iCapital Network, an online private equity fundraising platform backed by a consortium that includes Credit Suisse Group AG and Blackstone Group LP, officially launched on Wednesday, seeking to tap demand among individual investors. Despite efforts by some asset managers such as Carlyle Group LP and KKR & Co LP to expand access to wealthy investors, private equity remains a restrictive asset class dominated primarily by institutional investors such as pension funds and insurance firms.iCapital's platform features more than 2,000 private funds in fundraising mode. It has been operating in a limited trial mode since last spring and says that is already being accessed by accredited investors that collectively have assets of more than $450 billion.The company is backed by a consortium of firms that help source fund managers and include Evercore Partners Inc, Monument Group Inc, Capstone Partners LLC and Eaton Partners LLC, in addition to Blackstone's Park Hill Group and Credit Suisse's private fund group.For a fee, fund managers can create their own profile on the platform. Investors, who iCapital screens to make sure are viewed as accredited by financial regulators, are offered the platform for free to find and compare funds against each other as well as performance benchmarks.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 1.1% or $-0.35/share to $31.48. In the past year, the shares have traded as low as $24.54 and as high as $36.08. On average, 4487120 shares of BX exchange hands on a given day and today's volume is recorded at 3840365.
Shares of CG traded higher by 0.07% or $0.02/share to $30.46. In the past year, the shares have traded as low as $25.48 and as high as $39.38. On average, 372758 shares of CG exchange hands on a given day and today's volume is recorded at 189621.
Credit Suisse Group AG is a Switzerland-based holding company engaged in private banking, investment banking and asset management areas. Shares of CS traded higher by 0.33% or $0.09/share to $27.64. In the past year, the shares have traded as low as $26.38 and as high as $33.98. On average, 822397 shares of CS exchange hands on a given day and today's volume is recorded at 1238113.
Evercore Partners Inc. (Evercore) is an independent investment banking advisory firm. Shares of EVR traded higher by 0.73% or $0.34/share to $47.00. In the past year, the shares have traded as low as $45.16 and as high as $63.66. On average, 495694 shares of EVR exchange hands on a given day and today's volume is recorded at 641783.
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