Funding round
iCapital Growth
Reported as "Growth Equity"
iCapital, which works in alternative investment management solutions in New York, raised $820M in a Growth round announced on 10 Jul 2025, led by T. Rowe Price and SurgoCap, at a $7.50B post-money valuation. 7 firms took part, 4 of them already investors. It is iCapital's fourth venture round on record; the one before was a Growth in Dec 2021.
$820M
Amount raised
$7.50B
Post-money valuation
$6.68B pre-money
7
Investors
2 leads
1.3x
Step-up from the Growth
$6.00B in Dec 2021
11%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced iCapital at $7.50B after the new money, 1.3 times the $6.00B of its Growth (Dec 2021). The $820M bought investors about 11% of the company. It came 43 months after iCapital's Growth. It is 56% of the $1.46B iCapital has raised in the venture rounds on record. No later venture round is on record for iCapital.
iCapital's funding rounds
iCapital has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
T. Rowe Price and SurgoCap led the round with 5 other firms. T. Rowe Price, Temasek, UBS and BNY had backed iCapital before.
Lead investors
- T. Rowe Price existing investor
- new investor
Also in the round
- State Street new investor
- Temasek backs 195 venture-backed companies existing investor
- UBS existing investor
- BNY existing investor
- Goldman Sachs backs 218 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and acquisitions.
- Product development
- Geographic expansion
- Scaling operations
- Acquisitions
Comparable rounds
How it compares
24 Growth rounds in Investment Consultants & Financial Advisors within a year either side disclosed an amount; the median was $56M, and this round was 15 times the median. The closest in time, other companies' Growth rounds in Investment Consultants & Financial Advisors:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Investment Consultants & Financial Advisors | 31 Jul 2025 | $150M | not disclosed | not named |
| Investment Consultants & Financial Advisors | 16 Aug 2025 | $50M | not disclosed | not named |
| Investment Consultants & Financial Advisors | 27 Aug 2025 | $30M | not disclosed | Aquiline Capital Partners and Brewer Lane Ventures |
| Investment Consultants & Financial Advisors | 3 Sep 2025 | $147M | not disclosed | Winklevoss Capital and Nakamoto |
| Wealthsimple Investment Consultants & Financial Advisors | 27 Oct 2025 | $540M | $7.10B | Dragoneer Investment Group and GIC |
| Investment Consultants & Financial Advisors | 22 Oct 2025 | $70M | not disclosed | Illuminate Financial |
| FNZ Investment Consultants & Financial Advisors | 12 Nov 2025 | $650M | not disclosed | not named |
| Investment Consultants & Financial Advisors | 14 Nov 2025 | $216M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did iCapital raise in its Growth round?
iCapital raised $820M in its Growth round, announced in Jul 2025.
Who led iCapital's Growth round?
T. Rowe Price and SurgoCap led it, with State Street, Temasek, UBS, BNY and Goldman Sachs.
What was iCapital's valuation at the Growth round?
$7.50B post-money ($6.68B pre-money).
How does it compare with other Growth rounds in Investment Consultants & Financial Advisors?
24 Growth rounds in Investment Consultants & Financial Advisors within a year either side disclosed an amount; the median was $56M, and this round was 15 times the median.