DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

SEC-registered adviser

Icapital Advisors, LLC

Asset manager (funds and pooled vehicles)New York, New YorkCRD 177513SEC 801-106690website IAPD

Latest filing Aug 31, 2026

First filing on the tape Sep 16, 2015 · 43 filings

SEC status approved since Oct 20, 2015

RAUM

$150B

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

0.0%

$0 individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

552

46 advisory (5.B.1)

Offices

beyond the principal office

Private funds

1,144

reported on Schedule D

History

43 filings and snapshots on the tape

RAUM$150B as of Aug 31, 2026

Mar 30, 2016$150M then

HNW client RAUM: no history

State-registered IARs (5.B.3)0 as of Aug 31, 2026

Mar 30, 20160 then

Employees (5.A)552 as of Aug 31, 2026

Mar 30, 20168 then

Private funds1,144 as of Aug 31, 2026

Mar 30, 201611 then

RAUM +40% over the last fiscal year+22% a year over threeIARs 0 to 0

Practice profile

derived from the filing of Aug 31, 2026; every figure names its basis

Archetypes, each a printed rule

Broker-dealer affiliated · Item 7.A.1 (broker-dealer affiliate) and at least 50 registered representatives (Item 5.B.2), or the adviser is itself a broker-dealer (6.A.1)

RAUM per advisor: unknownderivedRAUM over IAPD advisors; not a book size
Clients per advisor: unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client: unknownderivedHNW RAUM over HNW clients
Average account: $114MderivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: unknownderivedItem 5.A over advisors
Advisors per office: unknownderived3 offices incl. principal (1.F.5)
RAUM growth, one year: +40%derivedbetween the last two annual amendments
Advisor growth, one year: unknownderivedItem 5.B.3 between annual amendments
Client growth, one year: unknownderived
Compensation: percentage of assets, fixed fees, subscriptionreportedItem 5.E
Advisory activities: portfolio management for pooled vehicles, otherreportedItem 5.G
Custody: $83B, 640 clientsreportedItem 9.A
Ownership: no PE, bank or public-company owner found on Schedule Aderived
Advisor book size: not public; not estimatedreported

Also answered yes on Form ADV

has discretionary authority over which securities are bought or sold (8.C.1)
receives research or other products from a broker-dealer, soft dollars (8.E)
has custody of client cash or bank accounts (9.A.1.a)
has custody of client securities (9.A.1.b)
a related person has custody of client cash (9.B.1.a)
a related person has custody of client securities (9.B.1.b)
marketing includes testimonials (5.L.1.c)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Pooled investment vehicles$150B100%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 1,314reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: $83B for 640 clientsreported
Compensation: % of AUM, fixedreported
Class basis: private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=true related_bank=true bd_reps=96.0derived

Advisors registered through the firm

0 on IAPD today, longest tenure first

No representative is registered through this CRD on IAPD.

Advisor movement

Left, latest

none on the tape

Joined, latest

none on the tape

Every departure Every arrival

Private funds

200 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
Blackstone Private Credit Fund Icapital Offshore Access Fund Spc	Other Private Fund	$9.7B	4,540	Mar 30, 2022
Blackstone Real Estate Income Trust Icapital Offshore Access Fund Spc	Other Private Fund	$7.7B	7,290	Mar 30, 2022
Apollo Debt Solutions Bdc Icapital Offshore Access Fund Spc	Other Private Fund	$2.4B	524	Mar 30, 2022
Alphakeys Millennium Fund, L.L.C.	Other Private Fund	$1.6B	2,063	Mar 28, 2023
Blue Owl Technology Income Corp. Icapital Offshore Access Fund Spc	Other Private Fund	$1.2B	99	Mar 28, 2023
Millennium International Hedgefocus Fund, Ltd.	Other Private Fund	$1.1B	1,065	Mar 29, 2020
Strat Partners Ix (Icapital) L.P.	Other Private Fund	$1.1B	1,908	Mar 30, 2022
Hedgepremier/Millennium International Ltd.	Other Private Fund	$1.1B	976	Mar 30, 2022
Millennium USA Hedgefocus Fund, L.P.	Other Private Fund	$1.0B	1,884	Mar 28, 2023
Icapital-Blackstone Sp Ix US Access Fund, L.P.	Other Private Fund	$1.0B	1,553	Mar 30, 2022
Alphakeys Dover Street Xi, L.P.	Other Private Fund	$949M	1,687	Mar 27, 2024
Strategic Partners Viii (Icapital) L.P.	Other Private Fund	$922M	1,179	Mar 29, 2020
Icapital Infrastructure Investments Access Fund, L.P.	Other Private Fund	$890M	1,933	Mar 28, 2019
Alphakeys Millennium Fund II, L.L.C.	Other Private Fund	$882M	820	Mar 28, 2023
Alphakeys Millennium Fund (Offshore), Ltd.	Other Private Fund	$840M	858	Mar 30, 2012
Icapital Millennium Fund, L.P.	Other Private Fund	$770M	1,837	Dec 23, 2011
Silver Lake Partners Vi Private Access Fund, L.P.	Other Private Fund	$701M	144	Mar 30, 2021
Ieq Capital Access Fund - Dcp V, L.P.	Other Private Fund	$627M	353	Mar 28, 2023
Ieq Capital Access Fund - Brp Secondary V, L.P.	Other Private Fund	$594M	496	Mar 28, 2023
Alphakeys Renaissance Institutional Equities Fund II, L.L.C. Ser B	Other Private Fund	$589M	813	Mar 28, 2023
Platinum Ecp V (Icapital), L.P.	Other Private Fund	$573M	794	Mar 29, 2020
Ares Special Opportunities II Access Fund, L.P.	Other Private Fund	$563M	1,114	Mar 28, 2023
Alphakeys Millennium Fund III, L.L.C.	Other Private Fund	$545M	505	Mar 28, 2023
Infrastructure Investments Fund (Icapital), Ltd.	Other Private Fund	$497M	355	Mar 30, 2022
Thoma Bravo Xv (Icapital), L.P.	Other Private Fund	$497M	1,038	Mar 28, 2023
Apollo Pe Global X (Icapital), L.P.	Other Private Fund	$482M	1,157	Mar 28, 2023
Ieq Capital Access Fund - Blackrock Secondaries, L.P.	Other Private Fund	$478M	284	Mar 30, 2021
Icapital Multi-Strategy Fund, L.P.	Other Private Fund	$472M	870	Dec 23, 2011
Icapital-Btas Viii US Access Fund L.P.	Other Private Fund	$446M	766	Mar 30, 2022
Ieq Capital Access Fund - Pa Secondary Fund Vi, LP	Other Private Fund	$444M	274	Mar 30, 2022
Blackstone Total Alternatives Solution V (Icapital) L.P.	Other Private Fund	$443M	836	Mar 28, 2019
Icapital-Apollo X Access Fund, L.P.	Other Private Fund	$421M	569	Mar 28, 2023
Glendower Access Secondary Opportunities V (U.S.), L.P.	Other Private Fund	$414M	577	Mar 30, 2022
Blue Owl Credit Income Corp. Icapital Offshore Access Fund Spc	Other Private Fund	$396M	737	Mar 30, 2022
Alphakeys Real Estate Opportunities Fund V, L.L.C.	Other Private Fund	$394M	1,144	Mar 28, 2023
Silver Lake Partners Vii Private Access Fund, L.P.	Other Private Fund	$367M	143	Mar 28, 2023
Cardinal Advisor Series - International Value Equity Master Fund L.P.	Hedge Fund	$341M	152	Mar 15, 2012
Sl Partners Vii (Icapital), L.P.	Other Private Fund	$339M	763	Mar 28, 2023
Icapital-Sl Partners Vii Access Fund, L.P.	Other Private Fund	$336M	967	Mar 28, 2023
Ieq Capital Access Fund - Bridge Multifamily Fund IV, L.P.	Other Private Fund	$334M	264	Mar 29, 2020

All funds of Icapital Advisors, LLC

Owners and control persons

Schedule A and B, latest filing

Duff Eileen Blalock · Chief Executive Officercontrol
since 06/2024 · owns less than 5%
Craig Stephen Jacobs · General Counselcontrol
since 10/2019 · owns less than 5%
Evan Brett Scholnick · Chief Financial Officercontrol
since 06/2024 · owns less than 5%
Wesley Christopher Thome · Chief Compliance Officercontrol
since 03/2019 · owns less than 5%

Entity owners

Institutional Capital Network, Inc. · Managing Member
direct · owns 75% or more
Icapital Inc. · Owner
indirect · owns 75% or more of Institutional Capital Network, Inc.

Related persons

Schedule D 7.A

Alaia Capital, LLC
investment advisern
UBS Fund Advisor, L.L.C.
investment adviserbanknRAUM $7.0B
Alphakeys Strategies, L.L.C.
pooled vehicle sponsorn
Glendower Access Secondary Opps Gp LLC
pooled vehicle sponsorn
Icapital Ai Gp LLC
bankpooled vehicle sponsorn
Icapital Ai Manager LLC
bankpooled vehicle sponsorn
Icapital Alternative Investments. LLC
pooled vehicle sponsorn
Icapital Annuities And Insurance Services LLC
real estaten
Icapital Direct Gp LLC
pooled vehicle sponsorn
Icapital Hf Gp, LLC
pooled vehicle sponsorn
Icapital Hong Kong Ltd.
investment advisern
Icapital II Gp LLC
pooled vehicle sponsorn
Icapital Luxembourg Strategies Gp,Sarl
pooled vehicle sponsorn
Icapital Markets LLC
broker-dealern
Icapital Mlp Fund Gp, LLC
pooled vehicle sponsorn
Icapital Network Canada Gp Ltd.
pooled vehicle sponsorn
Icapital Network Canada Ltd.
broker-dealern
Icapital Network Technology Solutions, LLC
pooled vehicle sponsorn
Icapital Pe Gp, LLC
pooled vehicle sponsorn
Icapital Private Equity Offshore Ltd.
pooled vehicle sponsorn
Icapital Registered Fund Adviser LLC
investment adviserbanknRAUM $1.2B
Icapital Sg Pte Ltd.
investment advisern
Icapital Strategies II LLC
pooled vehicle sponsorn
Icapital Strategies LLC
pooled vehicle sponsorn
Icapital Strategies Manager LLC
pooled vehicle sponsorn
Icapital-Royalty I Gp, LLC
pooled vehicle sponsorn
Icn Oak Management, LLC
pooled vehicle sponsorn
Icn/Sofi Management, LLC
pooled vehicle sponsorn
Institutional Cn (Europe) - Empresa De Investimento, S. A
investment advisern
Outcome Driven Strategies, LLC
investment advisernRAUM $360M

Advisers that list Icapital Advisors, LLC as a related person

Offices

Schedule D 1.F, the 25 largest

Greenwich, CT11 employees
Princeton, NJ1 employees

ADV anomalies

1 against comparable advisers; where to look, not conclusions

many private funds relative to firm sizeStatic outlier · filing Aug 31, 2026
private funds per $1B of RAUM of 7.6 against a peer median of 0.7 (308 comparable advisers, 100.0th percentile, 7.5 robust deviations)
peers: asset managers, $20B and over (308) · 100% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Assets in custody · $14B to $83B
Jul 31, 2026 to Aug 31, 2026
Pooled vehicle clients · 1,143 to 1,314
Apr 28, 2026 to May 27, 2026
Accounts · 1,069 to 1,314
Jan 8, 2026 to Mar 26, 2026
Advisory employees · 25 to 46
Jan 8, 2026 to Mar 26, 2026
BD registered reps · 56 to 96
Jan 8, 2026 to Mar 26, 2026
Pooled vehicle clients · 1,069 to 1,143
Jan 8, 2026 to Mar 26, 2026
Assets in custody · $13B to $14B
Jan 8, 2026 to Mar 26, 2026
Employees · 418 to 552
Jan 8, 2026 to Mar 26, 2026
Private funds · 1,039 to 1,144
Jan 8, 2026 to Mar 26, 2026
Discretionary RAUM · $131B to $150B
Jan 8, 2026 to Mar 26, 2026
Pooled vehicle RAUM · $131B to $150B
Jan 8, 2026 to Mar 26, 2026
RAUM · $131B to $150B
Jan 8, 2026 to Mar 26, 2026
Accounts · 1,068 to 1,069
Jul 30, 2025 to Sep 15, 2025
Pooled vehicle clients · 1,068 to 1,069
Jul 30, 2025 to Sep 15, 2025
Private funds · 1,038 to 1,039
Jul 30, 2025 to Sep 15, 2025
Discretionary RAUM · $131B to $131B
Jul 30, 2025 to Sep 15, 2025
Pooled vehicle RAUM · $131B to $131B
Jul 30, 2025 to Sep 15, 2025
RAUM · $131B to $131B
Jul 30, 2025 to Sep 15, 2025
Accounts · 900 to 1,068
Jun 13, 2025 to Jul 30, 2025
Pooled vehicle clients · 900 to 1,068
Jun 13, 2025 to Jul 30, 2025
Financial planning clients · unset to
Jun 13, 2025 to Jul 30, 2025
Private funds · 870 to 1,038
Jun 13, 2025 to Jul 30, 2025
Discretionary RAUM · $107B to $131B
Jun 13, 2025 to Jul 30, 2025
Pooled vehicle RAUM · $107B to $131B
Jun 13, 2025 to Jul 30, 2025
RAUM · $107B to $131B
Jun 13, 2025 to Jul 30, 2025
Accounts · 743 to 900
Dec 13, 2024 to Apr 29, 2025
Advisory employees · 18 to 25
Dec 13, 2024 to Apr 29, 2025
BD registered reps · 72 to 56
Dec 13, 2024 to Apr 29, 2025
Pooled vehicle clients · 743 to 900
Dec 13, 2024 to Apr 29, 2025
Assets in custody · $13B to $13B
Dec 13, 2024 to Apr 29, 2025
Employees · 384 to 418
Dec 13, 2024 to Apr 29, 2025
Private funds · 649 to 870
Dec 13, 2024 to Apr 29, 2025
Discretionary RAUM · $86B to $107B
Dec 13, 2024 to Apr 29, 2025
Pooled vehicle RAUM · $86B to $107B
Dec 13, 2024 to Apr 29, 2025
RAUM · $86B to $107B
Dec 13, 2024 to Apr 29, 2025
Private funds · 650 to 649
Jun 13, 2024 to Jul 10, 2024
Private funds · 651 to 650
May 15, 2024 to Jun 13, 2024
Private funds · 652 to 651
Apr 23, 2024 to May 15, 2024
Accounts · 630 to 743
Jan 5, 2024 to Mar 27, 2024
Advisory employees · 19 to 18
Jan 5, 2024 to Mar 27, 2024

Signals

22 dated events

O' Malley Nicholas Veronis (Chief Investment Officer) no longer on Schedule A of Icapital Advisors, Llc (listed 2024-08-15, absent 2024-10-11)
Oct 11, 2024 · Control person left · inference
Vito Lawrence Calcano (Chief Executive Officer) no longer on Schedule A of Icapital Advisors, Llc (listed 2024-06-13, absent 2024-07-10)
Jul 10, 2024 · Control person left · inference
David Michael Kushner (Chief Financial Officer) no longer on Schedule A of Icapital Advisors, Llc (listed 2024-06-13, absent 2024-07-10)
Jul 10, 2024 · Control person left · inference
Duff Eileen Blalock (Chief Executive Officer) appeared on Schedule A of Icapital Advisors, Llc
Jul 10, 2024 · Control person joined · fact
Evan Brett Scholnick (Chief Financial Officer) appeared on Schedule A of Icapital Advisors, Llc
Jul 10, 2024 · Control person joined · fact
Icapital Advisors, Llc reported 0 state-registered advisory representatives, down from 78 (2024-01-05 to 2024-03-27)
Mar 27, 2024 · Advisor headcount change · derived
Icapital Advisors, Llc reported 78 state-registered advisory representatives, up from 25 (2022-11-04 to 2023-03-28)
Mar 28, 2023 · Advisor headcount change · derived
Icapital Advisors, Llc reported RAUM $82.1B, up 65% from $49.8B (2022-11-04 to 2023-03-28)
Mar 28, 2023 · RAUM change · derived
Marcel Thomas Fortin (Chief Operations Officer) no longer on Schedule A of Icapital Advisors, Llc (listed 2022-07-01, absent 2022-10-07)
Oct 7, 2022 · Control person left · inference
Marcel Thomas Fortin (Chief Operations Officer) appeared on Schedule A of Icapital Advisors, Llc
Jul 1, 2022 · Control person joined · fact
Craig Stephen Jacobs (General Counsel) appeared on Schedule A of Icapital Advisors, Llc
Jul 1, 2022 · Control person joined · fact
David Michael Kushner (Chief Financial Officer) appeared on Schedule A of Icapital Advisors, Llc
Jul 1, 2022 · Control person joined · fact
Bemis Philip Pool (Member) no longer on Schedule A of Icapital Advisors, Llc (listed 2022-05-19, absent 2022-07-01)
Jul 1, 2022 · Control person left · inference
John Daniel Vene (Member) no longer on Schedule A of Icapital Advisors, Llc (listed 2022-05-19, absent 2022-07-01)
Jul 1, 2022 · Control person left · inference
Icapital Advisors, Llc reported 25 state-registered advisory representatives, up from 0 (2021-03-30 to 2022-03-30)
Mar 30, 2022 · Advisor headcount change · derived
Icapital Advisors, Llc reported RAUM $49.8B, up 138% from $20.9B (2021-03-30 to 2022-03-30)
Mar 30, 2022 · RAUM change · derived
Icapital Advisors, Llc reported RAUM $20.9B, up 57% from $13.3B (2020-05-07 to 2021-03-30)
Mar 30, 2021 · RAUM change · derived
Icapital Advisors, Llc reported RAUM $13.3B, up 162% from $5.1B (2019-03-28 to 2020-03-29)
Mar 29, 2020 · RAUM change · derived
Icapital Advisors, Llc reported RAUM $5.1B, up 27% from $4.0B (2018-03-30 to 2019-03-28)
Mar 28, 2019 · RAUM change · derived
Wesley Christopher Thome (Chief Compliance Officer) appeared on Schedule A of Icapital Advisors, Llc
Mar 28, 2019 · Control person joined · fact
Icapital Advisors, Llc reported RAUM $4.0B, up 925% from $391.8M (2017-08-03 to 2018-03-30)
Mar 30, 2018 · RAUM change · derived
Icapital Advisors, Llc filed its initial SEC registration (Form ADV)
Sep 16, 2015 · First SEC registration · fact

Across DFX

shared identifiers only, never a name match

Icapital Advisors, LLC · Independent Sponsors
shared crd · capital_provider
Icapital Advisors, LLC · Private Equity
shared crd · organization
Icapital Advisors, LLC · Venture Capital
shared crd · organization

How to reach

public business contact points only, each with its source

Firm profile: linkedin.com/company/icapital-network-increportedpublic record, Form ADV, Sep 17, 2026
Website: icapital.comreportedpublic record, Form ADV, Sep 17, 2026
Principal office phone: 212-994-7400reportedpublic record, Form ADV, Aug 31, 2026

Provenance

Form ADV: SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors: IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class: Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
RAUM per advisor: n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026

Across the graphs

Icapital Advisors, LLC is the same institution as 1 record in Real Estate Funds.

Real Estate Funds1

Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

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