Deutsche Bank‘s asset management division has sold its U.S. private equity access fund platform to iCapital Network. No financial terms were disclosed.
NEW YORK–(BUSINESS WIRE)–iCapital Network, the financial technology platform democratizing alternative investments for high-net-worth individuals and their advisors, today announced the close of the transaction in which it acquired the US Private Equity Access Fund Platform from the Asset Management division of Deutsche Bank. The transaction was completed on December 8, 2017. With the transfer of assets, iCapital now services more than $5 billion in investor capital and nearly 10,000 investor accounts.
The US Private Equity Access Fund Platform is comprised of 33 fund families representing 53 onshore and offshore vehicles and $2.8 billion in capital across more than 7,200 domestic and international investor accounts.
iCapital has assumed management of the fund portfolio and iCapital’s end-to-end technology solution will be leveraged to streamline and automate the ongoing administration of the funds and provide operational support for the underlying investors. iCapital will also maintain relationships with the funds’ third-party service providers.
“This transaction aligns with our goals and global vision for the company and cements our position as an industry leader with a talented team, critical technology and unparalleled sourcing ability focused on bringing the highest-quality private investment opportunities to the high-net-worth and ultra-high-net-worth markets,” said Lawrence Calcano, Chief Executive Officer of iCapital Network. “We have strategically expanded our footprint in a way that will foster future growth and an exceptional investor experience.”
Additionally, iCapital has hired 15 employees from Deutsche Asset Management who will continue to manage funds and support investors in the US Private Equity Access Fund Platform and will ensure a smooth transition for clients.
Wes Sturdevant has been named Managing Director of iCapital and will focus on strategic business development and relationship management with key clients. Previously, Mr. Sturdevant was a Director and Head of the US Private Equity Access Fund Platform at Deutsche Asset Management, where he oversaw structuring and distribution to wealth management clients globally. Prior to joining Deutsche Bank in 2000, Mr. Sturdevant was with Goldman, Sachs & Co.
Joanie O’Grady has been named Senior Vice President and Head of Portfolio Monitoring and joins the Origination & Due Diligence team led by iCapital Co-Founder and Managing Partner Nick Veronis. Previously, Ms. O’Grady was a Director of the US Private Equity Access Fund Platform where she was Head of Portfolio Monitoring & Product Development and a member of the Investment Committee. Prior to joining Deutsche Bank in 2004, Ms. O’Grady served in the Private Equity Fund Group at Goldman Sachs Asset Management.
Susan Park has been named Senior Vice President, Fund Administration and joins the Investor Relations & Fund Administration group reporting to iCapital’s Chief Operating Officer and Managing Partner Tom Fortin.
Previously, Ms. Park was a Director of the US Private Equity Access Fund Platform where she was Head of US Fund Finance and oversaw all aspects of fund management and operations, including client reporting, accounting and tax. Prior to joining Deutsche Bank in 2007, Ms. Park served in the Private Wealth Management Division of Goldman, Sachs & Co.
“We’re witnessing tremendous wealth creation all around the world and increasing demand from the global high-net-worth community for access to high quality alternative investments, setting the stage for an era of unprecedented growth,” said Wes Sturdevant, Managing Director at iCapital. “My team and I are excited to join iCapital and introduce the firm’s innovative digital solution to wealth holders and their closest advisors.”
Terms of the transaction were not disclosed.
About iCapital Network
iCapital Network is a financial technology platform that provides modular alternative investments solutions for registered investment advisors, broker-dealers, private banks, family offices and other sophisticated investors. The state-of-the-art online portal offers a curated menu of private equity, private credit, venture capital, real estate and hedge funds, along with extensive due diligence support, an automated subscription process and integration with a wide range of custodians and reporting packages. The firm’s configurable technology and specialized suite of services is also used by asset managers and financial institutions to streamline and automate their private fund operational infrastructure.