iCapital, a global fintech company focused on investing solutions, announced it has raised over $820 million in its latest financing round, co-led by accounts advised by T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc., and SurgoCap Partners. This funding brings the company’s valuation to over $7.5 billion.
The firm currently services $945 billion of assets globally on its platform, including $257 billion in alternative platform assets, $203 billion in structured investments and annuities outstanding, and $485 billion in client assets reported on, as of June 30, 2025.
Lawrence Calcano, Chairman and CEO of iCapital, stated, “This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investing experience. 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, we remain committed to delivering scalable solutions that empower advisors, fund managers, and other infrastructure providers within the ecosystem with the technology, data, and insights they need to personalize their business and deliver exceptional service to their clients and stakeholders.”
The capital infusion is intended to support strategic acquisitions aimed at improving the advisor and client experience, enabling asset managers to broaden their reach to a wider investor base, and reducing friction across the investment ecosystem. iCapital operates as an integrated platform for alternatives, structured investments, and annuities, providing capabilities for education, transactions, data flows, analytics, and client support throughout the investment lifecycle.
According to BlackRock’s 2025 Private Markets Outlook, the wealth channel is projected to significantly increase its allocations to private markets, potentially reaching an estimated $20 trillion by 2030 and beyond. iCapital’s technology is designed to enable wealth managers to learn about, manage, and invest in private markets, structured investments, and annuities alongside traditional holdings. For asset managers, the company offers end-to-end enterprise solutions, a digital marketplace, tailored distribution capabilities within the wealth management channel, data management, AI-powered services and tools, and sales distribution support and reporting.
David DiPietro, Head of Private Equity at T. Rowe Price, commented, “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. Their ability to combine advanced technology with a deep understanding of advisor and asset manager needs makes them a uniquely valuable partner to their clients.”
Since its founding in 2013, iCapital has invested over $700 million into its platform. The company has completed 23 strategic acquisitions, including recent transactions with Mirador, AltExchange, and Parallel Markets. Its employee base has doubled in recent years to 1,875 across 16 global offices. iCapital has reported consistent operating profitability, with year-over-year growth in transaction volume, client adoption, and platform usage. The platform currently supports over 750 product providers and more than 3,000 wealth management firms worldwide. Over the last 12 months, global volume activity on the platform has increased, the number of funds on the platform has grown to 2,100, and the number of active financial professional users has increased to 114,000.
Michael Kushner, Chief Financial Officer at iCapital, stated, “The proceeds from this capital raise will be strategically deployed to accelerate our acquisition efforts, with a focus on enhancing our technology platform and expanding our data capabilities. These investments will enable us to deliver even greater value to our clients by deepening innovation across our product offerings, strengthening our presence in key markets, and advancing the tools and solutions we provide to wealth and asset managers globally.”
Goldman Sachs & Co. LLC served as financial advisor and placement agent, with Ropes & Gray LLP acting as legal advisors for the transaction. The specific terms of the capital raise were not disclosed.
