Key Takeaways
- • iCapital announced a strategic investment in and partnership with Tangible Markets, a liquidity solutions provider for private market positions held via wealth management channels, with terms not disclosed.
- • The partnership will develop scalable secondary liquidity solutions for alternative investment funds across private equity, private credit, real assets, and hedge funds, with Tangible's offerings expected on iCapital's platform by the end of 2025.
- • Tangible's technology supports transactions as small as $75,000 and as large as over $250 million, and it has worked with more than 100 secondary investors.
- • iCapital cites alternative assets under management projected to rise from $16.8 trillion at the end of 2023 to $29.2 trillion by 2029, per Preqin, as the rationale for building liquidity infrastructure.
Summary
iCapital, the New York-headquartered fintech company, announced a strategic investment in, and partnership with, Tangible Markets, according to a Business Wire release dated September 8, 2025. The companies will jointly develop scalable liquidity solutions for alternative investment funds, aimed at helping wealth managers, asset managers, and institutional investors unlock value from illiquid holdings. Terms of the agreement were not disclosed.
Access to Tangible's solutions will be facilitated through iCapital's platform, with availability expected by the end of 2025. The offering is designed to connect a buyer-seller network, enhance price discovery, and streamline transaction execution through regular auctions. Per the release, it covers private equity, private credit, real assets, and hedge funds, and is intended to let advisors and qualified investors rebalance portfolios and adjust exposure to alternative funds. Sellers are to receive curated auctions, real-time pricing insights, and portfolio analytics, while buyers gain access to alternative investments with a streamlined closing process.
iCapital Chairman and CEO Lawrence Calcano said the company is building a robust secondary market to give clients greater transparency and the ability to rebalance without waiting for a natural liquidity event. He described the move as an extension of iCapital's end-to-end platform to include liquidity across private market fund strategies, registered funds, and credit offerings.
Tangible, described as a leading liquidity provider for private market positions held through wealth channels, has partnered with over 100 secondary investors and offers Auctions and Liquidity Hub, a Qualified Matching Service for wealth investors. It has also launched NAV lending. Its clients include bulge-bracket banks, pensions, endowments, foundations, multi-family offices, RIAs, and family offices. Co-founders Khalil Hibri and Nathan Sutton commented on the partnership.
The release cites Preqin's projection that global alternative AUM will grow from $16.8 trillion at the end of 2023 to $29.2 trillion by 2029. iCapital states it has $266.5 billion in alternative platform assets and serves more than 3,000 wealth management firms.
Access to Tangible's solutions will be facilitated through iCapital's platform, with availability expected by the end of 2025. The offering is designed to connect a buyer-seller network, enhance price discovery, and streamline transaction execution through regular auctions. Per the release, it covers private equity, private credit, real assets, and hedge funds, and is intended to let advisors and qualified investors rebalance portfolios and adjust exposure to alternative funds. Sellers are to receive curated auctions, real-time pricing insights, and portfolio analytics, while buyers gain access to alternative investments with a streamlined closing process.
iCapital Chairman and CEO Lawrence Calcano said the company is building a robust secondary market to give clients greater transparency and the ability to rebalance without waiting for a natural liquidity event. He described the move as an extension of iCapital's end-to-end platform to include liquidity across private market fund strategies, registered funds, and credit offerings.
Tangible, described as a leading liquidity provider for private market positions held through wealth channels, has partnered with over 100 secondary investors and offers Auctions and Liquidity Hub, a Qualified Matching Service for wealth investors. It has also launched NAV lending. Its clients include bulge-bracket banks, pensions, endowments, foundations, multi-family offices, RIAs, and family offices. Co-founders Khalil Hibri and Nathan Sutton commented on the partnership.
The release cites Preqin's projection that global alternative AUM will grow from $16.8 trillion at the end of 2023 to $29.2 trillion by 2029. iCapital states it has $266.5 billion in alternative platform assets and serves more than 3,000 wealth management firms.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.