iCapital Network is a global alternative investment platform.

iCapital Network, an alternative investment platform having platform assets of over $104 billion, announced its close of a $50 million funding round led by PE firm WestCap. Venture capital firms Apollo Global Management and Temasek also participated in the funding.

Blackstone, KKR, and The Carlyle Group are already strategic investors in iCapital. With Apollo now coming on board, the company is the only one of its kind to have the four largest alternative asset managers as strategic investors. (Finance Monthly)

The company previously raised $447 million in a July funding round that valued it at about $4 billion. It serves enterprises in the wealth management, banking, and asset management industries. Its ‘flagship’ platform offers wealth advisors and their high-net-worth clients access to a curated menu of private equity, private credit, hedge funds, structured notes, and other alternative investments.

Over the last 12 months, the company grew its platform assets from international clients to US$22 billion, making it the largest alternatives platform outside the US.

The company will use the funds to further develop its platform technology, introduce more strategies and products on its platform, and make strategic acquisitions.

“With the addition of Apollo, we now have the largest and most distinguished general partners in the world supporting iCapital in its mission of delivering the definitive technology solution for alternative investments within the wealth management space,” said Lawrence Calcano, Chairman and CEO of iCapital Network.

“iCapital has developed one of the industry’s most comprehensive technology solutions bridging the gap between alternative asset managers and wealth advisors, and we’re pleased to make an investment in a market leader,” said Stephanie Drescher, Partner and Chief Client and Product Development Officer at Apollo.

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Image Credit: iCapital Network Glassdoor