Illegal Activity
none
Blackmail
none
Date
Unknown
Document Type
Form ADV Part 2A
Model
gemini-2.0-flash-001
Processed
2026-02-07T18:43
Summary
This document is Form ADV Part 2A from iCapital Advisors, LLC, outlining their brokerage practices, account review procedures, and client referral compensation arrangements. It details how iCapital selects brokers, reviews fund performance, and handles client referrals, including potential conflicts of interest related to placement fees.
Metadata
- Subject
- Brokerage Practices, Review of Accounts, Client Referrals and Other Compensation
- Sender
- Glenn Warren, iCapital Advisors, LLC
- Recipients
- —
- Document ID
- DB-SDNY-0097038
- Date
- —
Relationships 2
| Entity 1 | Relationship | Entity 2 | Description |
|---|---|---|---|
| iCapital Advisors, LLC | affiliate | iCapital Securities, LLC | iCapital Securities, LLC is an affiliate of iCapital Advisors, LLC. |
| iCapital Advisors, LLC | business | Underlying Fund Manager | Placement fees are paid to iCapital Securities by an Underlying Fund Manager (or its affiliates). |
Notable Quotes 2
In seeking to achieve best execution, iCapital will not be obligated to obtain the lowest commission or best net price for a Private Access Fund in respect of any particular transaction.
iCapital Securities. LLC. an affiliate of iCapital, acts as the broker-dealer for private placement of interests of the Funds. iCapital Advisors does not receive any placement fees.
Red Flags 1
- The statement that iCapital is not obligated to obtain the lowest commission or best net price for a Private Access Fund raises concerns about potential conflicts of interest and whether investors are receiving the best possible terms.
Financial Information
Assets:
- Private Access Funds
- Direct Access Funds
- Underlying Funds
Transactions:
- Placement fees generated from an investment by a Private Access Fund in an Underlying Fund will be paid to iCapital Securities by an Underlying Fund Manager (or its affiliates).
- Third-party broker-dealer referring the investor will receive a percentage of the placement fee generated with respect to such
Legal Compliance
- Potential conflicts of interest related to placement fees paid to iCapital Securities by Underlying Fund Managers.
- Use of "soft dollar" credits generated by a Direct Access Fund's securities transactions with broker-dealers to pay for research and execution products or services that fall within the safe harbor created by Section 28(e) of the Securities Exchange Act of 1934.
Raw Analysis JSON
click to expand
Themes
Financial transactions/money flowBusiness dealingsLegal matters/litigation
People 1
Organizations 3
iCapital Advisors, LLCiCapital Securities, LLCUnderlying Fund Manager
Financial Entities 1
broker-dealers
Text Analysis
- Tone
- Professional
- Purpose
- To disclose iCapital's brokerage practices, account review procedures, and client referral compensation arrangements.
- Significance
- This document outlines iCapital's policies regarding brokerage, account reviews, and compensation, providing transparency to investors.
File Info
- File Name
- EFTA01391921.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:43:53.107833
- DOJ Source
- View on DOJ