iCapital, a global fintech platform, and Citi have announced that iCapital will acquire Citi Global Alternatives, an indirect subsidiary of Citi.

Citi Global Alternatives serves as the advisor to Citi Wealth’s global alternative investment fund platform, which comprises over 180 alternative funds distributed globally.

These funds span various strategies and asset classes, including private equity, growth equity, private credit, infrastructure, venture capital, real estate, and hedge funds.

Lawrence Calcano, Chairman and CEO of iCapital, said:

“iCapital’s technology platform will streamline the operations and management of their current and future alternative investment funds platform. 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.”

Daniel O’Donnell, Head of Citi Wealth Alternatives and Investment Manager Solutions, added:

“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.”

Following completion of the transaction, iCapital will manage and operate the fund platform.

Citi will remain the distributor of the funds and continue advising clients on the role of alternative investments within a diversified strategy.

Financial terms of the deal were not disclosed.

Featured image credit: Edited by Fintech News America, based on image by Frolopiaton Palm via Freepik