iCapital Network has agreed to acquire the U.S. private equity access fund platform from the asset management division of Deutsche Bank. The latter’s fund portfolio is comprised of 33 funds with approximately $2.5 billion in invested assets on behalf of more than 7,000 U.S. and international investors.

iCapital will take over as investment manager for the U.S. private equity portfolio and iCapital’s financial technology platform will be leveraged to streamline and automate the ongoing administration of the funds, many of which are middle-market oriented. With the transfer of assets, iCapital will service approximately $5 billion in private fund assets, making it one of the largest U.S.-based independent alternative investment platforms for high-net worth investors and their advisers.

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