ICapital Network, an alternative investment platform for high-net-worth individuals and their advisers, has closed the acquisition of U.S. private equity access fund platform of Deutsche Asset Management.
The transaction closed Dec. 8.
With the transfer of assets, iCapital now services more than $5 billion in investor capital. The platform comprises 33 funds 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 will also maintain relationships with the funds' third-party service providers.
Additionally, iCapital has recruited 15 employees from Deutsche Asset Management who will continue to manage funds and support investors in the acquired platform.
Wes Sturdevant was named managing director of iCapital and will focus on strategic business development and relationship management. He joined the Deutsche Bank in 2000. Joanie O'Grady was named senior vice president and head of portfolio monitoring and joins the origination and due diligence team led by iCapital co-founder and Managing Partner Nick Veronis. She joined Deutsche Bank in 2004.
Susan Park was named senior vice president of fund administration and joins the investor relations and fund administration group reporting to iCapital COO and Managing Partner Tom Fortin. She joined Deutsche Bank in 2007.
Financial terms of the transaction were not disclosed.