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Online PE marketplace iCapital Network to buy HedgeFocus from Credit Suisse

Tuesday, March 22, 2016
Opalesque Industry Update - iCapital Network, a financial technology platform that provides the high-net-worth market with access to alternative investments, and Credit Suisse has announced that they have entered into a definitive purchase agreement pursuant to which iCapital has acquired the HedgeFocus business from the Swiss bank.

The HedgeFocus portfolio contains more than 20 hedge fund access vehicles representing approximately US$1.8 billion in assets in a combination of event driven, multi-strategy, directional, relative value and tactical strategies run by well-established managers. With the transfer of assets, iCapital will be responsible for the ongoing administration and servicing of the investments for all existing investors as well as marketing, administration and servicing for new investors subscribing through iCapital.

“This acquisition is a natural extension of our business strategy, helping us expand our footprint in ways that align with the critical investment priorities of the high-net-worth community for access, choice and transparency,” said Lawrence Calcano, Managing Partner of iCapital Network. “By any metric, this is a transformational deal for iCapital and an important milestone in our efforts to equip the independent wealth community with a leading-edge alternative investments solution.”

“This deal is the culmination of a highly collaborative and close working relationship with iCapital Network that dates back to the firm’s inception in 2013,” said Eileen Duff Blalock, Head of Alternative Investments, Private Banking North America at Credit Suisse. “We needed to be extremely thoughtful about who we could entrust these assets to, and, after reviewing the entire landscape carefully, we knew that iCapital was the right decision on behalf of our investors and relationship managers.”

iCapital offers a curated selection of alternative investments, including private equity, credit, real estate, venture capital and hedge funds, to its private network of registered investment advisors, broker-dealers, family offices and individual high-net-worth investors.

The firm’s online platform was purpose-built to provide next generation fund diligence, including presentation materials, due diligence reports, competitor benchmarking, manager profile videos and historical fund performance.

The iCapital platform is built on proprietary technology that enables electronic fund subscriptions and redemptions and automates capital confirmations, fund statements, tax reporting and investor reporting to deliver the consummate investor relations experience backed by personalized, professional support. Having been part of DTCC Alternative Investment Product Services since early 2015, iCapital is fully integrated with the industry’s major custodians and leading portfolio management and reporting systems.

“Our investor base of independent wealth advisors, private banks and family offices has increasingly been asking for a full alts solution, which has been our objective from day one,” said Nick Veronis, Co-Founder and Managing Partner of iCapital Network. “The acquisition of HedgeFocus fits seamlessly with that goal and places the firm and our clients squarely at the technological forefront of the alternative investments landscape.”

iCapital Network is a financial technology platform that provides simplified access to alternative investments. The state-of-the-art online platform offers a curated selection of private equity funds and hedge funds, extensive due diligence support and powerful research tools to a private member network of qualified investors, family offices, registered investment advisors and broker-dealers. iCapital’s end-to-end solution streamlines and automates the investment process with electronic subscriptions, capital calls, distributions and redemptions, fund statements, and user-friendly investor and tax reporting.

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