and CEO Lawrence Calcano emphasized that the new capital will accelerate strategic acquisitions and strengthen technology to keep pace with soaring demand. “This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investing experience,” Calcano said. “More importantly, it enables us to accelerate the work that matters most — delivering differentiated value to our clients… as demand for alternatives, structured investments, and annuities accelerates.”
The company plans to deploy the new funds into strategic M&A, product enhancements, and partnerships that enable wealth managers and asset managers to offer private markets access alongside traditional investments. iCapital’s end-to-end platform connects more than 3,000 wealth management firms, 750 product providers, and over 114,000 financial professionals across 16 offices worldwide.
Backing up the growth story, David DiPietro, Head of Private Equity at T. Rowe Price, said, “iCapital has built a platform that has not only become foundational to private markets investing, but it is also setting the standard for operational excellence in the industry.”
The raise comes as the private wealth channel is expected to drive massive allocations to private markets — reaching up to $20 trillion by 2030, according to BlackRock. iCapital’s management points to its proven momentum, including 23 strategic acquisitions such as Mirador, AltExchange, and Parallel Markets, plus a doubling of its workforce to 1,875 employees.
Goldman Sachs & Co. served as financial advisor and placement agent for the deal, while Ropes & Gray LLP acted as legal advisor. Terms were not disclosed.