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iCapital Network(R) Completes $146 million Capital Raise to Build Global Powerhouse for Alternative Investing

NEW YORK, March 29, 2020 /PRNewswire/ -- iCapital NetworkA [i], the financial technology platform leading the industry in driving access and efficiency in alternative investing, today announced closed a $146 million capital raise to fuel its future growth. Ping An Global Voyager FundA ("Ping An") led the round, joined by new investors Goldman Sachs (NYSE: GS), Affiliated Managers Group (NYSE: AMG), Hamilton Lane (NASDAQ: HLNE) and WestCap. Additional commitments came from existing investors BlackRockA (NYSE: BLK), UBS Financial Services, Inc. (NYSE: UBS), Blackstone (NYSE: BX) and BNY Mellon (NYSE: BK).Through this financing, iCapital has built a strong balance sheet and capital base from which to operate as an independent company.A This funding will allow the Company to enhance its platform technology and expand functionality in support of its existing clients and continued growth, a diversified slate of investment offerings and a globalized investor base. In addition, the funding will support iCapital's continued commitment to the international marketplace as it solidifies relationships with partners across North America, Asia, Europe and the Middle East. iCapital will further its commitment to market education and build its team to help scale and improve upon the high-quality services and technical innovations it provides to clients. Additional existing strategic partners and investors in iCapital include The Carlyle GroupA (NASDAQ: CG),A Credit Suisse, JPMorgan Chase & CoA (NYSE: JPM) and Morgan StanleyA Investment Management (NYSE: MS). "We are honored to have the support of a distinguished group of strategic investors, and a world-class team completely focused on supporting the success of our clients," said Lawrence Calcano, Chief Executive Officer of iCapital Network. "The asset and wealth management industries have embraced the need for an independent, automated, transparent approach to alternatives. The future we believe in and the future we are building is one where all parties win." In addition to the investment, Ping An and other investors have indicated their intent to, or have already partnered with iCapital to leverage its proprietary technology to help manage the end-to-end operations of their private market activities targeted to the high-net-worth wealth management marketplace. Today's announcement further expands a consortium of some of the largest and most influential firms in the wealth and asset management industries aligned with iCapital's development of an industry standard technology solution for alternative investments.
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