Chinese Wealth Management Service Provider Noah Holdings announced on Wednesday that it has made a $10 million strategic equity investment in US-based iCapital Network, the global financial technology platform driving access to and efficiency in alternative investment for the asset and wealth management industries.
Founded in 2013, iCapital’s mission is to power the world’s alternative investment marketplace. iCapital has transformed the way the wealth management, banking, and asset management industries facilitate access to private markets investments for their high-net-worth clients by providing intuitive, end-to-end technology and service solutions.
The company raised $400 million in this round of financing led by Temasek. Existing investors such as Blackstone, UBS, and Goldman Sachs also committed additional capital to this round of funding.
Founded in 2005 and listed on the NYSE in 2010, Noah offers comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors. In the first quarter of 2021, Noah reported net revenues of RMB 1.22 billion, representing a year-on-year growth of 64.1%.
“We are pleased to form a strategic partnership with iCapital,” commented Ms. Jingbo Wang, co-founder, CEO and Chairwoman of Noah, “iCapital hosts top-tier overseas private equity and hedge fund products on its platform, and their operational model is highly synergetic with Noah’s online, digital, and intelligent transformation strategy.”
“Noah’s strategic investment in iCapital is testament to the industry’s confidence in our technology-led approach to opening up access to alternative investment solutions,” said Mr. Lawrence Calcano, Chairman and Chief Executive Officer of iCapital Network.