iCapital Network, the financial technology platform democratizing alternative investments, today announced that The Carlyle Group (NASDAQ: CG) has invested in the company as a strategic partner.
The firm joins BlackRock (NYSE: BLK), The Blackstone Group (NYSE: BX), BNY Mellon (NYSE: BK), Credit Suisse Group AG, JPMorgan Chase & Co (NYSE: JPM), Morgan Stanley Investment Management (NYSE: MS), and UBS Financial Services, Inc. (NYSE: UBS) as a strategic partner and investor, further expanding the consortium of industry leaders aligned with iCapital’s development of an industry standard technology solution for alternative investments.
iCapital’s modular technology and service platform is purpose-built to provide an end-to-end solution that is fully configurable, highly scalable, and able to support the unique subscription, administration, and reporting processes for private equity, private credit, hedge funds, and other alternative investments. It is designed to overcome many of the long-standing challenges of investing in alternatives by using technology to streamline access, ease operational burdens, and improve the user experience, enabling iCapital’s partners to provide the highest level of service to their clients.
In addition to the investment, The Carlyle Group has also partnered with iCapital to leverage its proprietary technology to help manage Carlyle’s operations and administration of its private equity vehicles targeting the wealth management marketplace.
“We are fortunate to have The Carlyle Group as a strategic partner at both the financial and commercial level supporting our efforts to advance industry standards for accessing alternative investments,” said Lawrence Calcano, Chief Executive Officer of iCapital Network. “It’s an exciting time to be involved in the alternative investment industry and this announcement underscores the confidence placed in iCapital, and in our ability to achieve our goal of streamlining access to alternatives and automating the industry overall.”
“Carlyle has developed a strong relationship with the team at iCapital as they’ve rapidly grown from a fintech startup to an established leader working with some of the most respected participants in alternatives,” said Norma Kuntz, Managing Director and the Global Head of Fund Management at The Carlyle Group. “Using technology to improve operational processes and infrastructure, iCapital’s platform is a potential game-changer for the industry.”
Paul Ferraro, Managing Director and Head of Carlyle’s Private Client group, added, “We have seen firsthand how iCapital’s technology facilitates access to alternative investments for high net worth clients and eases fund administration for GPs. Their technology has become the standard in the marketplace. We look forward to enhancing our relationship with iCapital and working together to help shape the future of this important channel.”
Carlyle’s investment came from its balance sheet.
About iCapital Network
iCapital Network is the financial technology platform democratizing alternative investments with complete tech-based solutions for investors, advisors and asset managers. The firm’s flagship platform offers high-net-worth investors and independent wealth advisors a curated menu of private equity and hedge funds at lower minimums with a full suite of due diligence and administrative support in a secure digital environment. Banks and asset managers leverage iCapital’s tech-enabled services to streamline and scale their private investments operational infrastructure. iCapital was included in the 2018 Forbes FinTech 50 and as of June 30, 2018, serviced more than $6 billion in invested capital across more than 14,000 underlying accounts.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.
