Illegal Activity
suspicious
Blackmail
none
Date
2018-03-30
Document Type
Form ADV Part 2A and 2B (Brochure and Brochure Supplement)
Model
gemini-2.0-flash-001
Processed
2026-02-07T18:42
Summary
This document is iCapital Advisors, LLC's Form ADV Part 2A and 2B, providing information about the firm's advisory business, fees, investment strategies, and potential conflicts of interest. It highlights the firm's structure, affiliations, and the risks associated with investing in the Funds it manages, emphasizing the importance of investor due diligence.
Metadata
- Subject
- iCapital Advisors, LLC Form ADV Part 2A and 2B
- Sender
- —
- Recipients
- —
- Document ID
- GLDUS183
- Date
- 2018-03-30
Illegal Activity
- Severity
- suspicious
- Description
- The document describes potential conflicts of interest and fee structures that could incentivize certain behaviors, but there is no clear evidence of illegal activity being committed, planned, or discussed.
- Content Type
- first_hand
Relationships 10
| Entity 1 | Relationship | Entity 2 | Description |
|---|---|---|---|
| iCapital Advisors, LLC | Subsidiary | Institutional Capital Network, Inc. | iCapital Advisors, LLC is wholly-owned by Institutional Capital Network, Inc. |
| iCapital Securities, LLC | Subsidiary | Institutional Capital Network, Inc. | iCapital Securities, LLC is a wholly-owned subsidiary of Institutional Capital Network, Inc. |
| iCapital Advisors, LLC | Affiliate | iCapital Securities, LLC | iCapital Securities, LLC serves as the Firm's private placement agent in respect of many Funds advised by iCapital. |
| iCapital Advisors, LLC | Service Provider | Gen II Fund Services, LLC and Gen II Hedge Fund Services | Gen II provides fund administration services to the Private Access Funds. |
| iCapital Advisors, LLC | Investor | BNY Capital Corporation | BNY holds a minority ownership interest in Institutional Capital Network, Inc., the parent company of iCapital. |
| iCapital Advisors, LLC | Investor | BlackRock, Inc. | Affiliates of BlackRock, Inc. have invested in Institutional Capital Network, Inc., the parent company of iCapital. |
| iCapital Advisors, LLC | Investor | Credit Suisse Group AG | Affiliates of Credit Suisse Group AG have invested in Institutional Capital Network, Inc., the parent company of iCapital. |
| iCapital Advisors, LLC | Investor | Morgan Stanley Smith Barney | Affiliates of Morgan Stanley Smith Barney have made equity investments in Institutional Capital Network, Inc. |
| iCapital Advisors, LLC | Investor | UBS Financial Services | UBS Financial Services has made equity investments in Institutional Capital Network, Inc. |
| iCapital Advisors, LLC | Service Agreement | Fidelity Brokerage Services LLC and National Financial Services LLC | iCapital compensates Fidelity for providing certain administrative services in respect of investors who custody their investment in one or more iCapital Funds with Fidelity. |
Notable Quotes 3
Since iCapital does not provide individualized advice to Investors, Investors should consider whether a particular Fund meets their investment objectives and risk tolerance prior to investing.
Investing in securities involves risk of loss that Investors should be prepared to bear.
Employees must at all times place the interests of the client first.
Red Flags 2
- The document highlights several potential conflicts of interest due to affiliated entities and equity investors.
- The document mentions that iCapital may enter into Side Letters with one or more investors or shareholders of a pooled investment vehicle which provide such investor or shareholder(s) with additional and/or different rights than such shareholder(s) or investors have pursuant to general terms of such pooled investment vehicle. iCapital will not be required to notify any or all of the other investors or shareholders of any such written agreements or any of the rights and/or terms or provisions thereof, nor will iCapital be required to offer such additional and/or different rights and/or terms to any or all of the other investors or shareholders.
Financial Information
Amounts:$100,000$250,000$4,014,735,581.86$250 billion$12.5 billion
Assets:
- Private equity or hedge funds
- Equity securities
- Debt securities
- Real estate
- Cash
- Cash equivalents
Transactions:
- Management fee charged quarterly in advance, typically ranging between 0.25% to 1.25% per annum.
- Investor servicing fee from the Underlying Manager typically charged as a percentage of the Fund's aggregate capital contributions.
- Underlying Funds fees typically include a management fee, which generally ranges from 1% - 2% on an annual basis, and in most cases an incentive compensation arrangement, which generally ranges from 10% - 20% of the capital appreciation in the Underlying Fund.
- Dynasty Securities, LLC may receive fees typically ranging from .075% - .25% in relation to investors who are clients of Dynasty's network of financial advisory firms.
- Placement fee as a result of its placement of certain investors in certain Private Access Funds. Such placement fee is typically a percentage of the aggregate capital commitments of an iCapital Private Access Fund to its respective underlying fund.
Public Knowledge
- Context
- Form ADV filings are publicly available, but the specific details of iCapital's business practices and potential conflicts of interest may not be widely known.
Legal Compliance
- Potential conflicts of interest arising from affiliated entities (iCapital Securities, Gen II, BNY) and equity investors (BlackRock, Credit Suisse, Morgan Stanley, UBS).
- The document mentions that iCapital may enter into Side Letters with one or more investors or shareholders of a pooled investment vehicle which provide such investor or shareholder(s) with additional and/or different rights than such shareholder(s) or investors have pursuant to general terms of such pooled investment vehicle. iCapital will not be required to notify any or all of the other investors or shareholders of any such written agreements or any of the rights and/or terms or provisions thereof, nor will iCapital be required to offer such additional and/or different rights and/or terms to any or all of the other investors or shareholders.
Raw Analysis JSON
click to expand
Themes
Financial transactions/money flowBusiness dealingsLegal matters/litigationCommunications/correspondencePolitical connections/influenceEmployment/staffing
People 6
Michael Stanton (iCapital's Chief Compliance Officer)Eileen Duff Blalock (Managing Partner and Head of Distribution for iCapital Network)Phil Pool (Co-Founder and Chairman of the Board of iCapital Network)John Robertshaw (CoFounder and Special Advisor to iCapital Network)Daniel Vene (Co-Founder and one of the Managing Partners of iCapital Network)Nicholas Veronis (Co-Founder and one of the Managing Partners of iCapital Network)
Organizations 37
iCapital Advisors, LLCiCapital Network, Inc.iCapital Securities, LLCSEC (Securities and Exchange Commission)FINRA (Financial Industry Regulatory Authority)Deutsche BankFidelity Brokerage Services LLCNational Financial Services LLCGen II Fund Services, LLCGen II Hedge Fund ServicesBNY Capital CorporationBlackRock, Inc.Credit Suisse Group AGMorgan Stanley Smith BarneyUBS Financial ServicesFirst Avenue PartnersWillis Stein & PartnersDonaldson, Lufkin & Jenrette Securities CorporationMerrill LynchKidder, Peabody & Co.Columbia UniversityUniversity of VirginiaThe Teagle FoundationYale UniversityFir Tree PartnersEaton PartnersThomson FinancialCornell UniversityPREANCREIFVeronis Suhler StevensonAtlas AdvisorsThe Boston Business JournalThe Star-LedgerNewhouse NewspapersDynasty Securities, LLCCastle Hall Alternatives Inc.
Locations 5
New York, NYLondonChicagoUSADelaware
Financial Entities 6
iCapital Securities, LLCBNY Capital CorporationBlackRock, Inc.Credit Suisse Group AGMorgan Stanley Smith BarneyUBS Financial Services
Text Analysis
- Tone
- Informative, compliant
- Purpose
- To provide information about iCapital Advisors, LLC's qualifications, business practices, fees, and potential conflicts of interest to prospective investors.
- Significance
- This document is a regulatory filing (Form ADV) required for registered investment advisors. It provides transparency to clients and potential clients about the firm's operations and potential risks.
File Info
- File Name
- EFTA01394988.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:42:48.403958
- DOJ Source
- View on DOJ