Illegal Activity
suspicious
Blackmail
possible
Date
2018-03-30
Document Type
Form ADV Part 2A and 2B (Brochure and Brochure Supplement)
Model
gemini-2.0-flash-001
Processed
2026-02-07T18:41
Summary
This document is iCapital Advisors, LLC's Form ADV Part 2A and 2B, providing information about the firm's qualifications, business practices, fees, and potential conflicts of interest. It highlights iCapital's investment advisory services to various funds, its affiliations with other financial entities, and the risks associated with investing in private investment funds.
Metadata
- Subject
- iCapital Advisors, LLC Form ADV Part 2A and 2B
- Sender
- —
- Recipients
- —
- Document ID
- GLDUS141
- Date
- 2018-03-30
Illegal Activity
- Severity
- suspicious
- Description
- The document mentions that iCapital may be engaged by an Underlying Fund Manager or distribution agent to facilitate access to an underlying investment vehicle. In such capacity, iCapital will create and manage a Private Access Fund solely in an operational capacity to facilitate such investments and does not intend to conduct investment or operational due diligence with respect to the underlying fund vehicle. Accordingly, there is the risk that iCapital may not detect conflicts of interest, fraudulent behavior or administrative or operational weaknesses within the Fund that may give rise to substantial losses. This could potentially be used to hide illegal activity.
- Content Type
- first_hand
Blackmail Indicators
- Likelihood
- possible
- Description
- 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. This could potentially be used as leverage or coercion.
Relationships 15
| 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 | Business Relationship | BNY Capital Corporation | Certain of the Funds hold cash in accounts at BNY and utilize BNY administrative services. |
| 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 | Collaboration and Services Agreements | 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. |
| Eileen Duff Blalock | Managing Partner and Head of Distribution | iCapital Network | Eileen Duff Blalock is Managing Partner and Head of Distribution for iCapital Network. |
| Phil Pool | Co-Founder and Chairman of the Board | iCapital Network | Phil Pool is Co-Founder and Chairman of the Board of iCapital Network. |
| John C. Robertshaw | Co-Founder and Special Advisor | iCapital Network | John C. Robertshaw is a Co-Founder and Special Advisor to iCapital Network. |
| Daniel Vene | Co-Founder and Managing Partner | iCapital Network | Daniel Vene is Co-Founder and one of the Managing Partners of iCapital Network. |
| Nicholas Veronis | Co-Founder and Managing Partner | iCapital Network | Nicholas Veronis is Co-Founder and one of the Managing Partners of iCapital Network. |
Notable Quotes 2
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 3
- The document highlights several potential conflicts of interest due to iCapital's affiliations and compensation structures.
- The use of Side Letters with preferential terms for certain investors raises concerns about fairness and transparency.
- The document states that iCapital may be engaged by an Underlying Fund Manager or distribution agent to facilitate access to an underlying investment vehicle. In such capacity, iCapital will create and manage a Private Access Fund solely in an operational capacity to facilitate such investments and does not intend to conduct investment or operational due diligence with respect to the underlying fund vehicle. Accordingly, there is the risk that iCapital may not detect conflicts of interest, fraudulent behavior or administrative or operational weaknesses within the Fund that may give rise to substantial losses.
Financial Information
Amounts:100,000250,0004,014,735,581.86250 billion
Assets:
- Discretionary assets under management were $4,014,735,581.86 as of December 31, 2017.
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.
Public Knowledge
- Context
- Form ADV filings are publicly available, but the specific details of iCapital's business practices and potential conflicts of interest may be of interest to media and journalists.
- Media Worthy
- Yes
Legal Compliance
- Potential conflicts of interest arising from iCapital's affiliations with iCapital Securities, Gen II, BNY, BlackRock, Credit Suisse, Morgan Stanley, UBS, Fidelity Brokerage Services LLC and National Financial Services LLC.
- 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
Business dealingsFinancial transactions/money flowEmployment/staffingCommunications/correspondenceLegal matters/litigation
People 7
Organizations 91
iCapital Advisors, LLCInstitutional Capital Network, Inc.iCapital Securities, LLCSECFinancial Industry Regulatory AuthorityiCapital Carlyle Property Investors Access Fund, L.P.iCapital-SV7, L.P.iCapital-SLP V Access Fund, L.P.iCapital-MSD Private Credit Opportunity II Access Fund, L.P.iCapital-BTAS IV Access Fund, L.P.BIAS IV Private Investors (U.S.), L.P.Invesco Venture Alpha Feeder Fund, L.P.Private Equity Select Master Trust IPrivate Equity Global Select Master FundPrivate Equity Global Select Master Fund IIPrivate Equity Global Select Master Fund IIIPrivate Equity Global Select Master Fund IVPrivate Equity Global Select Master Fund VPrivate Equity Global Select Fund VI (U.S.), L.P.Private Equity Global Select Fund VII (U.S.), L.P.Private Equity Asia Select Master FundPrivate Equity Asia Select Master Fund IIPrivate Equity Asia Select Fund III (U.S.), L.P.Private Equity Asia Select Fund III (International), L.P.Private Equity Asia Select Fund IV (U.S.), L.P.Private Equity Asia Select Fund IV (International), L.P.Opportunistic Real Estate and Infrastructure Select Fund (International) L.P.Opportunistic Real Estate and Infrastructure Select Fund (U.S.), L.P.Private Equity & Credit Opportunities Select Fund (U.S.), L.P.Private Equity & Credit Opportunities Select Fund (International), L.P.Energy Select Fund (U.S.), L.P.Energy Select Fund (International), L.P.Credit Opportunities Access Fund (International), L.P.Secondary Opportunities Fund II Private Client Feeder Fund.KKR Credit Select Access Fund (U.S.), L.P.6200 Hollywood Blvd. NorthDislocation Opportunities Access Fund (U.S.)Dislocation Opportunities Access Fund (International)Secondary Opportunities Fund III Private Client Feeder Fund (U.S.), L.P.Apollo Credit Select Access Fund (International), L.P.BEP Private Investors II GP, Ltd.BEP Private Investors II (International), L.P.BIAS 2015 Private Investors (U.S.), L.P.BIAS 2015 Private Investors (International), L.P.KKR Credit Select Access Fund II (U.S.), L.P.Vista Software Select Access Fund (U.S.), L.P.Private Equity Global Select II SICAR, S.C.A.Private Equity Global Select IV SICAR, S.C.A.Private Equity Global Select V S.C.A, SICARPrivate Equity Asia Select III S.C.A., SICARPrivate Equity & Credit Opportunities SelectiCapital-OrbiMed Royalty Opportunities II Access Fund, L.P.iCapital-KVV Access Fund, L.P.iCapital-TEP Access Fund, L.P.iCapital-TEP Non-U.S. Access FundStructured Credit Recovery Access Fund, L.P.iCapital-2015 Vintage Access FundiCapital-ApolloiCapital-Warburg Pincus Private Equity XII Access Fund, L.P.iCapital-KV Seed C Access Fund, L.P.iCapital-SH Access Fund, L.P.iCapital- HG Vora Access Fund, L.P.Royalty Investment Fund Limited PartnershipiCapital Private Credit Access Fund, L.P.iCapital Arbitrage FundiCapital Global Access Partnership II, L.P.Horizon Opportunities FundiCapital MLP FundInternational Value Equity FundInternational Growth Equity FundDynasty Securities, LLCCastle Hall Alternatives Inc.BlackRock, Inc.Credit Suisse Group AGMorgan Stanley Smith BarneyUBS Financial ServicesGen II Fund Services, LLCGen II Hedge Fund ServicesBNY Capital CorporationFidelity Brokerage Services LLCNational Financial Services LLCDonaldson, Lufkin & JenretteWillis Stein & PartnersFirst Avenue PartnersMerrill LynchKidder, Peabody & Co.Salomon BrothersAtlas AdvisorsNewhouse NewspapersThomson FinancialFir Tree Partners
Locations 7
New York, NYDelawareUSALondonChicagoNorth AmericaBoston
Financial Entities 8
Deutsche BankCredit SuisseMorgan StanleyUBSBlackRockBNY Capital CorporationFidelity Brokerage Services LLCNational Financial Services LLC
Text Analysis
- Tone
- Informative, compliant
- Purpose
- To provide information about the qualifications and business practices of iCapital Advisors, LLC to prospective clients.
- Significance
- This document is a regulatory filing (Form ADV) that provides important information about iCapital Advisors, LLC, its services, fees, and potential conflicts of interest. It is crucial for investors to review this document before investing with iCapital.
File Info
- File Name
- EFTA01397607.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:41:26.130139
- DOJ Source
- View on DOJ