DTCC and iCapital have formed a strategic collaboration aimed at bringing greater automation, standardisation and connectivity to private markets, as growing allocations to alternative investments put pressure on an operational infrastructure that remains considerably more fragmented than its public-markets equivalent.
The agreement brings together DTCC’s market infrastructure, processing capabilities and participant network with iCapital’s technology platform and investment workflows. The companies plan to connect data, operations and participants across the private investment lifecycle, while DTCC has also taken a strategic investment in iCapital.The initiative comes as private assets become an increasingly significant component of wealth and institutional portfolios. That growth is exposing longstanding operational challenges around data exchange, transaction processing, administration and reporting, where manual processes and bilateral connections remain widespread.
DTCC’s private market infrastructure already supports more than 13,000 unique funds, over 3,000 fund entities and service providers, and more than 52 million transactions annually, according to Q2 2026 data. Its services span transaction processing and settlement, asset transfers, data maintenance and reporting.
“Private markets represent one of the most significant growth areas in financial services today, creating an urgent need for modern, scalable infrastructure,” says 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.”
Connecting the investment lifecycle
An initial focus of the partnership will be deeper integration between DTCC’s Alternative Investment Product (AIP) service and iCapital’s alternative investment platform. The companies plan to connect capabilities covering transaction processing, data exchange, investment access, administration and reporting.
AIP provides a standardised network through which fund managers, broker-dealers, custodians and other participants can process alternative investments. Its functionality includes fund and investor account setup, purchases and redemptions, commitments and capital calls, centralised settlement and position and valuation reporting.
Connecting that infrastructure more closely with iCapital’s workflows could address a persistent issue for firms trying to expand alternative investment distribution: increasing volumes without creating a corresponding increase in operational complexity.
The collaboration is intended to support both sides of that equation. Wealth advisers should gain a more streamlined route for accessing and managing alternatives within client portfolios, while asset managers gain more standardised infrastructure through which to reach the wealth market.
“Together, iCapital and DTCC are advancing the infrastructure and standards shaping the future of private markets,” says Lawrence Calcano, Chairman and Chief Executive Officer of iCapital. “Our shared vision is a more connected ecosystem that expands access and makes alternative investments easier and more efficient to transact and manage.”
Standardising private markets
The partnership fits into a broader effort by DTCC to apply more of the standardisation and automation familiar in public markets to alternative assets.
“We’re seeing increased demand for private assets as a component of investor portfolios, creating a growing need for accessible, scalable infrastructure,” says Talia Klein, DTCC’s Head of Wealth & Investment Solutions. “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.”
The two companies are also leaving scope for the relationship to extend beyond conventional private-market processing. They plan to explore technologies including distributed ledger technology and tokenisation where these can improve connectivity and transaction management.
That work aligns with other moves by DTCC to connect emerging digital-asset infrastructure with established financial-market rails. Earlier this month, Ondo Finance’s Oasis Pro Markets became the first tokenisation platform to join DTCC’s Fund/SERV network, enabling tokenised funds to connect with traditional fund distributors and existing workflows for areas including transaction processing, reconciliation and reporting.
For private markets, the immediate focus of the iCapital relationship remains more fundamental: connecting currently fragmented workflows and establishing common infrastructure capable of supporting higher transaction volumes and a broader investor base. As alternatives move further into mainstream portfolios, the operational model supporting them is increasingly being asked to deliver the automation, data consistency and scalability that firms have long expected in public markets.
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