NEW YORK, NY – iCapital1, the global fintech company shaping the future of investing, today announced that it has entered into a definitive agreement to acquire Passthrough, a leading provider of investor onboarding solutions and financial compliance infrastructure for GPs. The acquisition enhances iCapital’s support of the LP onboarding process by extending fundraising across both private wealth and institutional channels, giving GPs a unified, highly scalable platform to onboard and service investors of any type, size, or strategy. Together, iCapital and Passthrough support 1,200 GPs and product providers ranging from emerging and specialty managers to many of the largest asset management firms in the world.
“iCapital began with a clear focus on modernizing and simplifying how GPs connect with the wealth channel. The acquisition of Passthrough is a natural extension of that focus and expands our capabilities to support the global GP community as they engage with—and serve—all of their LPs across the wealth and institutional markets,” said Lawrence Calcano, Chairman and CEO of iCapital. “We are excited to welcome Passthrough and their talented team to iCapital, and together, we will continue to deliver a more unified, seamless client experience across the investment industry.”
In 2025, the institutional flows into alternative investments exceeded $1.30 trillion2. With the acquisition of Passthrough, iCapital expands its onboarding solution and financial compliance infrastructure to support GPs holistically, creating a scalable pathway to capture institutional demand while also tapping into the growing allocations from wealth managers—resulting in an elevated, consistent client experience.
“We are thrilled to join the iCapital team and integrate our investor identity and onboarding technology capabilities with iCapital’s global platform, and together we will accelerate the industry’s shift toward a unified, identity‑first standard—for the entire alternative investment ecosystem,” said Tim Flannery, CEO and Co-founder of Passthrough.
Passthrough is a financial technology platform focused on modernizing investor identity, subscription documents, and KYC/AML compliance for private markets. Its software enables fund managers to automate investor onboarding, streamline subscription workflows, and securely manage sensitive identity data, supported by deep integrations across the private capital technology ecosystem. Passthrough’s capabilities complement iCapital’s Identity Solutions, and the acquisition enables iCapital to further enhance and tailor these tools to meet the specialized reporting, operating, and compliance needs of all LPs across the private markets landscape.
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 outcomes3 for all participants in the ecosystem.
With strategic investment from leading alternative asset managers, wealth managers, and service providers globally, iCapital provides unmatched 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 more than $1.13 trillion4 of assets serviced globally on its platform, including $295.9 billion in alternative platform assets, $251.4 billion in structured investments and annuities outstanding, and $589.4 billion in client assets reported on, and serves over 3,300 wealth management firms and 122,000 active financial professionals.
Headquartered in New York, iCapital operates globally with 18 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, Abu Dhabi 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’s Top Fintech Companies), and Forbes Fintech 50.
For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc
About Passthrough
Passthrough is a New York–based financial technology company focused on modernizing investor identity, subscription documents, and KYC/AML compliance for private markets. Its platform enables fund managers to automate onboarding, streamline investor experiences, and securely manage sensitive identity data, with deep integrations across the private capital technology ecosystem.
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iCapital
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END NOTES
- iCapital, Inc. and its affiliates (together, “iCapital”)
- Preqin 2026 Global Report
- iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics.
- As of December 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, FINRA and SIPC. Financial products made available by iCapital Markets LLC 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.
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