iCapital's Asia AUM Hits $18B as Alts Go Global

What's New

According to iCapital Chairman and CEO Lawrence Calcano in a recent episode of the Alts Pulse podcast, Asia has emerged as the firm's largest international market with $18 billion in assets under management, surpassing Europe ($12B), Canada ($7B+), and Latin America ($5B). The platform has opened new offices in Tokyo and Australia within the past year, signaling aggressive expansion as wealth channels worldwide accelerate adoption of alternative investments.

Why It Matters

The global wealth management industry is undergoing a fundamental shift as private banks and advisors move to democratize alternative investments beyond ultra-high-net-worth clients. Evergreen fund structures are enabling advisors to serve their entire client base—from qualified purchasers to accredited and sub-accredited investors—creating massive new distribution channels that GPs must navigate with regional expertise and boots-on-the-ground presence.

Big Picture Drivers

• Advisor adoption gap: Only 25-30% of US advisors currently drive 70% of alternatives business, indicating substantial runway for growth globally

• Product evolution: Evergreen structures are replacing traditional 3C7 drawdown funds, removing investor count restrictions that limited accessibility

• Model portfolio demand: Advisors increasingly want packaged alt allocations that match client risk tolerances and include both liquid and illiquid components

• Education imperative: Alternatives remain "sold not bought," requiring sustained GP investment in advisor education and distribution infrastructure

• Regulatory variation: Different regional frameworks are creating distinct allocation patterns and product structures across markets

By The Numbers

• $18B: iCapital's Asia AUM, largest market outside the US

• $12B: European AUM on the platform

• 77%: Advisors expressing interest in evergreen products per iCapital survey

• 15-30%: Target alternative allocation range across private bank CIOs

• $7B+: Canadian market AUM

Key Trends to Watch

• Platform consolidation: iCapital's acquisition of the Citi alts platform signals infrastructure consolidation as wealth channels seek integrated solutions across alternatives, structured products, and annuities.

• Personalization at scale: Firms are investing heavily in technology that customizes advisor experiences based on individual product usage and institutional permissions.

• Model portfolio expansion: Multi-asset models combining liquid and illiquid alternatives from managers like BlackRock and Goldman are becoming the preferred consumption method for advisors entering the asset class.

• Retirement market entry: US regulatory discussions around alternatives in retirement plans represent the next major frontier for allocation growth.

Memorable Quotes

• On market maturity: "I think it's still early but by the way I think the US is still early as well... you still have a dynamic where a small number, 25-30% of the advisors, are doing 70% of the business."

• On distribution reality: "This is still an asset class that is being sold not bought. So advisors in many cases still need education on the asset class."

• On GP success factors: "The most successful GPs will be so in large part because they're making the investment to have feet on the street."

• On advisor priorities: "Advisors want to be inclusive in terms of the products. They want to make the asset class broadly available to their clients."

• On personalization: "People want investment ideas, investment products that are exactly what they're looking for and not having to choose between generalized solutions."

The Wrap

GPs seeking to capture wealth channel flows must balance global distribution investment with regional customization—there is no one-size-fits-all approach. The winners will be firms that can manufacture evergreen products suitable for model portfolios while maintaining education-focused distribution teams in key markets like Asia, where private banks are adopting broader product platforms faster than their US counterparts.