iCapital Network, a platform which opens alternative assets to high-net-worth individuals, has acquired a portfolio of funds from Deutsche Bank.
The bank’s US Private Equity Access Fund Platform has 33 funds, worth $2.5 billion, and will be managed by the platform’s manager iCapital Advisors.
The acquisition brings iCapital Network’s assets to $5 billion, according to a statement.
The iCapital platform allows high-net-worth investors and their advisors access to managers who have previously only worked with institutional investors. Investors can commit as little as $100,000 per fund, below the average $5 million industry average.
This acquisition follows a boost in financial support for the platform this year. Investors including BlackRock, UBS Wealth Management Americas and Morgan Stanley, have committed a total of $50 million to the technology firm.
The deal is also the second unit sell-off for Deutsche, which sold its fund administration arm to Vistra this month, as reported by pfm.