President, Color Of Change
Lawrence Calcano is the chairman and chief executive of iCapital Network, the wealth-tech firm that runs a platform for financial advisers and institutions serving wealthy investors who want to invest in alternative asset classes like private equity and private real estate.
iCapital already had buy-in from most of the major Wall Street investment managers as firms look to ramp up their alternative offerings, and it’s gained more momentum this year.
Under Calcano, New York-based iCapital raised a massive funding round in late March, with Goldman Sachs, BlackRock, Blackstone, UBS, and BNY Mellon as participating investors. It bought a smaller rival, Artivest, in May. In June, it bought a global alternative-investments platform from Wells Fargo for an undisclosed amount.
iCapital sits at the nexus of firms' interest in offering more private investments and firms doubling down on their wealth-management businesses. Analysts and industry participants expect the number of alternative offerings will keep rising for wealthy clients.
“Wealth-management firms and banks are increasingly seeking ways to automate the subscription, administration, and reporting processes of alternative investing for their investor clients,” Calcano told Business Insider recently.
For Calcano “developing and maintaining strong relationships is mission critical,” and likes the feeling of “being in the trenches” with colleagues — something he’s been trying to do from afar, like other business leaders during remote work.
Calcano joined iCapital shortly after it was founded in 2013, and earlier in his career he spent 17 years at Goldman Sachs, most recently as a partner and cohead of global technology banking.