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BofA backs alternative investment platform iCapital

Fintech platform iCapital has received an undisclosed strategic investment from Bank of America (BofA). The investment expands the firm’s partnership with BofA which started in 2018.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
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According to iCapital, the investment was at the same $6bn-plus valuation as its $50m financing round in December. Additional terms of the deal were not disclosed.

Bank of America invested in the firm at the same valuation as iCapital’s last funding round in December 2021. No additional terms of the transaction were disclosed.

The investment will be used by the New York-headquartered firm to enhance the technical capabilities of its global alternative investing solution that supports over $130bn in platform assets.

BofA’s investment is also said to follow iCapital’s acquisition of Bank of America’s alternative investment feeder fund operations In March 2019.

The deal allowed BofA to streamline and automate ongoing fund operations and administration services for Merrill and Private Bank advisors and their clients.

Since its initial agreement with Bank of America, iCapital has expanded its technical capabilities via a number of acquisitions.

It has also launched several new offerings, broadened the menu of investment opportunities offered on its platform, and continued product development since then.

iCapital chairman and CEO Lawrence Calcano said: “We are honored to have the support of Bank of America to further iCapital’s mission to provide financial advisors with a complete alternative investing solution.

“We look forward to continuing to work with the Bank of America team to enhance our platform to best meet the needs of its Merrill and Private Bank advisors seeking a range of alternative investments for their high-net-worth clients.”

Bank of America Specialty Asset Management and Investment Solutions Specialists head of Alternative Investments Nancy Fahmy added: “Deepening our support of iCapital through a strategic investment is emblematic of the success of our collaborative relationship.”

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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