DTCC, iCapital partner to modernize private markets

DTCC and iCapital announced a collaboration to build post-trade infrastructure for private markets aimed at speeding settlement, standardizing data and reducing operational friction for fund managers, distributors and investors.

The agreement covers joint work on technology and operational solutions for private assets. The firms will focus on standards, connectivity and automation to support faster reconciliation and clearer investor reporting.

DTCC, a U.S.-based clearing and settlement utility, provides clearing, settlement and data services to broker-dealers and custodians. iCapital, based in New York, offers a platform for alternative investments and distribution to wealth managers, private banks and family offices.

Planned integration will link DTCC’s post-trade capabilities with iCapital’s front-office and distributor systems to reduce manual handoffs and exceptions. Areas for development include common data formats, automated trade and subscription processing, and audit trails for transfers and allocations.

The collaboration will include pilot programs with market participants to test new workflows and technical specifications before wider rollout. Fund managers, custodians and other intermediaries will be involved in design and testing phases.

The firms framed the work as a response to rising demand from wealth managers and institutional investors for smoother access to private funds, increased position tracking and clearer valuation and reporting processes.

Industry operational challenges cited by market participants include manual subscription routing, inconsistent valuation reporting and lengthy reconciliation. The partners plan to provide updates as pilots progress and when products or standards are finalized.