iCapital has announced the acquisition of Citi Global Alternatives, an indirect subsidiary of Citi, which serves as the advisor for Citi Wealth’s global alternative investment fund platform. The platform encompasses over 180 alternative funds distributed worldwide, spanning various strategies and asset classes such as private equity, growth equity, private credit, infrastructure, venture capital, real estate, and hedge funds.
Details regarding the terms of the agreement have not been disclosed.
The acquisition will enable iCapital to manage and operate Citi’s fund platform, while Citi will continue its role as the distributor of these funds. Citi will also maintain its advisory role, providing clients with insights on incorporating alternative investments into a diversified strategy.
In addition to the acquisition, iCapital will offer a comprehensive technology solution for all alternative investment structures and support global sales and service efforts through a dedicated team for Citi Wealth. This move aims to bolster the growth of Citi’s alternatives programme.
iCapital chairman and CEO Lawrence Calcano said: “We are excited to partner with Citi Wealth to drive growth for their alternatives business globally. iCapital’s technology platform will streamline the operations and management of their current and future alternative investment funds platform.
“Additionally, we will enhance Citi Wealth’s global sales capabilities with a dedicated alternative investment specialist team, equipping advisors with more resources focused on pre-sale, sale and post sales investment activities. The team will cover all asset classes and product structures, working in close partnership with Citi and general partners to support alts platform growth.”
