iCapital Network, a New York-based fintech platform offering alternative investments for HNW individuals and their financial advisers, has agreed to acquire the US private equity access fund platform of Deutsche Bank Asset Management.
The acquired portfolio includes 33 funds, around $2.5bn in invested assets, and serves over 7,000 domestic and international investors. The acquisition is expected to double iCapital’s platform assets to around $5bn.
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iCapital will maintain relationships with the third-party service providers of the funds following the takeover. All 18 employees currently running the portfolio will be offered positions as part of the deal.
The deal, whose terms were not revealed, is expected to be wrapped before the end of 2017.
iCapital CEO Lawrence Calcano said: “We see this deal as an important step forward in our mission to connect alternative asset managers with high-net-worth individuals, and are excited to work with a new universe of advisors and investors who can benefit from our state-of-the-art tech-enabled services.
“This strategic acquisition perfectly complements our existing business and brings with it an outstanding team of experienced professionals as well as expanded relationships with leading general partners, which will strengthen our value proposition to the marketplace and our growing investor network.”
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