Voya Investment Management (Voya IM), the asset management business of Voya Financial, has struck a partnership with fintech platform iCapital Network.
Under the alliance, iCapital will offer its customised technology, service and diligence solution to expand access to Voya IM’s alternative and private fund offerings for advisers and their high-net-worth (HNW) clients.
Pomona Investment Fund (PIF), a registered fund vehicle managed by Pomona Capital, will be first fund under the alliance to be enhanced by iCapital.
The subscription, administration, operational and reporting processes for the fund will be streamlined digitally by iCapital.
Pomona Capital CEO Michael Granoff said: “As investors look to diversify their portfolios, providing access to PIF via a streamlined and efficient solution makes it easier to invest in private equity, leading to an improved experience for everyone involved in the investment process.”
As of January 2022, PIF managed approximately $550m in assets.
The fund provides accredited investors with enhanced access to private equity opportunities with a $25,000 minimum subscription requirement.
Majority of its investments are said to be secondary interests in private equity funds with a focus on primary and direct commitments.
PIF’s strategy, similar to other institutional offerings provided by Pomona Capital, targets long-term capital appreciation linked to private equity.
It also seeking to cut down the risks in connection with private equity investing.
Last week, Capital finalised a deal to buy an alternative investment feeder fund platform from Stifel Financial.
In December last year, iCapital raised a $50m in a funding round to bolster its platform technology, build out the breadth of strategies and expand product types on its alternative investment menu.
