iCapital Expands Private Market Platform with Tangible Markets Partnership

iCapital is launching a marketplace for trading private fund stakes, allowing investors to buy and sell stakes in private equity, credit, and hedge funds. The platform, powered by Tangible Markets' technology, aims to make secondary transactions more efficient by bringing buyers and sellers together and reducing the time and effort required to close deals. The marketplace is expected to launch by year-end and will offer auctions with real-time pricing.

iCapital, a leading global fintech company, has announced the launch of a marketplace for trading private fund stakes. The platform, powered by Tangible Markets' technology, aims to streamline secondary transactions by bringing buyers and sellers together, reducing the time and effort required to close deals. The marketplace is expected to launch by the end of 2025 and will offer auctions with real-time pricing.

The marketplace will enable investors to buy and sell stakes in private equity, credit, and hedge funds. This initiative is part of iCapital's broader strategy to build a seamless private markets ecosystem, helping advisors and clients manage alternative exposures with greater agility. The platform is designed to address long-standing barriers, including longer lock-up periods, traditionally high minimums, and operational complexity, by offering secondary market access that does not depend on a fund's natural exit cycle.

iCapital's Chairman and CEO, Lawrence Calcano, stated, "Lack of liquidity has long been a friction point for broader allocations to alternative investments. We're proud to partner with Tangible Markets and invest in advancing the technology to redefine institutional-grade liquidity solutions." The partnership with Tangible Markets will provide liquidity solutions that are expected to be available through iCapital's platform by the end of 2025.

The marketplace is set to introduce a range of liquidity solutions for alternative investment funds, with access to Tangible Markets' solutions facilitated through iCapital's platform. This will create a seamless, transparent experience that connects a robust buyer-seller network, enhances price discovery, and streamlines transaction execution, making alternative investments more accessible and dynamic.

Khalil Hibri, Co-Founder of Tangible Markets, commented, "From the start, Tangible has focused on solving access to liquidity in private markets where others saw only complexity. Our platform now enables wealth managers, GPs, and institutional buyers to transact seamlessly across a wide range of deal sizes, bringing scale and consistency to a market that has long lacked both." The platform will support both closed-ended and semi-liquid funds, offering curated auctions, real-time pricing insights, and portfolio analytics.

The launch of this marketplace aligns with the growing appetite for secondary private equity investments, as seen in Carlyle Group's recent $20 billion fundraise for secondaries strategies [2]. The Carlyle Group's AlpInvest Secondaries Fund VIII reached a $15 billion hard cap, with an additional $3.2 billion in co-investment commitments and $2 billion from private wealth vehicles. This fundraise more than doubles the capital available for Carlyle's secondaries strategy compared to its prior program.

The iCapital-Tangible partnership aims to provide a more efficient and transparent secondary market, addressing the challenges faced by investors in managing their portfolios. By leveraging technology, the platform seeks to create a more dynamic and accessible market for alternative investments.

References:
[1] https://www.morningstar.com/news/business-wire/20250908456952/icapital-announces-strategic-investment-in-tangible-markets-partners-to-deliver-scalable-liquidity-solutions-for-alternative-investment-funds
[2] https://www.citybiz.co/article/740192/carlyle-raises-20-billion-for-secondary-private-equity-investments/?abkw=citybizwashington