Cleary Gottlieb is representing Institutional Capital Network Inc. (iCapital) in its acquisition of UBS Fund Advisor LLC, UBS’s legacy proprietary U.S. alternative investment manager, and the feeder fund platform it manages.
With this transaction, iCapital will assume the management and operation of the UBS legacy platform, generally referred to as “AlphaKeys Funds,” which includes private equity, hedge fund, and real estate feeder funds, and represents more than $7 billion in client assets. The transaction signed on August 19, 2022, and is expected to close on October 1, 2022.
iCapital’s flagship platform offers advisors and their clients access to a curated menu of private equity and hedge funds at lower minimums with a full suite of due diligence and administrative support in a secure digital environment. As of July 31, 2022, iCapital services more than $136 billion in global client assets across more than 1,080 funds.