iCapital, a global fintech platform, has announced an agreement to acquire Citi Global Alternatives, LLC, an indirect subsidiary of Citi and the advisor to Citi Wealth’s global alternative investment fund platform. The platform includes more than 180 alternative investment funds, spanning asset classes such as private equity, credit, infrastructure, real estate, venture capital, and hedge funds. Following the transaction, iCapital will manage and operate the fund platform, while Citi will continue to serve as distributor and advisor to its clients. This acquisition further expands iCapital’s capabilities in supporting institutional and wealth management clients in accessing and managing alternative investments.
Through this collaboration, iCapital will integrate its digital infrastructure to streamline the administration of Citi Wealth’s alternatives platform. It will also introduce a dedicated specialist team to support Citi advisors with product education, sales processes, and post-sale services across all asset types. Daniel O’Donnell, Head of Citi Wealth Alternatives and Investment Manager Solutions, commented, “Citi Wealth already has a strong working relationship with iCapital on alternative solutions, and we’re excited to expand our relationship to bring greater integration of iCapital’s market-leading digital capabilities to our advisors, bankers, investment counselors and clients.” This acquisition aligns with iCapital’s ongoing strategy to partner with major financial institutions to improve access to and management of complex investment products.
