iAltA Holdings Launches with Initial Funding of $20M to Modernize Private Markets, Led by Proven Industry Builders and Backed by WestCap
NEW YORK--(BUSINESS WIRE)-- iAltA Holdings ('iAltA'), a private markets infrastructure company, announces its launch with an initial funding of $20 million led by WestCap, a strategic operating and investing firm with over $6 billion in assets under management. Incubated at WestCap, iAltA's mission is to build an innovative digital infrastructure that unifies private market systems. As part of this announcement, iAltA is also launching its first platform solution, iAltA Private Markets, to empower General Partners (GPs) to seamlessly execute transactions and cash movements, efficiently engage with investors, streamline fund operations and make data-driven decisions.
The explosive growth and complexity of alternative assets – expected to reach $24.5T in 2028 across private equity, real estate, private credit and beyond – has outpaced the technology systems needed to support investment managers and their investors. As a result, the market has become cluttered with point solutions and hindered by fragmented processes and limited transparency. With the launch of iAltA, the founding team is addressing the industry's need for comprehensive solutions that target the market's most pressing inefficiencies. The company plans to establish multiple subsidiaries by acquiring technology companies, retooling and integrating products, and accelerating innovation through strategic partnerships.
'The alternative asset class is facing the growing pains we've seen before: inefficiencies and missed opportunities due to outdated infrastructure,' said Scott Ganeles, CEO at iAltA. 'We have developed a distinctive model, combining operational expertise, entrepreneurial agility and investment acumen, in a pursuit of transformational change that moves the entire industry forward.'
A Legacy of Innovation in Private Markets
The founding team members each bring over three decades of hands-on experience building and scaling transformational companies in private markets that set industry standards. Laurence A. Tosi will serve as a board member, Scott Ganeles as CEO and Bill Sherman as President at iAltA.
In 2001, Tosi spearheaded the launch of Ipreo, which was incubated out of Merrill Lynch after recognizing the need for a digital-first way to interact and transact with the public markets. He was joined by Ganeles as CEO and Sherman as EVP and Head of Data Strategy to grow Ipreo into a $1.9B business that was acquired by IHS Markit. In 2010, Tosi followed suit with the launch of iLEVEL, incubated out of Blackstone, transforming how fund managers view and manage their portfolios and risk in real time.
After reuniting at WestCap in 2018, Ganeles and Tosi saw that the alternative asset class is facing the same growing pains they've seen before. Together, with Sherman, they created iAltA, which carries forward the legacy of modernizing markets through thoughtful innovation — this time, with the bold ambition of reshaping the entire private market ecosystem.
'Our formation and investment in iAltA follows in the footsteps of Ipreo and iLEVEL with the same proven formula for disruption and innovation: deep industry expertise, technology-driven solutions, and a vision to unify fragmented systems into one seamless digital ecosystem,' said Laurence A. Tosi, Managing Partner and Founder at WestCap. 'We're practitioners building for practitioners — collaborating with the industry to solve its challenges holistically and drive positive, lasting change to benefit all market stakeholders.'
Introducing the iAltA Private Markets Platform
As the foundation for its first platform, iAltA acquired two companies, Verivend and Betterfront. Verivend is a transaction ready investor portal, empowering GPs to seamlessly, raise, deploy and manage capital through its purpose-built payments technology, while providing LPs with a best in class, seamless investing experience. Betterfront is a fundraising platform dedicated to helping PE and VC fund managers attract and retain LPs using sophisticated track record analytics and technology solutions. The acquisitions combine each company's expertise with iAltA's broader mission, robust resources, and extensive team experience in the industry.
'By joining forces with iAltA, we have the opportunity to scale our impact and bring even greater value to existing and new clients,' said Rodney Reisdorf, Co-Founder at Verivend who will now serve as iAltA's Executive Vice President. 'Together, we will address industry pain points more effectively while capitalizing on the increasing demand for unified fund management solutions.'
WestCap is actively leveraging the iAltA platform to digitally transact and market its funds – aiming to unlock a new level of transparency for LPs through real time financials, detailed position tracking, and portfolio company data and analytics. Beyond its role as an investor and client, WestCap has been a key product design and development partner, helping shape the platform's technology and identifying strategic synergies across its broader portfolio through its extensive network. WestCap Partner, Jaime Hildreth, will serve on the board. Prior to joining WestCap, she was Head of Strategy for Private Capital Markets at Ipreo, where she played a key role in the acquisition of iLEVEL, which she founded and developed with Tosi during their time at Blackstone.
As iAltA expands, the company aims to foster meaningful collaboration between its subsidiaries, enabling shared learning and resource optimization that will unlock the next generation of private market potential.
For more information about iAltA Holdings and iAltA Private Markets, visit: www.ialta.com.
About iAltA Holdings
iAltA Holdings is a private markets infrastructure company. Founded by Laurence A. Tosi, Scott Ganeles and Bill Sherman, for comprehensive platform solutions that streamline workflows and empower market participants with actionable insights to manage their investments. The company is uniquely positioned to collaborate with industry leaders to drive meaningful solutions to private markets, including their first platform solution, iAltA Private Markets, for GPs to manage their fund lifecycle and effectively serve their LPs. For more information, please visit www.ialta.com.
About WestCap
WestCap is a strategic operating and investing firm that partners with visionary leaders to build generational businesses. Our team is comprised of seasoned industry leaders and entrepreneurs who guide companies through the most pivotal stages of growth. Some of our notable investments include Airbnb, StubHub, Ipreo, Addepar, Hopper, iCapital, SIMON, and GoodLeap. The firm has offices in New York, San Francisco and London. For more information, please visit www.westcap.com.
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