iCapital Network has closed on a $50 million funding round led by WestCap. Apollo and Temasek also invested in the round, which valued the company at more than $6 billion.
“WestCap is expanding our equity position in iCapital as the company has completely transformed how private market and hedge fund investments are bought and sold,” said Scott Ganeles, partner at WestCap and iCapital board observer. “Financial advisors, wealth managers, and asset managers around the world now have access to everything they need to deliver the return and diversification potential of alternatives to high-net-worth investors.”
Stephanie Drescher, partner and chief client and product development officer at Apollo, said, “The democratization of finance brings tremendous opportunity for advisors and their clients to access alternatives and will play an increasingly important role in Apollo’s growth strategy.”
iCapital said it will use the proceeds from this capi