iCapital Review 2026: Fees, Feeder Funds, What Filings Show

What iCapital is, according to its own filings

Most people meet iCapital through a sentence from their adviser: “we can get you into that fund through iCapital.” The filings describe three layers, and it helps to keep them apart.

The brochure is direct about who the client is: “iCapital does not provide individualized investment advice to Investors.” Its client is the fund. Whether a given fund suits you is a question for your own adviser, and the brochure says so.

Some of the funds are older than the iCapital name on them. 18 entities in our census list former EDGAR names containing “Altegris”, among them iCapital Millennium Fund LP (formerly Altegris Millennium Fund LP), the largest iCapital fund on EDGAR by amount sold.

The feeder census: 457 iCapital funds on EDGAR

We pulled every entity that SEC EDGAR returns for the company name “icapital” (467), read the latest Form D or D/A of each, and dropped one fund that has since been renamed and is run by another firm. 457 pooled investment funds remain, with 951 Form D filings between them. Our script and its output are in the download.

Three things the census shows that a marketing page will not:

• The pace is rising. 83 new iCapital entities filed their first Form D in 2022, 61 in 2023, 45 in 2024, 51 in 2025 and 66 so far in 2026.
• The typical ticket is large. Across the 219 funds that report sales, the money sold divided by the investors counted is $494,488 per investor position (our arithmetic over the latest filings). The median fund with sales reports $41,050,000 sold to 103 investors.
• The totals are a floor. More than half of the funds still say their first sale has not happened, including funds whose last filing is from 2020 to 2022. A Form D filed before the first close does not have to be updated with what was raised later in every case (our reading), so the $21.3 billion is what the filings show, not what iCapital has raised. Form ADV's $149.9 billion and 1,144 funds is the fuller picture.

The largest iCapital funds by amount sold

If your adviser names one of these, the CIK takes you straight to its filing history on EDGAR. Our Apollo Aligned Alternatives page and our HPS Corporate Lending Fund page cover two of the underlying funds in more depth.

The fee stack, from iCapital's own brochure

iCapital's Form ADV Part 2A (dated March 26, 2026) lists each layer. It does not give one all-in number, because each fund's private placement memorandum sets its own; it gives the ranges.

Adding only the two management-fee ranges, an access-fund investor pays roughly $1,100 to $3,250 a year on $100,000 before any carry or expenses (our arithmetic), and that is before whatever your own adviser charges, which is outside iCapital's brochure. The brochure's own conclusion, in its words: these fees produce “a layering of expenses that further reduce the net returns to Investors in the applicable Fund.”

Two details worth knowing before signing. First, iCapital “typically has the authority to waive, reduce, offset, rebate or otherwise calculate differently” its fee for any investor or group without telling the others, so two investors in the same fund can pay different rates. Second, a closed-end access fund often charges its fee on your commitment, not on money actually invested, until the underlying fund's investment period ends.

Who holds the money

This is the question readers ask most, and the filings answer it in pieces:

• The fund's assets are held by banks acting as qualified custodians, while iCapital “does maintain access to certain of the Funds' accounts” through its control of each fund's general partner (brochure, Item 15).
• You do not get a custodian statement. The brochure: “Generally, the Funds’ Investors will not receive statements directly from the Qualified Custodians.” You get monthly or quarterly statements from iCapital or the fund administrator and an annual audit.
• The audit arrives late by design: within 180 days of year end for a fund of funds, 260 days for a fund-of-fund-of-funds and 120 days for others.
• The broker-dealer does not hold your cash. iCapital Markets' audited statement for December 31, 2024 says it “does not hold any customer funds”, and BrokerCheck lists RBC Capital Markets as its fully disclosed clearing agent since January 19, 2017.
• Form ADV counts custody at the adviser level: $82,533,639,540 of client assets for 640 clients under Item 9A and $67,329,280,086 for 674 clients held by related persons under Item 9B. That is the regulatory label for controlling the funds' general partners, not a sign that iCapital holds investors' cash in its own accounts (our reading).

Minimums and who can invest

The brochure states that the minimum commitment “generally ranges from $10,000 to $250,000 depending on the Fund”, and that iCapital can accept less. The Form D minimum field is not a reliable guide: 400 of the 457 funds write $0, 37 write $100,000, 15 write $250,000 and 2 write $1,000,000.

The legal gate matters more than the dollar minimum. 446 of the 457 funds rely on Section 3(c)(7) of the Investment Company Act, which limits buyers to qualified purchasers, a higher bar than accredited investor. Our qualified purchaser vs accredited investor guide explains the difference.

The regulatory record: Form ADV and BrokerCheck

The second BrokerCheck record is a trap. Type “iCapital Markets” into BrokerCheck and both firms appear with the same name. Today's iCapital Markets was formed in Delaware on August 13, 2001 as a different broker (its former names include Scura Paley Securities and AXIO Financial), was acquired by Institutional Capital Network in November 2021 and became iCapital Markets through a 2023 merger, per its audited statement. The 2002 SEC penalty belongs to the Datek-era firm. One oddity in that old record: the order's sanction text says $6.3 million, while the structured fine field in the same record shows $63,000,000.00.

We found no SEC or FINRA action naming iCapital Advisors or today's iCapital Markets as of October 12, 2026.

The conflicts the brochure discloses

• Owners who distribute and sponsor. Some equity investors in iCapital, Inc. are financial firms that sell iCapital funds to their clients, and some are sponsors of the underlying funds; the brochure says this gives iCapital “an incentive to prioritize and present” those funds favorably.
• Shared fees. Intermediaries that help sell or service a fund are usually paid a percentage of iCapital's management fee, and iCapital Markets may get part of it for distribution. 146 of the 457 Forms D name a sales compensation recipient; the most frequent are Rockefeller Financial LLC (43 funds), Raymond James & Associates (32) and Wells Fargo Clearing Services (21).
• Loans to the funds. iCapital's operating company sometimes lends to iCapital funds on a short-term, unsecured basis to pay costs.
• Paid secondary referrals. Since a 2025 investment in Tangible Markets, select funds can be listed on its Liquidity Hub, and iCapital Markets may receive referral compensation.

Getting out: capital calls, transfers and secondary sales

The brochure's risk section is where the access-fund structure bites:

• Missing a capital call lets the fund “impose substantial penalties”, up to forfeiture of all or part of your indirect stake in the underlying fund.
• Overdraw rights. In some closed-end funds you can be required to contribute more than your commitment to cover the underlying fund's fees and organizational costs.
• Clawback of distributions. You may have to return distributions if the access fund must repay the underlying fund or its creditors.
• No market. Interests cannot be resold without consent, and a matching service, when offered, is not guaranteed. Our private equity secondary market guide covers what selling early usually costs.
• No vote. Access-fund investors are not limited partners of the underlying fund; iCapital votes the fund's interest as one block.

What a reader offered an iCapital fund can do with this

1. Ask for the exact entity name and CIK of the access fund, then open its Form D history on EDGAR. If its latest filing still says the first sale has not occurred, ask when it closed and how much it raised.
2. Ask for the all-in fee in writing: the iCapital fee rate for your share class, whether it is charged on commitment or invested capital, the underlying fund's fee and carry, any investor-custodian fee, and your own adviser's fee on top.
3. Ask who is paid on the sale. The Form D lists sales compensation recipients; the brochure says intermediaries share iCapital's fee.
4. Read the capital call terms (default penalties, overdraw rights, recallable distributions) before committing, not after the first call.
5. Check BrokerCheck by CRD number, not by name: 118219 is today's iCapital Markets; 5209 is the unrelated Datek-era firm.
6. Compare platforms if you have a choice; our how to invest in private equity guide sets out the routes.

A matched adviser may also use iCapital; ask how they are paid. If your question is about taxes on the K-1 or the legal terms of the partnership agreement, a CPA or an attorney is the right person, not an investment adviser.

Comparing iCapital with the other platforms that sell private funds through advisers? See iCapital vs CAIS vs Moonfare vs Yieldstreet: what the filings show.

Frequently asked questions

Sources: SEC EDGAR company search for “icapital” and the latest Form D or D/A of each of 467 returned entities (fetched October 12, 2026; accession numbers in the CSV); SEC Information About Registered Investment Advisers bulk file ia100226.zip, rows for CRD 177513, 310587 and 330352; iCapital Advisors, LLC Form ADV Part 2A brochure dated March 26, 2026 (IAPD brochure version 1027039); IAPD and BrokerCheck records for CRD 177513, 324457, 105067, 118219 and 5209; FINRA BrokerCheck reports for iCapital Markets LLC (CRD 118219) and the former ICAPITAL MARKETS LLC (CRD 5209); iCapital Markets LLC Form X-17A-5 statement of financial condition as of December 31, 2024 (accession 0002013816-25-000030). We have no affiliate relationship with iCapital. This is analysis of public documents, not investment, legal or tax advice.