The iCapital acquisition of Passthrough marks a significant development for the fintech ecosystem as alternative investments continue to attract record institutional and private wealth flows.
iCapital, the global fintech company shaping the future of investing, announced it has entered into a definitive agreement to acquire Passthrough, a provider of investor onboarding solutions and financial compliance infrastructure for general partners. The iCapital acquisition of Passthrough is designed to strengthen support for the limited partner onboarding process by expanding fundraising capabilities across both private wealth and institutional channels.
Together, the two firms support 1,200 general partners and product providers, ranging from emerging and specialty managers to some of the world’s largest asset management firms. The transaction aims to deliver a unified and highly scalable platform that enables general partners to onboard and service investors of any type, size, or strategy within a single technology environment.
“iCapital began with a clear focus on modernizing and simplifying how GPs connect with the wealth channel. The acquisition of Passthrough is a natural extension of that focus and expands our capabilities to support the global GP community as they engage with and serve all of their LPs across the wealth and institutional markets,” said Lawrence Calcano, Chairman and CEO of iCapital. “We are excited to welcome Passthrough and their talented team to iCapital, and together, we will continue to deliver a more unified, seamless client experience across the investment industry.”
The move comes at a time when institutional flows into alternative investments have surged. In 2025, those flows exceeded $1.30 trillion, underscoring the growing appetite for private markets exposure. By integrating Passthrough’s onboarding and compliance technology, iCapital is expanding its financial compliance infrastructure to create a more holistic solution for general partners. The combined capabilities are intended to provide a scalable pathway for capturing institutional demand while also addressing the rising allocations from wealth managers.
Passthrough specializes in modernizing investor identity management, subscription documentation, and KYC and AML compliance processes in private markets. Its platform enables fund managers to automate onboarding, streamline subscription workflows, and securely manage sensitive identity data through integrations across the private capital technology ecosystem. These capabilities complement iCapital’s Identity Solutions and are expected to enhance reporting, operational efficiency, and compliance support for limited partners across the private markets landscape.
“We are thrilled to join the iCapital team and integrate our investor identity and onboarding technology capabilities with iCapital’s global platform, and together we will accelerate the industry’s shift toward a unified, identity-first standard for the entire alternative investment ecosystem,” said Tim Flannery, CEO and Co-founder of Passthrough.
As alternative assets continue to draw both institutional and wealth capital, the iCapital acquisition of Passthrough reflects the broader industry push toward integrated fintech infrastructure that simplifies onboarding, strengthens compliance, and creates a consistent client experience across the investment lifecycle.
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