Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Wirehouses (UBS, Morgan Stanley, Merrill, Wells) drive $7-8B in annual feeder fund flows plus another $6-8B in direct subscription workflows, but registered products like interval funds are gaining traction as they reach more investors without the feeder fund expense layer.</li><li>The alternative investment tech stack remains fragmented across multiple systems—with no DTCC-like central clearing—creating operational friction where third-party administrators use different databases, banks maintain separate processes, and platforms like iCapital struggle to replicate bank workflows rather than providing modular self-service tools.</li><li>While traditional feeder funds will persist, growth is shifting toward registered products, corporate structures that allow more than 1,999 investors, and potentially tokenization—with fee compression pushing platforms to evolve from basis-point models toward transaction-based enterprise contracts and technology services.</li></ul>

Wirehouses (UBS, Morgan Stanley, Merrill, Wells) drive $7-8B in annual feeder fund flows plus another $6-8B in direct subscription workflows, but registered products like interval funds are gaining traction as they reach more investors without the feeder fund expense layer.The alternative investment tech stack remains fragmented across multiple systems—with no DTCC-like central clearing—creating operational friction where third-party administrators use different databases, banks maintain separate processes, and platforms like iCapital struggle to replicate bank workflows rather than providing modular self-service tools.While traditional feeder funds will persist, growth is shifting toward registered products, corporate structures that allow more than 1,999 investors, and potentially tokenization—with fee compression pushing platforms to evolve from basis-point models toward transaction-based enterprise contracts and technology services.

Managing Director At iCapital On Wirehouse Distribution Challenges And Tech Evolution

<ul><li>iCapital raised $820 million in July 2025 at a valuation of $7.5 billion, one of the largest fintech funding rounds that year.</li><li>iCapital's acquisition strategy has targeted the expansion of both its technology capabilities and managed assets, including acquisitions such as UBS's $7 billion AlphaKeys platform and various fintech companies to enhance its software stack.</li><li>iCapital's Asia-Pacific operations managed $14 billion in regional assets under management by early 2025, supported by offices in Singapore, Hong Kong, and Tokyo.</li></ul>

iCapital raised $820 million in July 2025 at a valuation of $7.5 billion, one of the largest fintech funding rounds that year.iCapital's acquisition strategy has targeted the expansion of both its technology capabilities and managed assets, including acquisitions such as UBS's $7 billion AlphaKeys platform and various fintech companies to enhance its software stack.iCapital's Asia-Pacific operations managed $14 billion in regional assets under management by early 2025, supported by offices in Singapore, Hong Kong, and Tokyo.

<ul><li>What iCapital and others had done is set up a lot of conduit funds and acquire the book of these conduit funds, which had been built at these banks and other institutions.</li><li>The future state is that in the future iCapital will acquire companies and put people together that have more reporting and data and contacts and partnerships.</li><li>I think they&#39;re going to make investments, do more investment in blockchain beyond what they have built internally.</li></ul>

What iCapital and others had done is set up a lot of conduit funds and acquire the book of these conduit funds, which had been built at these banks and other institutions.The future state is that in the future iCapital will acquire companies and put people together that have more reporting and data and contacts and partnerships.I think they&#39;re going to make investments, do more investment in blockchain beyond what they have built internally.

Managing Director At iCapital On The AML/KYC Chokepoint In Private Markets

<ul><li>Tegus was acquired for $930M by AlphaSense in a deal that was announced in June 2024 and closed a month later.</li><li>The company&#39;s most recent standalone funding was a $90M Series B round in December 2021, led by WestCap with participation from Citi Ventures, Drive Capital, Base10 Partners, Western Technology Investment, and Footwork Ventures.</li><li>The launch of AskTegus in 2024 allows the company to address the broader $15B+ financial services AI tooling market, expanding beyond the traditional $3-4B research data segment.</li></ul>

Tegus was acquired for $930M by AlphaSense in a deal that was announced in June 2024 and closed a month later.The company&#39;s most recent standalone funding was a $90M Series B round in December 2021, led by WestCap with participation from Citi Ventures, Drive Capital, Base10 Partners, Western Technology Investment, and Footwork Ventures.The launch of AskTegus in 2024 allows the company to address the broader $15B+ financial services AI tooling market, expanding beyond the traditional $3-4B research data segment.

<ul><li>And initially, it was created to connect institutions with private equity funds.</li><li>iCapital can do a better job managing their clients in these products than they could themselves through the technology that iCapital has and the integration work that iCapital has done with these administrators.</li><li>Now the one exception again, though, in terms of BREIT and all of their competitors was, Blackstone came to us at iCapital early on and wanted iCapital to create an offshore feeder.</li></ul>

And initially, it was created to connect institutions with private equity funds.iCapital can do a better job managing their clients in these products than they could themselves through the technology that iCapital has and the integration work that iCapital has done with these administrators.Now the one exception again, though, in terms of BREIT and all of their competitors was, Blackstone came to us at iCapital early on and wanted iCapital to create an offshore feeder.

Managing Director At iCapital On How Evergreen Funds Are Eating Private Market Share

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Investment management platform for private markets GPs to streamline fundraising, investor relations, and fund administration

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Managing Director At iCapital On Wirehouse Distribution Challenges And Tech Evolution

Could you tell me how much net new volume per month your wirehouse channel typically drove at steady state? If helpful, you can answer based on net...

Sacra

Primer: iCapital - 11 Aug 2025

Software platform for wealth managers to access and manage alternative investment products

Sacra

Managing Director At iCapital On The AML/KYC Chokepoint In Private Markets

My understanding is that iCapital actually has quite a few customer types that are important. How would you break that down? Who's buying and how...

Sacra

Primer: Tegus - 11 Aug 2025

Platform for investors to access expert insights and data through interviews and transcripts

Sacra

Managing Director At iCapital On How Evergreen Funds Are Eating Private Market Share

What are the main customer segments at iCapital, and how do their use cases and needs overlap or diverge...

Sacra

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