Key Takeaways
- • iCapital is acquiring Citi Global Alternatives, LLC, the advisor to Citi Wealth's global alternative investment fund platform, from Citi, per a joint announcement on May 13, 2025.
- • The platform comprises more than 180 alternative funds distributed globally across private equity, growth equity, private credit, infrastructure, venture capital, real estate and hedge funds.
- • iCapital will manage and operate the fund platform, while Citi remains the distributor of the funds and continues advising clients on alternatives within diversified portfolios.
- • iCapital will also provide a dedicated alternative investment specialist sales and service team for Citi Wealth covering all asset classes and product structures.
- • Terms of the purchase agreement were not disclosed.
Summary
iCapital and Citi announced that iCapital is acquiring Citi Global Alternatives, LLC, an indirect Citi subsidiary that serves as advisor to Citi Wealth's global alternative investment fund platform. The platform represents more than 180 alternative funds distributed globally, spanning private equity, growth equity, private credit, infrastructure, venture capital, real estate and hedge funds, according to the Business Wire release. Terms of the purchase agreement were not disclosed.
Under the arrangement, iCapital will manage and operate the fund platform, while Citi remains the distributor and will continue to guide its clients on the role of alternative investments within a diversified strategy. iCapital Chairman and CEO Lawrence Calcano said the firm's technology platform would streamline the operations and management of current and future alternative investment funds on the platform. He added that iCapital would enhance Citi Wealth's global sales capabilities through a dedicated alternative investment specialist team supporting advisors across pre-sale, sale and post-sale activities, working with Citi and general partners to support platform growth.
Daniel O'Donnell, Head of Citi Wealth Alternatives and Investment Manager Solutions, noted that Citi Wealth already has a strong working relationship with iCapital on alternative solutions and that the expanded relationship would bring greater integration of iCapital's digital capabilities to Citi's advisors, bankers, investment counselors and clients.
The release positions the transaction as an end-to-end technology solution for alternative investment structures. iCapital, which reports more than $880 billion in platform assets as of its disclosure date, including $220 billion in alternatives, cited its experience consolidating fund platforms for other financial institutions as the basis for the deal. The release notes that the figures are as of March 31, 2025.
Under the arrangement, iCapital will manage and operate the fund platform, while Citi remains the distributor and will continue to guide its clients on the role of alternative investments within a diversified strategy. iCapital Chairman and CEO Lawrence Calcano said the firm's technology platform would streamline the operations and management of current and future alternative investment funds on the platform. He added that iCapital would enhance Citi Wealth's global sales capabilities through a dedicated alternative investment specialist team supporting advisors across pre-sale, sale and post-sale activities, working with Citi and general partners to support platform growth.
Daniel O'Donnell, Head of Citi Wealth Alternatives and Investment Manager Solutions, noted that Citi Wealth already has a strong working relationship with iCapital on alternative solutions and that the expanded relationship would bring greater integration of iCapital's digital capabilities to Citi's advisors, bankers, investment counselors and clients.
The release positions the transaction as an end-to-end technology solution for alternative investment structures. iCapital, which reports more than $880 billion in platform assets as of its disclosure date, including $220 billion in alternatives, cited its experience consolidating fund platforms for other financial institutions as the basis for the deal. The release notes that the figures are as of March 31, 2025.
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