Let’s talk about gravity. In physics, it keeps planets in orbit. In finance, it keeps advisors locked into legacy platforms, slow, clunky systems choking on their own inefficiencies. But every once in a while, a company shows up and breaks that gravitational pull. And right now, that company is iCapital.
Founded in 2013 by Lawrence Calcano, Dan Vene, and Nick Veronis, three guys who knew the alternative investment space so well, they practically invented the category, iCapital has turned complexity into clarity for financial advisors and wealth managers. It’s not just a marketplace; it’s the tech infrastructure behind how modern private capital moves.
Now they’ve just secured $820 million in fresh capital, pushing their valuation over $7.5 billion. That’s not a funding round, that’s a statement. And the signal is coming in loud and clear: this isn’t a trend, this is the transformation.
Big respect to Lawrence Calcano, who brought 17 years of Goldman Sachs heat and never took his foot off the gas. Dan Vene, who went from founding Earnings.com to running iCapital Solutions like it’s a chessboard, not a dashboard. And Nick Veronis, whose playbook in portfolio management is basically required reading for anyone pretending to understand alternatives.
The cap table just got smarter too. T. Rowe Price and SurgoCap Partners co-led the round, with new capital flowing in from State Street and deeper commitments from Temasek, UBS, and BNY Mellon. It’s not a syndicate, it’s a signal flare.
The math behind it is wild. $945 billion in global assets serviced. 3,000+ wealth firms onboard. 617 fund managers, 2,100 funds, and 114,000 professionals using the platform daily. That’s not scale, it’s saturation. And the strategy? Keep buying up the feeder fund infrastructure the old guard is quietly offloading: Citi’s wealth alternatives unit, BofA’s feeder biz, Deutsche’s PE platform, and more. Consolidation isn’t a tactic, it’s a moat.
Their stack isn’t just tech, it’s tuned. Distributed ledger for real-time flow. End-to-end automation. A white-label solution with more flex than a Silicon Valley yoga studio. And they’re not done. With this new capital, Michael Kushner, iCapital’s CFO and JPMorgan alum, made it clear: the money is headed straight into tech acceleration and data muscle.
Let’s call this what it is: the financial plumbing for a world that’s tired of chasing alpha with a calculator and fax machine. iCapital isn’t riding the wave, they are the tide.
