Illegal Activity
suspicious
Blackmail
none
Date
2018-03-30
Document Type
brochure
Model
gemini-2.0-flash-001
Processed
2026-02-07T18:43
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 outlines the services offered to various Funds, the due diligence process for selecting underlying managers, and the risks associated with investing in these Funds, while also disclosing affiliations and compensation arrangements that could create conflicts of interest.
Metadata
- Subject
- Form ADV Part 2A and 2B: iCapital Advisors, LLC
- Sender
- —
- Recipients
- —
- Document ID
- —
- Date
- 2018-03-30
Illegal Activity
- Severity
- suspicious
- Description
- The document describes potential conflicts of interest and fee structures that could incentivize certain behaviors. While not explicitly illegal, these arrangements could be considered suspicious and warrant further investigation.
- Content Type
- first_hand
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 is an affiliate of iCapital Advisors, LLC. |
| 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 of iCapital Advisors, LLC. |
| iCapital Advisors, LLC | Affiliate | 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 4
- Multiple potential conflicts of interest due to affiliated entities and equity investors.
- Complex fee structures and potential for overvaluation of assets.
- Reliance on estimates provided by Underlying Fund Managers or Sub-Advisers for valuation purposes.
- 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.
Financial Information
Amounts:$100,000$4,014,735,581.860.25% to 1.25%1% - 2%10% - 20%.075% - .25%$250 billion$12.5 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.
- Management fee charged by Underlying Funds, generally ranging from 1% - 2% on an annual basis.
- Incentive compensation arrangement charged by Underlying Funds, generally ranging 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 received by iCapital Securities, LLC as a result of its placement of certain investors in certain Private Access Funds, typically a percentage of the aggregate capital commitments of an iCapital Private Access Fund to its respective underlying fund.
- iCapital compensates Fidelity for providing certain administrative services in respect of investors who custody their investment in one or more iCapital Funds with Fidelity. The fee is typically a percentage of the net asset value an investor has in applicable iCapital Private Access Funds.
Public Knowledge
- Context
- This document is a regulatory filing and contains information that is not likely to be widely known to the public.
Legal Compliance
- Potential conflicts of interest arising from affiliated entities (iCapital Securities, Gen II, BNY) and equity investors (BlackRock, Credit Suisse, Morgan Stanley, UBS).
- Potential conflicts of interest arising from compensation structures, such as placement fees received by iCapital Securities and fees paid by brokerage limited partners.
- Potential conflicts of interest arising from educational programs offered by iCapital to financial advisors.
- The document outlines various risks associated with investing in the Funds, including illiquidity, economic and market risk, and reliance on sub-advisers.
Raw Analysis JSON
click to expand
Themes
Business dealingsFinancial transactions/money flowLegal matters/litigationEmployment/staffingCommunications/correspondencePolitical connections/influence
People 7
Organizations 99
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 Growth Equity FundInternational Value 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.The Teagle FoundationCredit Suisse Securities (USA) LLCSalomon BrothersFir Tree PartnersEaton PartnersEarnings.comThomson FinancialPREANCREIFAtlas AdvisorsVeronis Suhler StevensonNewhouse NewspapersFidelity Brokerage Services LLCNational Financial Services LLCBoston Business JournalThe Star-Ledger
Locations 9
New York, NYDelawareChicagoLondonNorth AmericaUnited StatesCentral and Eastern European countriesAsian countriesLatin American countries
Financial Entities 3
Deutsche BankFidelity Brokerage Services LLCNational Financial Services LLC
Text Analysis
- Tone
- Informative, compliant
- Purpose
- To provide information about the qualifications, business practices, and fees of iCapital Advisors, LLC, as required by Form ADV.
- Significance
- This document is a regulatory disclosure providing transparency to potential investors about iCapital Advisors, LLC, its services, fees, and potential conflicts of interest.
File Info
- File Name
- EFTA01440262.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:43:17.902271
- DOJ Source
- View on DOJ