iCapital has risen rapidly in recent years by tapping into a perceived need for investors to have more efficient ways of entering the alternative assets party.

Citi Ventures, part of Citigroup, has joined in a funding round for iCapital Network – the New York-based tech investments platform.

Temasek, WestCap, MSD Partners, Blue Owl, Ping An, Blackstone, UBS, Pivot, BNY Mellon, Wells Fargo, Morgan Stanley and Goldman Sachs Asset Management also participated in the round.

iCapital is using the capital raise to enhance its platform technology, expand the breadth of strategies and product types on its alternative investment menu, and pursued strategic acquisitions that will broaden its client capabilities. Since the initial fundraising announcement in July, iCapital has launched an enhanced menu of registered fund products for accredited investors and closed the acquisition of Axio Financial, a structured notes service provider.

The rise of iCapital is sometimes attributed to alternative investments – such as private equity and hedge funds, once the preserve of big institutions and ultra-wealthy individuals – being democratized. The global market for alternative investments is worth more than $10.7 trillion and is expected to grow 9.8 per cent by 2025. 

In September, the US investment house, Neuberger Berman, partnered with iCapital. In August, iCapital widened its business dealings with Bridgewater Associates, the portfolio management business, to target RIAs and family offices.