WEBINAR REPLAY

The Future of Portfolio Performance Reporting: SS&C Black Diamond + iCapital’s Scalable Solutions

Discover how iCapital’s enterprise-grade technology transforms the advisor-client experience for SS&C Black Diamond users. In this dynamic session, we explore how streamlined data workflows and powerful reporting capabilities can elevate transparency, reduce operational drag, and unlock scalable growth across alternative investments.

What You’ll Learn:

How iCapital’s consolidated reporting integrates with SS&C Black Diamond to simplify tracking and transparency across alternative investments
Ways Alts Data Management tools reduce operational friction and improve data quality -Insights from SS&C Black Diamond’s 2025 product roadmap
How iCapital’s infrastructure supports seamless integration and scalable growth for wealth managers

Speakers

Matt Narel

Matt is Vice President of Business Development at iCapital, where he specializes in helping firms streamline performance reporting and manage alternative investment data. He originally joined Mirador in May 2020—prior to its acquisition by iCapital in 2024—and spent five years leading operations across Orion and Black Diamond before transitioning into a business development role in 2025. Matt brings a distinctive blend of technical expertise and client-focused insight, shaped in part by his earlier career as a high-end watchmaker. His ability to connect precision with process has made him a trusted partner to clients navigating complex reporting environments. He holds both a B.S. in Business Management and an M.S. in Business Analytics from Quinnipiac University. Outside of work, Matt is passionate about cars, watches, and all things mechanical.

Sam Searcy

Sam Searcy is an Associate on the Business Development team at iCapital, where he supports strategic initiatives. Prior to joining iCapital eight months ago, he spent four years in the performance reporting and alternative investment data space, working with institutional investors, wealth managers, and family offices to streamline reporting and improve data management. Sam graduated from Auburn University in 2021.

FOR INVESTMENT PROFESSIONAL USE ONLY

The material herein has been provided to you for informational purposes only by Institutional Capital Network, Inc. (“iCapital Network”) or one of its affiliates (iCapital Network together with its affiliates, “iCapital”). This material is the property of iCapital and may not be shared without the written permission of iCapital. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of iCapital.

This material is provided for informational purposes only and is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation, or as an offer or solicitation to buy or sell any security, financial product or instrument, or otherwise to participate in any particular trading strategy. This material does not intend to address the financial objectives, situation, or specific needs of any individual investor. You should consult your personal accounting, tax, and legal advisors to understand the implications of any investment specific to your personal financial situation.

ALTERNATIVE INVESTMENTS ARE CONSIDERED COMPLEX PRODUCTS AND MAY NOT BE SUITABLE FOR ALL INVESTORS. Prospective investors should be aware that an investment in an alternative investment is speculative and involves a high degree of risk. Alternative investments often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; may not be required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. There is no guarantee that an alternative investment will implement its investment strategy and/or achieve its objectives, generate profits, or avoid loss. An investment should only be considered by sophisticated investors who can afford to lose all or a substantial amount of their investment.

iCapital Markets LLC operates a platform that makes available financial products to financial professionals. In operating this platform, iCapital Markets LLC generally earns revenue based on the volume of transactions that take place in these products and would benefit by an increase in sales for these products.

The information contained herein is an opinion only, as of the date indicated, and should not be relied upon as the only important information available. Any prediction, projection or forecast on the economy, stock market, bond market, or the economic trends of the markets is not necessarily indicative of the future or likely performance. The information contained herein is subject to change, incomplete, and may include information and/or data obtained from third-party sources that iCapital believes, but does not guarantee, to be accurate. iCapital considers this third-party data reliable, but does not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. iCapital makes no representation as to the accuracy or completeness of this material and accepts no liability for losses arising from the use of the material presented. No representation or warranty is made by iCapital as to the reasonableness or completeness of such forward-looking statements or to any other financial information contained herein.

Securities products and services are offered by iCapital Markets, an SEC-registered broker-dealer, member FINRA and SIPC, and an affiliate of iCapital, Inc. and Institutional Capital Network, Inc. These registrations and memberships in no way imply that the SEC, FINRA, or SIPC have endorsed any of the entities, products, or services discussed herein. Annuities and insurance services are provided by iCapital Annuities and Insurance Services LLC, an affiliate of iCapital, Inc. “iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc. Additional information is available upon request.

iCapital introduces streamlined access to private credit for Canadian advisors and Canadian accredited investors. Receives early support from Westcourt Capital, a leader in the selection and diligence of alternative investment offerings tailored for the Canadian wealth channel.

TORONTO – October 16, 2025 – iCapital¹ , the global fintech company shaping the future of global investing, is proud to bring a private credit solution offered by BlackRock to market in Canada. This initiative introduces an evergreen investment vehicle designed for accredited investors, available through advisor channels with both CAD-hedged and USD-denominated options.

This launch marks the first time Canadian wealth managers and their accredited investor clients can access BlackRock’s private credit strategy through a Canadian access vehicle. Historically available only to institutional investors, private credit is increasingly sought after by advisors seeking to provide their high-net-worth clients with enhanced portfolio diversification, a means to generate income, and improved downside protection. This new Canadian solution significantly lowers the barriers to entry by offering a simplified subscription process and reduced investment thresholds, delivered through iCapital’s platform.

“We are honoured to deepen our existing relationship with BlackRock, one of the world’s renowned asset management firms and a recognized leader in private credit capabilities,” said Tom Johnston, Managing Director, Head of Client Solutions Canada at iCapital. “Wealth creation in the alternative asset space has long been an institutional strategy, and we are delighted to support BlackRock in broadening the reach of this institutional grade strategy to Canada.”

“With this launch, we are excited to expand access for Canadians to our middle market private credit strategy and to grow our global relationship with iCapital,” said Sarah Butcher, Managing Director, Head of the Americas Institutional Business in Canada and Canadian territory lead for Institutional Capital Formation at BlackRock. “We are pleased to continue to innovate together and to bring unique private market opportunities to a wider investment community – offering Canadians more choice in private market strategies. We are likewise thrilled that after extensive review, Westcourt Capital chose to support this launch.”

The newly created Canadian-access solution (which includes a USD-denominated and CAD-option) has received an initial investment from clients of Westcourt. “Westcourt Capital conducted a global search and is pleased to have access to BlackRock’s private credit strategy through the iCapital Canadian fund structure. We are excited to be allocating to BlackRock as a differentiated, institutional grade solution for our clients,” said Robert A. Janson, Chief Investment Officer at Westcourt Capital.

Private credit continues to grow in relevance as market volatility and low fixed income yields persist. BlackRock’s private credit strategy focuses on directly originated senior secured loans – offering enhanced yield potential and capital preservation through robust collateral and covenant protections.

The new Canadian investment vehicle is delivered through iCapital’s platform, giving advisors a streamlined way to subscribe, allocate, and report on private credit investments. With this initiative, iCapital enables wealth managers to expand access to private markets, while maintaining the same level of oversight and high standard of client service.

About iCapital:
iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services, designed to help drive better outcomes² for all participants in the ecosystem.

With strategic investment from leading alternative asset managers, wealth managers, and service providers globally, iCapital provides unrivaled access, data connectivity, education, and research programs to advisors and their clients. Leveraging AI and machine learning for digital identity (KYC/AML), iCapital supports compliant and secure investment lifecycle processes.

iCapital’s end-to-end platform manages the lifecycle of non-traditional investment products, making it easier to learn about, buy, manage, and integrate alternative assets, structured investments, and annuities into portfolios, driving growth, scale, and efficiency. Our solution(s) can be customized and offers specific modules as needed.

iCapital has $994 billion³ of assets serviced globally on its platform, including $266.5 billion in alternative platform assets, $215 billion in structured investments and annuities outstanding, and $512.7 billion in client assets reported on, and serving over 3,000 wealth management firms and 116,000 active financial professionals.

Headquartered in New York, iCapital operates globally with 16 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, and Toronto, and an industry-leading R&D center in Lisbon. iCapital is recognized for its innovation and leadership, with accolades from Euromoney (World’s Best Technology Provider for Wealth Management), CNBC (World Top Fintech Companies), The Wealthies Alts Investment Platform of the Year, and Forbes Fintech 50.

For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc

+++

For media inquiries, please contact:
iCapital Canada:
Blue Door Agency
(905) 580 1692
[email protected]

END NOTES

iCapital, Inc. and its affiliates (together, “iCapital”)
iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics.
As of July 31, 2025

IMPORTANT INFORMATION
This material has been provided to you for informational purposes only by iCapital, Inc. and/or one of its affiliates including Institutional Capital Network, Inc. (collectively, "iCapital"). This material is the property of iCapital. This is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation to employ a specific investment strategy, or as an offer to sell, a solicitation of an offer to purchase, or a recommendation of any interest in any fund or security. Securities products and services are offered through iCapital Markets LLC (a registered broker/dealer, member FINRA and SIPC), Institutional CN (Europe) – Empresa de Investimento, S.A. (registered with CMVM), iCapital UK Services Limited (authorised and regulated by the Financial Conduct Authority), iCapital Hong Kong Limited (licensed by SFC) and iCapital SG Pte. Ltd (licensed by MAS), iCapital Network Canada Ltd. is registered as an investment fund manager, portfolio manager and exempt market dealer where required in the applicable Provinces and Territories of Canada, all affiliates of iCapital. Registrations and memberships in no way imply that FINRA, SIPC, CMVM, FCA, SFC or MAS have endorsed any of the entities, products or services discussed herein. Financial products made available by iCapital Markets LLC, Institutional CN (Europe) – Empresa de Investimento, S.A., iCapital UK Services Limited, iCapital Hong Kong Limited, iCapital SG Pte. Ltd. and iCapital Network Canada Ltd, may be complex and/or speculative and are not suitable for all investors. iCapital Advisors, LLC is an investment adviser registered with the Securities and Exchange Commission and acts as an adviser to certain privately offered investment funds. "iCapital" and "iCapital Network" are registered trademarks of Institutional Capital Network, Inc.

Investment Outlook

A growth equity investment strategy offers exposure to efforts focused on scaling businesses with an aim to exit via an IPO or strategic sale. The health of the IPO market is a leading indicator for growth equity as it is often the most lucrative exit path. That said, U.S. IPOs have raised $43 billion through August 2025 and are on pace to exceed $65 billion for the year, which would be an 80% increase from 2024. Halfway through 2025, the number of IPO transactions is largely flat compared to the full year 2024. Roughly 200 transactions have priced raising more capital compared to 2024, pointing to larger, higher-quality deals (all references to IPO data is based on Exhibit 1). This is relevant for growth equity as it occupies the middle ground between venture capital and buyout. The boundary lines are hard to see however, the category has evolved into much more than an intermediate private investing approach. A typical growth equity fund will invest in profitable companies that have proven business models and growing customer sets – the types of companies that can often seek an IPO exit.

Not only would a healthy IPO market be a tailwind for growth equity, but some managers tend to hold positions beyond an IPO exit. As a result, growth equity managers are often able to capture significant company growth, typically in excess of a 10% run rate, and sometimes beyond 20%.

Recent Market Trends

Growth equity assets have experienced a steady increase over the last 15 years. As the private markets expand, more companies are operating private for longer. Within this context, there has been a notable trend of high growth companies staying private for longer that arguably would have otherwise would have gone public 10-20 years ago. Consequently, there is investor desire to access to some of these larger and faster growing private companies. Despite a difficult post-pandemic fundraising environment – as valuations for growth-stage investments reset – the asset class has increased its role across private equity with roughly 20% share of total assets (Exhibit 2).

In terms of deal flow, growth equity has increased its share of private equity deals to 23%, surpassing buyout. Moreover, growth equity is on track for its largest share of private equity deals since 2013 (Exhibit 3). This has been due to the trend of more public-to-private transactions where growth equity managers have an opportunity to unlock value though hands-on growth or profit improvement strategies that would be otherwise difficult in the public markets.

The uptick in deal activity shows that some companies are more comfortable with valuations. This could set the stage for outperformance over the medium/longer term due to a thawing path to realizations, presenting a path for sponsors to monetize pent up unrealized value.

Industry Focus: Software

Growth equity managers often look for opportunities in companies that are at or near cash-flow positive with an opportunity to generate excess return by growing the business, often by unlocking product distribution and/or scaling technological innovation. With this strategy, some managers have a vertical focus based on industry expertise in areas such as software or health care.

In software, the recent valuation reset positions the space for an uptick in activity. Public market valuations (5.0x forward revenue, Exhibit 4) are below ten-year averages and presents pricing opportunities. Many software companies have grown larger by taking on private market capital, suggesting a sustainable period for larger and higher-quality IPO.

Software tends to be one of the first industries to test the IPO waters – and is one of the biggest sectors for large cap private equity buyout – due to durable revenue and high margins and cash flow. More recently, the strong after market performance of recent IPOs should be a basis for a strong software IPO pipeline.

Publicly-traded software companies have a renewed focus on efficient growth. This balance in both revenue growth and margin expansion could allow software companies to unlock incremental value and multiple expansion—ideal conditions for growth equity exits. The Meritech Software Index is seeing median ARR growth of 15% with the median rule of 40 at 34%, arguably in a “sweet spot” for software.¹

Performance Snapshot

Exhibit 5: Growth Equity Has Been a Steady Performer

Strategy	5-year	10-year	15-year
Buyout	16.4%	14.4%	14.8%
Growth Equity	14.6%	12.8%	12.4%
Private Capital	13.7%	11.8%	12.5%
Venture Capital	11.5%	10.3%	11.6%

Source: Bloomberg Index Services Limited, Preqin, iCapital Alternatives Decoded, with data based on availability as of Mar. 31, 2025. For more information, refer to Additional Information and Index Definitions. For illustrative purposes only. Past performance is not indicative of future results. Future results are not guaranteed.

Additional Information:

Exhibit 5: Buyout proxied by Preqin Private Equity Buyout Index. Private Capital proxied by Preqin Private Capital Index. Growth Equity proxied by Preqin Growth Equity Index. Venture proxied by Preqin Venture Capital Index.

Exhibit 7: IPO data is based on U.S. exchange-listed IPOs that have begun trading and with market caps of at least $25 million. We exclude closed-end funds, unit offerings, and SPACs. The iCapital IPO Activity Barometer is a leading measure designed to offer forward-looking insights into underlying trends in U.S. IPO activity. It draws on seven key factors that have historically provided reliable signals of IPO activity going back to 2001: 1) Valuations, 2) Yields/Rates, 3) Volatility, 4) Drawdowns, 5) Business Conditions, 6) Investor Sentiment, and 7) CEO Sentiment. Given the indicator’s structure, the focus should be on overall trends rather than short-term fluctuations or specific levels at any given time.

INDEX DEFINITIONS

Preqin Private Equity Buyout Index: The index covers closed-end funds captured in the broader Private Capital index including funds/strategies listed as Buyout, as defined by Preqin.

Preqin Private Capital Index: The index covers closed-end funds captured in the broader Private Capital index, as defined by Preqin.

Preqin Growth Equity Index: The index covers closed-end funds captured in the broader Private Capital index including funds/strategies listed as Growth, as defined by Preqin.

Preqin Venture Capital Index: The index covers closed-end funds captured in the broader Private Capital index including funds/strategies listed as Early Stage, Early Stage: Seed, Early Stage: Start-up, Expansion/Late Stage, Venture (general), as defined by Preqin.

END NOTES

Meritech Analytics, Company Filings and S&P Capital IQ. Data as of September 2025.

IMPORTANT INFORMATION

ALTERNATIVE INVESTMENTS ARE CONSIDERED COMPLEX PRODUCTS AND MAY NOT BE SUITABLE FOR ALL INVESTORS. Prospective investors should be aware that an investment in an alternative investment is speculative and involves a high degree of risk. Alternative investments often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; may not be required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. There is no guarantee that an alternative investment will implement its investment strategy and/or achieve its objectives, generate profits, or avoid loss. An investment should only be considered by sophisticated investors who can afford to lose all or a substantial amount of their investment.

The information contained herein is an opinion only, as of the date indicated, and should not be relied upon as the only important information available. Any prediction, projection, or forecast on the economy, stock market, bond market, or the economic trends of the markets is not necessarily indicative of the future or likely performance. The information contained herein is subject to change, incomplete, and may include information and/or data obtained from third-party sources that iCapital believes, but does not guarantee, to be accurate. iCapital considers this third-party data reliable, but does not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. iCapital makes no representation as to the accuracy or completeness of this material and accepts no liability for losses arising from the use of the material presented. No representation or warranty is made by iCapital as to the reasonableness or completeness of such forward-looking statements or to any other financial information contained herein.

WEBINAR REPLAY

Elevating the Orion Experience with iCapital’s Reporting & Data Solutions

Unlock the full potential of your Orion platform with iCapital.

Watch this focused session designed for Orion users, showcasing how iCapital’s enterprise-scale technology enhances consolidated reporting, streamlines Alts Data Management, and delivers a more powerful advisor-client experience.

What You’ll Learn

How iCapital’s consolidated reporting integrates with Orion to simplify tracking and transparency across alternative investments
Ways Alts Data Management tools reduce operational friction and improve data quality
Insights from Orion’s 2025 product roadmap
How iCapital’s scale and infrastructure support seamless integration and scalable growth for wealth managers

Who Should Attend

Orion platform users
Wealth managers and advisors focused on alternatives
Operations and reporting teams seeking efficiency and scale

Speakers

Matt Narel

Sam Searcy

FOR INVESTMENT PROFESSIONAL USE ONLY

Arixa Capital Joins iCapital® Marketplace, Expanding Access to Real Estate Private Credit

Private markets managers step up pursuit of US retirement savings

iCapital’s technology now enables streamlined access to Pantheon’s Global Credit Secondaries strategies, distributing evergreen private market solutions to wealth managers across Asia, Europe, the Middle East, and Latin America.

ZURICH & LONDON – 26 August 2025 – iCapital¹, the global fintech company shaping the future of investing, announced today it has extended its global partnership with Pantheon, a leading global private markets investor, to further enhance investor access to evergreen funds to include the Pantheon Global Credit Secondaries strategies.

iCapital and Pantheon’s initial partnership, established in October 2017, has expanded from providing feeders to closed-ended funds in the US to enhance private wealth’s engagement to Pantheon’s evergreen offerings globally, including Pantheon’s first open-ended, private equity offering outside of the US². The success of this partnership is further demonstrated by its expansion to include the Pantheon Global Credit Secondaries strategies, evergreen funds, providing investors with simplified entry to a globally diversified credit portfolio.

Through its complete suite of technology and structuring capabilities, iCapital will deliver enhanced reach to the Pantheon Global Credit Secondaries strategies across the UK, Switzerland, Middle East, Latin America and Asia. This partnership is underpinned by iCapital’s ability to design tailored investment solutions—whether through feeder structures or direct access— to seamlessly support investors throughout the lifecycle and connect globally with distributors and third-party platforms.

“We are delighted to deepen our global partnership with Pantheon and to support its objective of increasing private client exposure to its strategies,” said Marco Bizzozero, Head of International at iCapital. “The expansion of this partnership is a further demonstration that iCapital is the trusted technology partner globally for private markets, enabling efficient distribution for asset managers and seamless access for wealth managers seeking broader portfolio diversification and enhanced financial outcomes for their clients.”

“Expanding our long-standing partnership with iCapital to include the Pantheon Global Credit Secondaries strategies marks a significant milestone in our mission to broaden access to high-quality private markets strategies,” said Victor Mayer, Head of International Private Wealth at Pantheon. “This collaboration enables us to deliver a globally diversified credit solution to a wider range of private wealth investors through a simplified, evergreen structure, reinforcing our commitment to innovation and client-centric solutions.”

About iCapital:

iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and Data Intelligence, designed to help drive better outcomes³ for all participants in the ecosystem.

iCapital has $945 billion⁴ of assets serviced globally on its platform, including $257 billion in alternative platform assets, $203 billion in structured investments and annuities outstanding, and $485 billion in client assets reported on, and serving over 3,000 wealth management firms and 114,000 active financial professionals.

For more information, visit https://icapital.com | Twitter (X): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc

About Pantheon

Pantheon⁵ has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, private credit, and real assets. We have partnered with more than 700 clients, including institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $71bn in discretionary assets under management (as of December 31, 2024). Leveraging our specialized experience and global team of professionals across Europe, the Americas, and Asia, we invest with purpose and lead with expertise to build secure financial futures.

+++

For media inquiries, please contact:

iCapital
[email protected]
+41 43 547 19 61

Pantheon
[email protected]
+44 20 3473 3975

iCapital, Inc. and its affiliates (together, “iCapital”)
Pantheon partners with iCapital® to expand access to specialist evergreen semi-liquid private equity solution, May 29, 2024
iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics.
As of June 30, 2025
Pantheon refers to the subsidiaries and subsidiary undertakings of Pantheon Ventures Inc. and AMG Plymouth UK Holdings Limited and includes operating entities principally based in the US (San Francisco and New York), UK (London), Hong Kong, Guernsey, Tokyo, Dublin and Singapore. Pantheon Ventures Inc. and Pantheon Ventures (US) LP are registered as investment advisors with the U.S. Securities and Exchange Commission (“SEC”); Pantheon Securities, LLC is a broker dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”). Pantheon Ventures (UK) LLP is authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. Pantheon Ventures (Guernsey) Ltd and a number of other Pantheon entities incorporated in Guernsey are regulated by the Guernsey Financial Services Commission. Pantheon Ventures (Asia) Limited is registered as a Type II Financial Instruments Business and Investment Advisory and Agency Business Operator with the Kanto Local Finance Bureau in Japan (KLFB). Pantheon Ventures (Ireland) DAC is regulated by the Central Bank of Ireland (“CBI”) and is an appointed representative of Pantheon Ventures (UK) LLP in respect of activities carried out in the United Kingdom. Pantheon Ventures (Singapore) Pte. Ltd holds a capital markets service license from the Monetary Authority of Singapore (“MAS”) to conduct fund management with accredited and institutional investors.

This material has been provided to you for informational purposes only by iCapital, Inc. and/or one of its affiliates including Institutional Capital Network, Inc. (collectively, “iCapital”). This material is the property of iCapital. This is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation to employ a specific investment strategy, or as an offer to sell, a solicitation of an offer to purchase, or a recommendation of any interest in any fund or security. Securities products and services are offered through iCapital Markets LLC (a registered broker/dealer, member FINRA and SIPC), Institutional CN (Europe) – Empresa de Investimento, S.A. (registered with CMVM), iCapital UK Services Limited (authorised and regulated by the Financial Conduct Authority), iCapital Hong Kong Limited (licensed by SFC) and iCapital SG Pte. Ltd (licensed by MAS), iCapital Network Canada Ltd. is registered as an investment fund manager, portfolio manager and exempt market dealer where required in the applicable Provinces and Territories of Canada, all affiliates of iCapital. Registrations and memberships in no way imply that FINRA, SIPC, CMVM, FCA, SFC or MAS have endorsed any of the entities, products or services discussed herein. Financial products made available by iCapital Markets LLC, Institutional CN (Europe) – Empresa de Investimento, S.A., iCapital UK Services Limited, iCapital Hong Kong Limited, iCapital SG Pte. Ltd. and iCapital Network Canada Ltd, may be complex and/or speculative and are not suitable for all investors. iCapital Advisors, LLC is an investment adviser registered with the Securities and Exchange Commission and acts as an adviser to certain privately offered investment funds. “iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc.

Discover how Tabono Capital, a Singapore-based multi-family office, scaled its operations with transparency and custom reporting. Learn about their partnership with iCapital and the implementation of a robust portfolio reporting solution that led to significant growth in assets under management.

Executive Summary

Tabono Capital, a Singapore-based multi-family office founded by two experienced private bankers previously with Citi Private Bank Singapore, launched in 2024 with a vision to offer institutional-grade investment access and operational excellence to ultra-high-net-worth families across Asia and the Middle East.

In its early phase, Tabono Capital faced a key operational challenge: the absence of a robust portfolio reporting solution — critical for demonstrating transparency, especially for complex alternatives and held-away assets. To address this, Tabono Capital partnered with iCapital for a comprehensive reporting solution built on the Addepar platform. iCapital led the end-to-end implementation, delivering integrated reporting workflows and ongoing data management aligned to Tabono Capital’s bespoke client experience.

Since onboarding iCapital in March 2024, Tabono Capital has seen its AUM grow fivefold, underscoring the impact of this strategic operational infrastructure and the power of custom reporting in client engagement.

The ability to deliver consolidated reporting — including held-away assets and complex alternatives — has been a game changer. iCapital’s team acts like an extension of ours, which has allowed us to scale with agility and precision. Their reporting engine is now part of our DNA. 

– Santosh Rao, Co-Founder, Tabono Capital

Firm Profile

Firm Name
Headquarters	🇸🇬 Singapore
Firm Type	Multi-Family Office
Solutions Delivered	Implementation Services, Consolidated Reporting
Alternative Investment Positions Tracked	~200
AuM growth since partnering with iCapital	5x to S$1 billion

Challenge

Tabono Capital officially commenced operations in May 2024 following regulatory approval from the Monetary Authority of Singapore. While the founders brought decades of private banking experience, the firm started without a portfolio reporting system — a vital element for delivering visibility and performance insights to clients.

The absence of consolidated reporting limited their ability to present a holistic view of clients’ portfolios, particularly those with held-away assets and multiple custodians, a standard expectation among UHNW families.

Solution

After selecting Addepar as its core reporting platform, Tabono Capital engaged iCapital to lead a tailored implementation that matched the firm’s workflows and digital strategy. iCapital assumed responsibility for:

Full Reporting Operations: Data aggregation, accuracy checks, and report generation across multiple custodians.
Custom Deliverables: Creation of detailed internal dashboards and personalized client reports embedded in Tabono Capital’s proprietary app.
Held-Away Assets: Inclusion of externally managed and held-away assets to deliver a unified portfolio view.
Alternatives Reporting: Reconciliation and tracking of complex private market investments, including unique metrics like accumulator terms and exposure rollups.

By integrating before client onboarding began, iCapital became deeply embedded into Tabono Capital’s operational framework from day one — allowing for real-time collaboration and scalable reporting growth.

Impact

The partnership has had a measurable and strategic impact on Tabono Capital’s operations and growth:

Data Governance & Privacy: iCapital implemented its Data Solutions framework to ensure end-to-end data protection aligned with global privacy standards. With dedicated oversight from a Data Protection Officer and jurisdiction-specific policies, Tabono Capital benefits from secure data management practices that reinforce client trust and meet regulatory expectations.
Operational Leverage: iCapital’s managed service model has freed up significant internal bandwidth, enabling Tabono Capital’s team to focus on client acquisition and investment strategy.
Agility & Speed: Monthly production of 14 customized reports across ~30 accounts, with consistent delivery in under 7 days.
Client Differentiation: Sophisticated reporting and dashboards have become key competitive advantages, embedded directly within the Tabono Capital client app.
Scalable Growth: With the reporting foundation in place, Tabono Capital has scaled its AUM and client base rapidly since March 2024.
Future-Proofed Infrastructure: The robust reporting framework supports expansion into new fund launches and deeper family office capabilities.

“iCapital has been instrumental in laying the operational foundation for our business. Their reporting solution not only delivers transparency to our clients but also allows our team to focus on what matters — building lasting relationships and managing wealth with conviction.”

- Nirish Unni, Co-Founder, Tabono Capital

IMPORTANT INFORMATION

This material has been provided to you for informational purposes only by iCapital, Inc. and/or one of its affiliates including Institutional Capital Network, Inc. (collectively, “iCapital”). This material is the property of iCapital and may not be shared without its written permission. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of iCapital. This is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation to employ a specific investment strategy, or as an offer to sell, a solicitation of an offer to purchase, or a recommendation of any interest in any fund or security. Security products and services are offered through iCapital Markets LLC (a registered broker/dealer, member FINRA and SIPC), Institutional CN (Europe) – Empresa de Investimento, S.A. (registered with CMVM), iCapital Hong Kong Limited (licensed by SFC) and iCapital SG Pte. Ltd (licensed by MAS), all affiliates of iCapital. Registrations and memberships in no way imply that FINRA, SIPC, CMVM, the SFC or MAS have endorsed any of the entities, products or services discussed herein. Financial products made available by iCapital Markets LLC, Institutional CN (Europe) – Empresa de Investimento, S.A., iCapital Hong Kong Limited and iCapital SG Pte. Ltd. may be complex and/or speculative and are not suitable for all investors. iCapital Advisors, LLC is an investment adviser registered with the Securities and Exchange Commission and acts as an adviser to certain privately offered investment funds.

iCapital Hong Kong Limited is licensed for Type 1 (Dealing in Securities) and Type 4 (Advising on Securities) regulated activities (SFC CE No: BTM925) under the Securities and Futures Ordinance, and is regulated by the Securities and Futures Commission. It is a private company registered in Hong Kong under Business Registration number 74237275 and its business address is Room 1003, 10th Floor, St. George’s Building, 2 Ice House Street, Central, Hong Kong.

iCapital SG Pte. Ltd. holds a CMS licence for dealing in capital markets products under the Securities and Futures Act, and is regulated by the Monetary Authority of Singapore. It is a private company registered in Singapore (UEN: 202237416C) and its business address is 88 Market Street, #40-01 CapitaSpring 048948, Singapore.

iCapital Hong Kong Limited and iCapital SG Pte. Limited are exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia in respect of certain financial services they provide to “wholesale clients” for the purposes of the Corporations Act of Australia, and they do not hold such a licence. iCapital Hong Kong Limited is regulated by Securities and Futures Commission of Hong Kong under the laws of Hong Kong and iCapital SG Pte. Ltd. is regulated by the Monetary Authority of Singapore under the laws of Singapore. The laws of Hong Kong and Singapore differ from the laws of Australia. Any financial services provided to any person by iCapital Hong Kong Limited are provided pursuant to ASIC Instrument 24-0967 and any financial services provided to any person by iCapital SG Pte. Ltd. are provided pursuant to ASIC Class Instrument 23-0827.

“iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc.

Exploring the Future of Alternative Investments with Scott McSweeney, Vice President of Platform Partnerships at iCapital