iCapital® Announces Strategic Investment in Tangible Markets, Partners to Deliver Scalable Liquidity Solutions for Alternative Investment Funds

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6:00 AM on Monday, September 8

The Associated Press

NEW YORK--(BUSINESS WIRE)--Sep 8, 2025--

iCapital1, the global fintech company shaping the future of investing, today announced a strategic investment in, and partnership with, Tangible Markets, a leading liquidity solutions provider for private market positions held via wealth management channels. Together, the firms will develop scalable liquidity solutions for alternative investment funds – helping wealth managers, asset managers, and institutional investors unlock value from illiquid holdings. The partnership also supports the longer-term evolution of private markets, as enhanced liquidity becomes increasingly essential to expanding participation for advisors and their clients. Tangible’s liquidity solutions are expected to be available through iCapital’s platform by the end of 2025.

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“Lack of liquidity has long been a friction point for broader allocations to alternative investments. We’re proud to partner with Tangible Markets and invest in advancing the technology to redefine institutional-grade liquidity solutions,” said Lawrence Calcano, Chairman and CEO of iCapital. “By building a robust secondary market, we offer clients greater transparency and the flexibility to efficiently rebalance portfolios without waiting for a natural liquidity event – enabling strategic allocation adjustments while maintaining exposure to long-term, value-generating assets.”

Establishing an Integrated Secondary Market
This partnership introduces a range of liquidity solutions for alternative investment funds, and access to Tangible Markets solutions will be facilitated through iCapital’s platform. The result is a seamless, transparent experience that connects a robust buyer-seller network, enhances price discovery, and streamlines transaction execution – making alternative investments more accessible and dynamic. The liquidity solution creates digital experiences for managing liquidity across a broad range of strategies, including private equity, private credit, real assets, and hedge funds. Through regular auctions, advisors and qualified investors can efficiently rebalance portfolios, access liquidity when needed, and adjust exposure to alternative investment funds.

Mr. Calcano added, “With this next step, iCapital is extending its end-to-end platform to include liquidity solutions across private market fund strategies, registered funds, and credit offerings. By connecting seamlessly to the broader iCapital ecosystem, we give our clients the tools to effectively manage alternatives with the flexibility and transparency they expect. It’s an important milestone as periodic liquidity becomes key to building confidence in alternatives as a core portfolio component.”

This partnership will reduce friction in secondary transactions and accelerate time-to-liquidity for advisors and clients. Sellers benefit from curated auctions, real-time pricing insights, and portfolio analytics that help unlock value from traditionally illiquid assets across both closed-ended and semi-liquid funds. For buyers, the platform offers access to high-quality alternative investments and a frictionless closing process, supporting faster deployment and more diversified portfolios.

Technology Enabled Liquidity Experience
With global alternative assets under management projected to grow from $16.8 trillion at the end of 2023 to $29.2 trillion by 20292, advisors are increasingly interested in flexible liquidity solutions for these complex assets. iCapital is addressing long-standing barriers – including longer lock-up periods, traditionally high minimums, and operational complexity – by offering secondary market access that does not depend on a fund’s natural exit cycle. This is especially important for limited partners who may need to redeploy capital, meet cash flow needs, or adjust portfolio exposures by strategy, geography, and maturity.

This partnership reinforces iCapital’s broader strategy to build a seamless private markets ecosystem – one that helps advisors and clients to manage alternative exposures with greater agility. Embedding liquidity into the infrastructure of private markets supports the maturation of the asset class and aligns with evolving investor preferences and portfolio construction goals.

“From the start, Tangible has focused on solving access to liquidity in private markets where others saw only complexity. Our platform now enables wealth managers, GPs, and institutional buyers to transact seamlessly across a wide range of deal sizes, bringing scale and consistency to a market that has long lacked both,” said Khalil Hibri, Co-Founder of Tangible Markets.

“We are proud that iCapital has chosen Tangible to power its liquidity solutions, and from our very first conversation it was clear that combining our strengths would be industry-defining,” said Nathan Sutton, Co-Founder of Tangible Markets.

Tangible has been an industry leader for liquidity solutions within the wealth sector, implementing its platform solutions with leading wealth managers and GPs globally. Their technology enables both buyers and sellers to underwrite, exchange, and close transactions at scale – as small as $75,000 and over $250 million.

Terms of the agreement were not disclosed.

About iCapital
iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services, designed to help drive better outcomes 3 for all participants in the ecosystem.

With strategic investment from leading alternative asset managers, wealth managers, and service providers globally, iCapital provides unrivaled access, data connectivity, education, and research programs to advisors and their clients. Leveraging AI and machine learning for digital identity (KYC/AML), iCapital supports compliant and secure investment lifecycle processes.

iCapital's end-to-end platform manages the lifecycle of non-traditional investment products, making it easier to learn about, buy, manage, and integrate alternative assets, structured investments, and annuities into portfolios, driving growth, scale, and efficiency. Our solution(s) can be customized and offers specific modules as needed.

iCapital has $994 4 billion of assets serviced globally on its platform, including $266.5 billion in alternative platform assets, $215 billion in structured investments and annuities outstanding, and $512.7 billion in client assets reported on, and serving over 3,000 wealth management firms and 116,000 active financial professionals.

Headquartered in New York, iCapital operates globally with 16 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, and Toronto, and an industry-leading R&D center in Lisbon. iCapital is recognized for its innovation and leadership, with accolades from Euromoney (World's Best Technology Provider for Wealth Management), CNBC (World Top Fintech Companies), The Wealthies Alts Investment Platform of the Year, and Forbes Fintech 50.

For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc

About Tangible
Tangible is the leading liquidity solutions provider for private market positions held via wealth management channels. It has partnered with over 100 secondary investors to offer on-demand liquidity through its Auctions platform and recurring liquidity through Liquidity Hub, a Qualified Matching Service tailored specifically for wealth investors. To meet the full spectrum of client needs, Tangible has also launched a NAV lending capability.

Its clients include bulge-bracket banks, pensions, endowments, foundations, independent multi-family offices, RIAs, and family offices. Clients benefit from Tangible’s technology platform which includes liquidity monitoring and management, empowering them to make informed, data-driven decisions across their private market holdings.

1iCapital, Inc. and its affiliates (together, “iCapital”)
2Preqin’s report “The Future of Alternatives 2029”
3iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics.
4As of July 31, 2025

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CONTACT: Media Contacts

iCapital

+1 919 602 2806

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Archie Graves

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+44 7803 261488Daniella Okoli

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+44 7377 842413

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