iCapital, a global fintech platform for alternative investments, has acquired UBS Fund Advisor LLC, UBS‘ legacy proprietary U.S. alternative investment manager and the feeder fund platform it manages.

The platform ‘AlphaKeys Funds’ includes over $7 billion in client assets. Following the transaction, iCapital will manage and operate the platform and its private equity, hedge fund, and real estate funds.

“iCapital has a long-standing global relationship with UBS through which we utilize our market-leading technology to facilitate the management of their direct and feeder funds on a single platform and offer their advisors the tools they need to be successful,” said Lawrence Calcano, chairman and CEO of iCapital. “We are thrilled to expand that relationship to include management of UBS Fund Advisor and the feeder fund platform.”