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WestCap leads latest USD50m iCapital Network funding round

iCapital Network, a global financial technology platform driving access and efficiency in alternative investing for the asset and wealth management industries, has closed on a USD50 million funding round led by WestCap. 

Apollo (NYSE: APO) and Temasek also invested in the round, which valued the company in excess of USD6 billion. Other existing investors are expected to make follow-on commitments to iCapital early next year.

Apollo is the latest alternative asset manager to invest in iCapital, joining strategic investors Blackstone, KKR, and The Carlyle Group, making iCapital the only alternative investment platform of its kind to count four of the world’s largest alternative asset managers among its strategic investors. The round further expands the consortium of industry leaders aligned with iCapital’s industry-standard technology solution for facilitating private wealth channel access to alternative investments, which also includes: Affiliated Managers Group, BlackRock, BNY Mellon, Citi Ventures, Credit Suisse, Goldman Sachs Asset Management, Golub Capital, Hamilton Lane, JPMorgan Chase, Morgan Stanley, MSD Partners, Noah Holdings, Owl Rock, Ping An Voyager Partners, Pivot Investment Partners, UBS, and Wells Fargo.

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