DTCC and iCapital have agreed on a strategic collaboration to develop infrastructure for private markets. DTCC has also made a strategic investment in iCapital.
The partnership aims to connect data, operations and market participants across the private investment lifecycle, with a focus on reducing operational friction for wealth advisers and asset managers.
The move comes as private assets take a larger share of investor portfolios and wealth managers look for ways to handle alternative investments with systems closer to those used in public markets.
Under the collaboration, DTCC will combine its post-trade market infrastructure and network with iCapital’s technology platform and investment workflow tools. The companies said this should support more connected and automated processes for transaction handling, data exchange, administration and reporting.
An initial priority will be deeper integration between DTCC’s Alternative Investment Product service and iCapital’s alternative investment platform. The goal is to create a smoother operating process across private market transactions and investor servicing.
For wealth advisers, the project could simplify how alternative investments are accessed and managed in client portfolios. For asset managers, the aim is to provide more standardised infrastructure for distribution into the wealth market.
The partnership also includes exploring blockchain-based distributed ledger technology and tokenisation where the firms see use cases across alternatives. Those technologies could improve connectivity and transaction management in parts of the market that often rely on fragmented, manual processes.
DTCC’s investment adds a financial tie to the operating partnership. As part of the investment, Talia Klein, Head of Wealth & Investment Solutions at DTCC, will serve as an observer on iCapital’s Board of Directors.
Frank La Salla, President, Chief Executive Officer and Director of DTCC, said the group sees private markets as an important area for infrastructure development.
“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,” La Salla said.
“Broader adoption of alternative investments will depend on making the ecosystem easier to navigate, more efficient to operate, and highly resilient,” he added.
iCapital, which services USD $1.2 trillion of assets globally on its platform, said the industry needs stronger links between market participants as private investments become more widely used by wealth managers and advisers. According to figures it released, the company serves nearly 3,900 wealth management firms and 144,000 active financial professionals.
Lawrence Calcano, Chairman and Chief Executive Officer of iCapital, said the companies plan to work on common standards and technologies for the sector.
“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 tokenisation where appropriate, to help build a stronger foundation for the industry’s continued evolution,” Calcano said.
“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, standardised and scalable,” he added.
DTCC processes large volumes of financial market activity through its post-trade businesses, giving the tie-up potential significance for firms seeking more consistent operational standards in alternatives. The market infrastructure group said its subsidiaries processed securities transactions worth USD $4.7 quadrillion in 2025, while its depository subsidiary provided custody and asset servicing for securities issues valued at USD $114 trillion.
Private markets have expanded rapidly in recent years, but distribution into wealth channels has often been held back by paperwork-heavy workflows, inconsistent data and limited interoperability between platforms. As a result, advisers, fund managers and service providers have had to adapt processes built for institutional investors to a broader client base.
Klein said investor demand is helping drive the need for more accessible systems.
“We’re seeing increased demand for private assets as a component of investor portfolios, creating a growing need for accessible, scalable infrastructure,” Klein said.
“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,” she added.