Once a hard-to-access space unless you were an investment bank or large institution, the field of alternative investments has widened in recent years; one reason has been the rise of fintech-driven platforms such as iCapital, founded 11 years ago.

iCapital, the New York-headquartered fintech platform for alternative investments, has added to its presence in the Gulf region, partnering with MPW Capital Advisors, a business founded by Chukri Moubarak who is also its CEO. 

The partnership will serve clients in Dubai, Abu Dhabi, Kuwait, Oman, Bahrain, Qatar, and Saudi Arabia. Additionally, iCapital plans to open regional offices in the near future.

The rise of firms such as iCapital – founded in 2013 – speaks to a change in how wealth managers, private banks and others get access to alternative investment areas such as venture capital, hedge funds, private equity and credit. Traditionally dominated by investment banks, the channels for such investments have shifted since the retrenchments in banking caused by the 2008 financial crash. Other firms in the space include Moonfare (based in Germany), and CAIS (another US business).

iCapital said the Middle East and Africa region presents significant growth potential for alternative investments, with a projected net wealth growth from $19.2 trillion in 2023 to $30.6 trillion in 2028, making it one of the fastest-growing regions globally.

"[The] announcement outlines another important step forward in our global growth, as we accelerate bringing iCapital’s technology and solutions to the asset and wealth management industries in the GCC region," Marco Bizzozero, head of International at iCapital, said. 

iCapital employs more than 1,675 people globally and has 17 offices worldwide, including New York, Greenwich, Zurich, Lisbon, London, Hong Kong, Singapore, Tokyo, and Toronto.

In August, Leon Capital Group, a family office overseeing $10 billion of private capital – also calling itself a family holding company – began to collaborate with iCapital. The family office, based in Amarillo, Texas, wants to reach an audience of advisors, investors, and partners to share and grow its investment network.

In March this year, JP Morgan Asset Management (JPMAM), which has $213 billion in alternative assets under management globally, announced that it was partnering with iCapital to open up access for Asia-Pacific wealth managers and their clients to JPMAM’s private market investment capabilities. JP Morgan became a strategic investor in iCapital in 2018. In December 2023, iCapital partnered with investor services group IQ-EQ.