Illegal Activity
suspicious
Blackmail
none
Date
2018-03-30
Document Type
legal filing
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 also includes information about key personnel and their backgrounds.
Metadata
- Subject
- Form ADV Part 2A and 2B: Brochure Supplement
- 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, but there is no clear evidence of illegal activity being committed, planned, or discussed.
- Content Type
- first_hand
Relationships 21
| 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 | 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. |
| Eileen Duff Blalock | Principal | iCapital Securities, LLC | Eileen Duff Blalock is a Principal of iCapital Securities, LLC. |
| 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. |
| Phil Pool | Principal | iCapital Securities, LLC | Phil Pool is a Principal of iCapital Securities, LLC. |
| John C. Robertshaw | Co-Founder and Special Advisor | iCapital Network | John C. Robertshaw is a CoFounder and Special Advisor to iCapital Network. |
| John C. Robertshaw | Special Advisor | iCapital Securities, LLC | John C. Robertshaw is a Special Advisor to iCapital Securities, LLC. |
| Daniel Vene | Co-Founder and Managing Partner | iCapital Network | Daniel Vene is Co-Founder and one of the Managing Partners of iCapital Network. |
| Daniel Vene | Employee | iCapital Securities, LLC | Daniel Vene is an employee of iCapital Securities, LLC. |
| Nicholas Veronis | Co-Founder and Managing Partner | iCapital Network | Nicholas Veronis is Co-Founder and one of the Managing Partners of iCapital Network. |
| Nicholas Veronis | Employee | iCapital Securities, LLC | Nicholas Veronis is an employee of iCapital Securities, LLC. |
Notable Quotes 3
Employees must at all times place the interests of the client first.
Employees must make sure that all personal securities transactions are conducted consistent with the Code of Ethics; and
Employees should not take inappropriate advantage of their position.
Red Flags 2
- Numerous potential conflicts of interest are disclosed, requiring careful management and transparency.
- The document highlights the illiquidity of private equity fund investments and the potential for substantial losses.
Financial Information
Amounts:$100,000$250,000$4,014,735,581.86$250 billion
Assets:
- Total 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 ranges from 1% - 2% on an annual basis.
- Incentive compensation arrangement charged by Underlying Funds, generally ranges from 10% - 20% of the capital appreciation in the Underlying Fund.
- Fees to Dynasty 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, 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 personnel may not be widely known.
Legal Compliance
- Potential conflicts of interest arising from iCapital's relationship with iCapital Securities, LLC, Gen II Fund Services, LLC, BNY Capital Corporation, BlackRock, Inc., Credit Suisse Group AG, Morgan Stanley Smith Barney, UBS Financial Services, Fidelity Brokerage Services LLC and National Financial Services LLC.
- Potential conflicts of interest arising from compensation from Underlying Fund Managers.
- Potential conflicts of interest arising from fees paid by brokerage limited partners.
- Potential conflicts of interest arising from estimates of fund assets.
- Potential conflicts of interest arising from educational programs.
Raw Analysis JSON
click to expand
Themes
Business dealingsFinancial transactions/money flowLegal matters/litigationEmployment/staffingCommunications/correspondencePolitical connections/influence
Organizations 98
iCapital Advisors, LLCSECFinancial Industry Regulatory AuthorityiCapital Securities, LLCInstitutional Capital Network, Inc.iCapital 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.BTAS 2015 Private Investors (U.S.), L.P.BTAS 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 ServicesCredit SuisseDonaldson, Lufkin & JenretteFirst Avenue PartnersWillis Stein & PartnersColumbia UniversityUniversity of VirginiaThe Teagle FoundationYale UniversityFir Tree PartnersEaton PartnersEarnings.comThomson FinancialCornell UniversityPREANCREIFAtlas AdvisorsNewhouse NewspapersFidelity Brokerage Services LLCNational Financial Services LLCFidelity
Locations 7
New York, NYDelawareUSALondonChicagoNorth AmericaBoston
Financial Entities 3
Deutsche BankKidder, Peabody & Co.Salomon Brothers
Text Analysis
- Tone
- Professional
- Purpose
- To provide information about the qualifications, business practices, and personnel of iCapital Advisors, LLC, as required by Form ADV Part 2A and 2B.
- Significance
- This document is a regulatory filing that provides transparency to potential investors about iCapital Advisors, LLC, its services, fees, and potential conflicts of interest. It also discloses information about key personnel.
File Info
- File Name
- EFTA01442887.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:41:22.267853
- DOJ Source
- View on DOJ