iCapital to acquire Citi Wealth’s alt investments feeder platform

Fintech platform iCapital is acquiring Citi Global Alternatives, the advisor to Citi Wealth’s global alternative investment fund platform, for an undisclosed sum.

The platform represents more than 180 alternatives funds across the globe with strategies including private equity, private credit and real estate.

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Under the terms of the acquisition, iCapital will manage and operate the fund platform, while Citi will remain the distributor of the funds and will continue to offer guidance to clients on the role of alternative investments in a diversified portfolio.

iCapital has acquired a number of fund platforms previously and said it is therefore ‘uniquely qualified’ to unlock operating leverage, efficiency and a unified tech solution for its partners.

“We are excited to partner with Citi Wealth to drive growth for their alternatives business globally,” said Lawrence Calcano, chief executive and chairman of iCapital.

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“Additionally, we will enhance Citi Wealth’s global sales capabilities with a dedicated alternative investment specialist team, equipping advisors with more resources focused on pre-sale, sale and post sales investment activities.

“The team will cover all asset classes and product structures, working in close partnership with Citi and general partners to support alts platform growth.”

“Citi Wealth already has a strong working relationship with iCapital on alternative solutions, and we’re excited to expand our relationship to bring greater integration of iCapital’s market-leading digital capabilities to our advisors, bankers, investment counselors and clients,” added Daniel O’Donnell, head of Citi Wealth Alternatives and Investment Manager Solutions.

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