One of the most prominent disruptors providing HNW individuals with access to alternative investments – iCapital – is adding to its war chest.

iCapital, the New York-headquartered fintech-driven alternative investment platform, has raised $820 million, wrapping up another financing round.

The round was co-led and funded by accounts advised by T Rowe Price Associates, T Rowe Price Investment Management, and SurgoCap Partners, bringing the company’s valuation to more than $7.5 billion. 

“This capital raise reflects our investors’ enthusiasm for the opportunity we have to transform the investing experience. More importantly, it enables us to accelerate the work that matters most – delivering differentiated value to our clients,” Lawrence Calcano, chairman and CEO of iCapital, said.

iCapital will use the capital to support “strategic acquisitions,” it said. Since its inception in 2013, iCapital has invested more than $700 million into its platform; it has completed 23 strategic acquisitions including recent transactions with Mirador, AltExchange, and Parallel Markets. Globally, it has 16 offices.

The rise of iCapital, along with businesses such as Moonfare (headquartered in Germany), and CAIS (US), is testimony to how access to alternative investments has been opened beyond the traditional conduit of investment banks. iCapital has $945 billion of assets serviced globally on its platform, including $257 billion in alternative platform assets. 

The “democratization” of alternative assets is not an easy process, given that these are typically less liquid asset classes than government bonds and stocks. There has been a steady stream of commentary and activity on encouraging wealth managers to pay the sector more attention. There have been a few warnings about this sector being overhyped. UHNW and family offices remain prominent investors in the area, however.

According to BlackRock’s 2025 Private Markets Outlook, the private markets are expected to grow to an estimated $20 trillion by 2030.

“iCapital has built a platform that has not only become foundational to private markets investing, but it is also setting the standard for operational excellence in the industry,” David DiPietro, head of Private Equity at T Rowe Price, said.

The firm says it supports more than 750 product providers and more than 3,000 wealth management firms worldwide.