Alternative investment platform CAIS has secured Series B equity funding of $50m from holding company Eldridge.
Eldridge invests across various industries covering finance, technology, real estate, among others.
As part of the deal, Eldridge co-founder and CEO Todd Boehly has secured a seat on the CAIS board. The deal awaits the nod of FINRA.
Boehly noted: “CAIS is the industry leader in the depth and breadth of its product offering, as well as in its ability to achieve the evolving objectives of financial advisors and their clients.
“We believe our industry expertise, network, and capital will accelerate their growth and continued success.”
Currently, thousands of IFAs who together manage over $1.2trn in assets leverage CAIS to access various alternative investment offerings such as hedge funds, private equity, private credit, real estate, structured notes and digital assets.
The firm also offers an AI-driven personalised learning system CAIS IQ, which enables financial advisers to enhance their know-how of alternative investments.
Earlier this year, BNY Mellon’s Pershing integrated with CAIS and iCapital Network through its API Store.
Fidelity, Schwab are some of ther custodians who have turned to CAIS to offer access to alternative investments.
Commenting on the development, CAIS founder and CEO Matt Brown said: “CAIS has opened access to alternative investments for independent financial advisers everywhere.
“With the continued growth of the independent wealth management community, coupled with their increased adoption of alternative investments, this is the ideal time for CAIS to deepen our commitment to providing the best tools and solutions.”