ICapital Acquires Bank of Singapore’s Feeder Fund Platform

Fintech iCapital has acquired Bank of Singapore’s in-house private market feeder fund platform for $5 million.

Under the deal, iCapital will take over the management and operation of the private bank’s feeder funds, while Bank of Singapore retains client-servicing responsibility, according to a press release Monday. Bank of Singapore is the private-banking arm of Singapore’s OCBC Bank, which also filed a statement to SGX on the deal.

Bank of Singapore will continue to source private market investments and provide advice for its clients, while iCapital will provide custom private market funds to the bank’s clients, the statement said.

Builds on Relationship

ICapital said the deal is part of a long-standing relationship with Bank of Singapore, which had previously used the fintech’s technology and feeder-fund services to help the bank’s advisers select private market investments for clients.

Leong Guan Lim, global head of products at Bank of Singapore, said the deal would ensure its relationship managers and their clients have access to technology and education services in the private market investment segment.

Growing Assets

ICapital said the deal will bring the amount of global private assets it services to $114 billion, across more than 940 funds.

In its statement to SGX, OCBC said the feeder funds were called Straits 01 - Dover VII, formerly known as BOS Global Secondary Private Equity Investment, and Straits Private Equity Investment SPC, formerly known as BOS Private Equity Fund Investment SPC.