The group is an example of how access to "alternative investments" such as private equity is becoming more accessible via such platforms.

Singaporean sovereign wealth fund Temasek and a number of financial groups including UBS, Goldman Sachs Asset Management and Wells Fargo have put $440 million into iCapital Network, the tech investments platform that has grown rapidly in recent years.

Besides the previously mentioned Investors, others were Owl Rock, a division of Blue Owl Capital; MSD Partners; Noah Holdings and Golub Capital; WestCap, Ping An Voyager Partners; Blackstone; Pivot Investment Partners; BNY Mellon; and Morgan Stanley. Today, the company’s valuation is about $4.0 billion.

iCapital will use the new capital to enhance its platform technology, expand the breadth of strategies and product types on its alternative investment menu, and pursue strategic acquisitions that will broaden its client capabilities.

Since announcing its last fundraising round in March 2020, which the company ultimately closed at $162 million, iCapital has grown platform assets from $46 billion to more than $80 billion.

The rise of iCapital is sometimes attributed to alternative investments - such as private equity and hedge funds, once the preserve of big institutions and ultra-wealthy individuals - being democratised. The global market for alternative investments is worth more than $10.7 trillion and is expected to grow 9.8 per cent by 2025. iCapital argues that individual investor allocations have “historically lagged those of institutional investors."