Temasek leads $440m investment in US-based investment platform iCapital

Singapore state investor Temasek has led a $440 million funding round in US-based fintech firm iCapital Network, which is valued at $4 billion, according to a statement.

Existing investors in the company such as Ping An Voyager Partners, Blackstone and WestCap also participated in the round, along with new backers including Blue Owl Capital, MSD Partners, Noah Holdings and Golub Capital.

iCapital said it will use the new investment to enhance its platform technology, expand product types on its alternative investment menu, and pursue strategic acquisitions that will broaden its client capabilities.

The company also anticipates a modest second closing of this round next month that will include new strategic investors in addition to further commitments from its existing shareholders.

iCapital provides end-to-end technology and service solutions for the wealth management, banking, and asset management industries. It claims to help wealth management firms provide their clients with quality funds at lower minimums and simplified digital workflows while assisting asset managers and banks to streamline and scale their private investments operational infrastructure. In addition, iCapital’s platform offers access to a curated menu of private equity, private credit, hedge funds, and other alternative investments.

iCapital last raised a $162 million funding in March 2020. It has since grown platform assets from $46 billion to more than $80 billion, doubled its headcount, made five acquisitions, and expanded its technology and education capabilities.

Headquartered in New York with offices in Zurich, London, Lisbon, and Hong Kong, the company had access across more than 780 funds as of June 30 this year.

Apart from firms participating in the latest investment round, iCapital’s other strategic partners and investors include global investment managers such as BlackRock, The Carlyle Group, KKR, JPMorgan Chase, and Hamilton Lane.

iCapital cited a recent report by Morgan Stanley and Oliver Wyman that additional high net worth allocations to private market investment opportunities will represent around $1.5 trillion of assets under management by 2025.

“Many high-net-worth investors remain under-allocated to alternative investments relative to institutional investors, but are increasingly exploring the larger role these strategies can play in portfolio construction,” said Gregg Lemkau, CEO of MSD Partners. “The market opportunity to open up access and digitise alternative investing in this space is substantial,” he added.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.