Illegal Activity
suspicious
Blackmail
possible
Date
March 30, 2018
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 business practices, fees, and potential conflicts of interest. It discloses the firm's investment strategies, types of clients, and risks associated with investing in its funds, highlighting the illiquidity of private equity investments and the potential for loss.
Metadata
- Subject
- iCapital Advisors, LLC Form ADV Part 2A and 2B
- Sender
- —
- Recipients
- —
- Document ID
- GLDUS238
- Date
- March 30, 2018
Illegal Activity
- Severity
- suspicious
- Description
- There is no direct evidence of illegal activity being committed, planned, or discussed by iCapital or its employees in this document. However, the potential conflicts of interest and the emphasis on illiquidity and risk of loss could be seen as suspicious, particularly if they are not adequately disclosed or managed.
- Content Type
- none
Blackmail Indicators
- Likelihood
- possible
- Description
- The penalties for failing to meet capital calls, while standard in private equity, could be viewed as a form of pressure, especially if the penalties are disproportionate or aggressively enforced.
Evidence:
- Penalties for failure to make capital contributions could be seen as coercive if overly harsh.
- The document mentions that iCapital may impose substantial penalties on such Investor and use any available remedies to enforce the contribution obligation.
Relationships 16
| 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 | Minority Owner | 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 | 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. |
| Phil Pool | Co-Chairman | First Avenue Partners | Phil Pool serves as Co-Chairman of First Avenue Partners. |
| John C. Robertshaw | Co-Founder and Special Advisor | iCapital Network | John C. Robertshaw is a CoFounder 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 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 3
- Multiple potential conflicts of interest due to affiliated entities and equity investors.
- The document emphasizes the illiquidity and risk of loss associated with the investments.
- The document mentions the possibility of penalties for investors who fail to meet capital calls.
Financial Information
Amounts:$100,000$250,000$4,014,735,581.86$12.5 billion$250 billion
Assets:
- Private Access Funds
- Direct Investment Funds
- Underlying Funds
- Equity securities
- Debt securities
- Real estate
- Real estate loans
- 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 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), equity investors (BlackRock, Credit Suisse, Morgan Stanley, UBS), and compensation structures.
- The document highlights the illiquidity of private equity investments and the potential for investors to lose their entire investment.
- The document mentions the possibility of penalties for investors who fail to make required capital contributions to a Private Access Fund.
- The document discusses the potential for tax liabilities in excess of cash distributions.
- The document discusses the cybersecurity risks associated with portfolio companies.
Raw Analysis JSON
click to expand
Themes
Business dealingsFinancial transactions/money flowEmployment/staffingCommunications/correspondenceLegal matters/litigation
Organizations 92
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.Dislocation 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.Gen 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.Salomon BrothersThe Teagle FoundationYale UniversityCornell UniversityThomson FinancialAtlas AdvisorsNewhouse NewspapersFidelity Brokerage Services LLCNational Financial Services LLC
Locations 7
New York, NYDelawareLondonChicagoNorth AmericaUnited StatesBoston
Financial Entities 3
Deutsche BankFidelity Brokerage Services LLCNational Financial Services LLC
Text Analysis
- Tone
- Informative, Disclosure-oriented, Legalistic
- 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 associated with investing in its funds.
File Info
- File Name
- EFTA01428879.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:42:05.575030
- DOJ Source
- View on DOJ