iCapital, a global financial technology company, has entered into a definitive agreement to acquire Passthrough, a provider of investor onboarding solutions and financial compliance infrastructure for general partners (GPs). This acquisition is intended to enhance iCapital’s support for the limited partner (LP) onboarding process across both private wealth and institutional channels.
The integration of Passthrough’s technology will provide GPs with a unified and scalable platform for onboarding and servicing investors of various types, sizes, and strategies. Combined, iCapital and Passthrough currently support 1,200 GPs and product providers, including emerging managers, specialty managers, and major asset management firms.
Lawrence Calcano, Chairman and CEO of iCapital, stated that the acquisition is a natural extension of iCapital’s focus on modernizing how GPs connect with the wealth channel. He noted that this expansion supports the global GP community in engaging with all LPs across wealth and institutional markets, aiming for a unified client experience.
With institutional flows into alternative investments exceeding $1.30 trillion in 2025, the acquisition expands iCapital’s onboarding solution and financial compliance infrastructure to support GPs holistically. This aims to create a scalable pathway for capturing institutional demand while also addressing growing allocations from wealth managers, thereby providing a consistent client experience.
Tim Flannery, CEO and Co-founder of Passthrough, expressed enthusiasm about joining iCapital and integrating Passthrough’s investor identity and onboarding technology. He emphasized that the collaboration will accelerate the industry’s shift toward a unified, identity-first standard across the alternative investment ecosystem.
Passthrough, a New York-based financial technology platform, specializes in modernizing investor identity, subscription documents, and KYC/AML compliance for private markets. Its software automates investor onboarding, streamlines subscription workflows, and securely manages sensitive identity data, supported by integrations within the private capital technology ecosystem. These capabilities complement iCapital’s existing Identity Solutions, allowing iCapital to further tailor its tools to meet the specialized reporting, operating, and compliance needs of LPs across the private markets.iCapital manages over $1.13 trillion in assets globally as of December 31, 2025, including $295.9 billion in alternative platform assets, $251.4 billion in structured investments and annuities, and $589.4 billion in client assets reported on. The company serves more than 3,300 wealth management firms and 122,000 active financial professionals. Headquartered in New York, iCapital maintains 18 offices worldwide, including key hubs in Zurich, London, Hong Kong, Singapore, Tokyo, Abu Dhabi, and Toronto.
