The Depository Trust & Clearing Corporation (DTCC) and fintech company iCapital today announced a strategic collaboration to advance the infrastructure supporting private markets.

By bringing together DTCC’s market infrastructure, processing capabilities, and network with iCapital’s technology platform and investment workflows, the firms aim to connect data, operations, and market participants across the private investment lifecycle. The collaboration is intended to reduce operational friction and help wealth advisors and asset managers participate in private markets more efficiently, at greater scale and with less risk.

In support of this initiative, DTCC has also made a strategic investment in iCapital.

“Private markets represent one of the most significant growth areas in financial services today, creating an urgent need for modern, scalable infrastructure. Our strategic partnership with iCapital reflects DTCC’s commitment to supporting the continued evolution of diverse financial markets,” said Frank La Salla, President, Chief Executive Officer and Director of DTCC. “Broader adoption of alternative investments will depend on making the ecosystem easier to navigate, more efficient to operate, and highly resilient.”

As investor portfolios increasingly include both public and private investments, DTCC and iCapital aim to advance scalable industry solutions that streamline operations, enhance data quality, and create a more seamless experience for firms and investors. The collaboration is designed to support more connected and automated workflows across the private investment lifecycle. For wealth advisors, this can simplify how alternative investments are accessed and managed within client portfolios. For asset managers, it can provide more efficient and standardized infrastructure for reaching and supporting the wealth market.

“Together, iCapital and DTCC are advancing the infrastructure and standards shaping the future of private markets. Our shared vision is a more connected ecosystem that expands access and makes alternative investments easier and more efficient to transact and manage. We will partner on technologies that support the overall goals of the relationship such as blockchain enabled DLT and tokenization where appropriate that help build a stronger foundation for the industry’s continued evolution,” said Lawrence Calcano, Chairman and Chief Executive Officer of iCapital. “With this investment, DTCC joins a diversified group of strategic investors who share our conviction that the future of private markets will be underpinned by infrastructure that is more connected, standardized, and scalable.”

As an initial area of collaboration, the firms plan to further integrate DTCC’s Alternative Investment Product (AIP) with iCapital’s alternative investment platform. By connecting capabilities across transaction processing, data exchange, access, administration, and reporting, the firms aim to create a more seamless and efficient experience across the private investment lifecycle. The firms will also explore collaborations on current and emerging technologies across the alternatives landscape that could further improve connectivity, transaction management, and efficiency across alternative investments.

As part of DTCC’s strategic investment in iCapital, Talia Klein, Head of Wealth & Investment Solutions of DTCC, will be an observer on iCapital’s Board of Directors.

“We’re seeing increased demand for private assets as a component of investor portfolios, creating a growing need for accessible, scalable infrastructure,” added Klein. “Private markets have traditionally lacked the operational standards that exist in public markets. With this collaboration, we look forward to working alongside the iCapital team to improve connectivity, streamline processes, and support continued growth responsibly.”