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BlackRock to invest in iCapital Network

BlackRock Inc. announced that the company will lead the next funding round of iCapital Network, a financial technology platform focused on democratizing access to alternative investments for high-net-worth investors and their financial advisers.

The transaction will see Frank Porcelli, chairman of BlackRock's U.S. wealth advisory business, join iCapital Network's board. He will work with the organization as a strategic adviser.

Terms of the transaction were not disclosed.