DTCC and iCapital have announced a wide‑ranging collaboration designed to modernise the infrastructure underpinning private‑market investments, aiming to reduce operational friction and expand access for wealth managers and asset managers globally.
The move includes a strategic investment by DTCC in the fintech firm.
The partnership brings together DTCC’s post‑trade infrastructure and network with iCapital’s technology platform and investment‑lifecycle workflows. The firms say the combined capabilities will help connect data, operations and market participants across private‑market processes, enabling more automated, standardised and scalable activity.
Frank La Salla, DTCC President and CEO, said private markets are now one of the most significant growth areas in financial services, creating pressure for more resilient and efficient infrastructure.
“Broader adoption of alternative investments will depend on making the ecosystem easier to navigate, more efficient to operate, and highly resilient,” he said.
The collaboration aims to support both sides of the market. For wealth advisors, the firms plan to simplify how alternative investments are accessed and managed within client portfolios. For asset managers, the initiative is intended to provide more efficient and standardised infrastructure for reaching and supporting the wealth channel.
iCapital CEO Lawrence Calcano said the partnership reflects a shared vision for a more connected and scalable private‑markets ecosystem. He added that the firms will explore technologies including blockchain‑enabled DLT and tokenisation “where appropriate” to support the goals of the relationship.
As an initial step, DTCC and iCapital will deepen the integration between DTCC’s Alternative Investment Product (AIP) service and iCapital’s platform. The aim is to streamline transaction processing, data exchange, access, administration and reporting across the private‑investment lifecycle.
DTCC’s strategic investment also includes governance involvement: Talia Klein, Head of Wealth & Investment Solutions at DTCC, will join iCapital’s Board of Directors as an observer. Klein said demand for private assets is rising, but the market still lacks the operational standards seen in public markets. “With this collaboration, we look forward to working alongside the iCapital team to improve connectivity, streamline processes, and support continued growth responsibly,” she said.
The firms will also explore further collaboration on emerging technologies that could enhance connectivity, transaction management and efficiency across alternative investments.
