iCapital Expands Reach with Citi Global Alternatives Acquisition
iCapital is looking to broaden its client reach with the acquisition of Citi Global Alternatives, the advisor to Citi Wealth’s global alternative investment fund platform.
The Citi platform represents more than 180 alternative investment funds that are distributed globally, including private equity, growth equity, private credit, infrastructure, venture capital, real estate, and hedge funds. Terms of the purchase agreement for Citi Wealth were not disclosed.
“We are excited to partner with Citi Wealth to drive growth for their alternatives business globally. iCapital’s technology platform will streamline the operations and management of their current and future alternative investment funds platform,” said Chairman and CEO of iCapital Lawrence Calcano.
Under the agreement, iCapital will manage and operate the fund platform, while Citi Wealth retains its role as the distributor and continues to provide clients with strategic guidance on incorporating alternative investments into diversified portfolios.
“Citi Wealth already has a strong working relationship with iCapital on alternative solutions, and we’re excited to expand our relationship to bring greater integration of iCapital’s market-leading digital capabilities to our advisors, bankers, investment counselors and clients,” said Daniel O’Donnell, head of Citi Wealth Alternatives and Investment Manager Solutions.
iCapital’s platform currently oversees more than $880 billion in assets, including $220 billion in alternatives, nearly $200 billion in structured investments and annuities, and almost $480 billion in reported data assets, serving over 108,000 active financial professionals.
Most recently, NY-headquartered iCapital added Houston-based CAZ Investments to its Marketplace, reinforcing its expansion strategy and commitment to alternative investment accessibility.
