iCapital, a fintech platform for alternative investments and investors, announced that the Bank of America has made a strategic investment in the company.
Bank of America invested in iCapital at the same valuation as iCapital’s last funding round in December 2021. No additional terms of the transaction were disclosed.
This move deepens the partnership between both entities that began in 2018.
iCapital said that it will use the investment to continue to build out the technical capabilities of its global alternative investing solution that supports more than US$130 billion in platform assets.
In March 2019, iCapital acquired Bank of America’s alternative investment feeder fund operations. This enabled the Bank of America to streamline and automate ongoing fund operations and administration services for Merrill and Private Bank advisors and their clients.
Since the initial agreement with Bank of America, iCapital has made a series of acquisitions and launches to expand its technical capabilities and broadened investment opportunities offered on its platform.
“We are honored to have the support of Bank of America to further iCapital’s mission to provide financial advisors with a complete alternative investing solution.
We look forward to continuing to work with the Bank of America team to enhance our platform to best meet the needs of its Merrill and Private Bank advisors seeking a range of alternative investments for their high-net-worth clients.”
said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital.
“iCapital and Bank of America share the belief that alternative investments are an important component of a well-diversified portfolio and it is critical to increase access, education and service to advisors and their clients.
Deepening our support of iCapital through a strategic investment is emblematic of the success of our collaborative relationship.”
said Nancy Fahmy, Head of Alternative Investments, Specialty Asset Management and Investment Solutions Specialists for Bank of America.
This article first appeared on Fintech News Switzerland.