I Capital Lands $820M Round, Hits $7.5B Valuation

I Capital secures $820M to scale fintech offerings, pursue M&A deals, and support global growth across alternatives and structured markets.

iCapital, a dominant force in financial technology with a focus on private markets and structured investments, announced today it has raised over $820 million in fresh capital. The round, co-led by T. Rowe Price and SurgoCap Partners, lifts the firm’s $7.5B valuation, up from $6 billion in 2022. As the largest fintech funding event of the year, iCapital, profitable since 2019, aims to scale its private markets platform, pursue strategic fintech acquisitions, and grow internationally across advisor- and manager-focused offerings.

Unlike most fintechs geared only toward retail, iCapital operates at scale across both institutional and individual markets. It currently supports $945 billion in assets worldwide via 114,000 financial professionals and more than 3,000 wealth management firms. The firm’s private markets platform spans asset classes from private equity to real estate and structured annuities. Along the way, iCapital has executed 23 targeted fintech acquisitions—including Mirador, AltExchange, and Parallel Markets—strengthening its stack across tech, data infrastructure, and digital identity.

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