iCapital Network To Purchase DB's U.S. Private Equity Access Fund Platform

Sep 21 2017 | 8:06pm ET

Alternative investment platform provider iCapital Network has agreed to purchase Deutsche Bank’s U.S. Private Equity Access Fund Platform, a fund portfolio with 33 funds and approximately $2.5 billion in invested assets.

The platform services more than 7,000 domestic and international investors, the company said in a statement. Following the acquisition and transfer of assets, iCapital will service approximately $5 billion in private fund assets, making it one of the largest U.S.-based independent alternative investment platforms for high net worth community. 

The transaction is expected to close before the end of 2017, the company said. Terms of the agreement were not disclosed. After closing the acquisition, iCapital plans to maintain relationships with the funds’ third-party service providers and will offer positions to the 18 employees currently managing and servicing the portfolio. 

“We see this deal as an important step forward in our mission to connect alternative asset managers with high-net-worth individuals, and are excited to work with a new universe of advisors and investors who can benefit from our state-of-the-art tech-enabled services,” said Lawrence Calcano, CEO of iCapital Network, in the statement. “This strategic acquisition perfectly complements our existing business and brings with it an outstanding team of experienced professionals as well as expanded relationships with leading general partners.”

Founded in 2013, iCapital offers a curated selection of alternative investments, including private equity, private credit, real estate, venture capital and hedge funds, to its private network of qualified investors and advisory professionals. iCapital has previously secured strategic investments from, and formed partnerships with, some of the largest institutions in the wealth advisory industry, including BlackRock, Fidelity Institutional, Morgan Stanley and UBS, and acquired Credit Suisse’s $1.8 billion hedge fund business in 2016.

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