Fintech firm iCapital has raised more than $820m in a financing round co-led by T. Rowe Price Associates, T. Rowe Price Investment Management, and SurgoCap Partners, boosting its valuation to over $7.5bn.

The terms of the funding round were not disclosed

The company manages $945bn in global assets, including $257bn in alternative platform assets, $203bn in structured investments and annuities, and $485bn in reported client assets.

The newly acquired funds will facilitate strategic acquisitions aimed at enhancing the experience for advisors and clients, enabling asset managers to reach a broader investor base, and streamlining operations within the investment ecosystem.

T. Rowe Price Private Equity head David DiPietro said: “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.”

iCapital’s technology-driven platform integrates alternative investments, structured products, and annuities, offering comprehensive tools for education, transactions, data management, analytics, and client support.

As highlighted in BlackRock’s 2025 Private Markets Outlook, wealth channel allocations to private markets are projected to reach $20tn by 2030.

iCapital supports wealth managers with a unified interface for private markets and traditional assets, featuring streamlined onboarding, document management, performance tracking, and regulatory compliance.

For asset managers, the company provides end-to-end solutions, a digital marketplace, customised distribution tools, and AI-powered services.

iCapital chairman and CEO Lawrence Calcano said: “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.”

Since its founding in 2013, iCapital has invested over $700m in its platform and completed 23 acquisitions, including recent deals with Mirador, AltExchange, and Parallel Markets.

The company has grown its workforce to 1,875 employees across 16 global offices.

The platform now supports over 750 product providers and more than 3,000 wealth management firms globally, with 2,100 funds available and 114,000 active financial professional users.

Goldman Sachs acted as financial advisor and placement agent for the transaction, with Ropes & Gray providing legal counsel.

Last month, Liechtenstein’s GT private bank partnered with iCapital to digitise its alternative investment portfolio, creating a technology platform that integrates with LGT’s banking systems.