US-based fintech iCapital has raised over US$820 million with the completion of its latest financing round – which was co-led and funded by accounts advised by T Rowe Price Associates and T Rowe Price Investment Management ( T Rowe Price ) and SurgoCap Partners – bringing its valuation to over US$7.5 billion.

The fintech, which aims, it says, “to transform the wealth and asset management landscape through technology, data infrastructure and end-to-end enterprise solutions that power investing at scale” – has US$945 billion of assets serviced globally on its platform, including US$257 billion in alternative platform assets, US$203 billion in structured investments and annuities outstanding, and US$485 billion in client assets reported on.

The capital, the fintech notes, will be used to support strategic acquisitions that improve the adviser and client experience, empower asset managers to expand their reach and attract a broader range of investors, and create opportunities to reduce friction in the ecosystem for all participants.

As the only integrated platform for alternatives, structured investments and annuities, the fintech, it points out, delivers a complete portfolio of management capabilities for education, transactions, data flows, analytics and client support throughout the investment lifecycle. The integration of its technology on both a modular and comprehensive basis simplifies the portfolio investment experience for clients globally and engineers better connectivity and automation for all participants in the ecosystem.

The fintech, it shares, has achieved consistent operating profitability, with rapid year-over-year growth in transaction volume, client adoption and platform usage.

“iCapital has built a platform that has not only become foundational to private markets investing, but it is also setting the standard for operational excellence in the industry,” says David DiPietro, T Rowe Price’s head of private equity. “Their ability to combine advanced technology with a deep understanding of adviser and asset manager needs makes them a uniquely valuable partner to their clients.”

Michael Kushner, the fintech’s CFO, adds: “The proceeds from this capital raise will be strategically deployed to accelerate our acquisition efforts, with a focus on enhancing our technology platform and expanding our data capabilities. These investments will enable us to deliver even greater value to our clients by deepening innovation across our product offerings, strengthening our presence in key markets, and advancing the tools and solutions we provide to wealth and asset managers globally.”