Bank of America has built on its partnership with iCapital Network by making a strategic investment in the alternative investment platform.
Terms of the deal were not disclosed, although iCapital says the investment was at the same $6 billion-plus valuation as its $50 million funding round in December.
Founded in 2013, iCapital is used by the wealth management, banking, and asset management industries to facilitate access to private markets investments for their high-net-worth clients.
The firm has been working with BofA since 2018 and the following year acquired the bank's alternative investment feeder fund operations. This enabled BofA to streamline and automate ongoing fund operations and administration services for Merrill and Private Bank advisors and their clients.
Nancy Fahmy, head, alternative investments, speciality asset management and investment solutions specialists, BofA, says: "iCapital and Bank of America share the belief that alternative investments are an important component of a well-diversified portfolio and it is critical to increase access, education and service to advisors and their clients."