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iCapital Agrees To Buy Mirador, Raises Data, Reporting Game

Tom Burroughes Group Editor April 2, 2024

iCapital Agrees To Buy Mirador, Raises Data, Reporting Game

Having established itself for more than a decade as a fintech platform focused on alternative investment areas such as private equity, real estate and VC, iCapital's agreed acquisition is designed to extend its data aggregation and reporting capabilities.

New York-headquartered iCapital, the fintech platform for alternative investments, today said it has agreed to buy Mirador, a business delivering data aggregation and financial reporting.

With the acquisition, iCapital said in a statement that it will expand its data management and reporting capabilities to serve clients in the wealth management, family office, endowment, and foundation segments.

The financial terms were not disclosed. More than 180 employees of Mirador are expected to join iCapital. 

"Mirador has set the industry standard for managing data with leading third-party performance reporting providers," Lawrence Calcano, chairman and CEO of iCapital, said.

"This acquisition further enhances and broadens the service model iCapital delivers through our market-leading alternative investment operating system and allows us to deliver on our goal of creating a reliable end-to-end data management capability for the industry,” he continued. 

Mirador’s services cover include consolidated financial reporting, private investment support, offline and alternative investment data management, K-1 document management, and compensation management for wealth management firms. Mirador also has a technology consulting team offering custom wealth technology solutions.

With so much focus on the need for wealth managers to put money into alternative/private market assets – see here – iCapital’s deal looks like an attempt to raise its data and reporting game. 

Morgan Stanley and Goodwin Proctor are serving as advisors to iCapital. Raymond James and DBM Legal Services are serving as advisors to Mirador.

iCapital has $180.92 billion in global platform assets and employs more than 1,200 people around the world. In Mirador’s case, it was founded in 2015 and is headquartered in Stamford, Connecticut, with offices in the US and UK. 

(This news service has asked a number of industry observers and figures to comment on this transaction; it may update this article in due course. If you want to comment, email tom.burroughes@wealthbriefing.com)

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