Alts Pulse Ep. 18: Taking the pulse of private markets with iCapital Chairman & CEO Lawrence Calcano

December 23, 2025

18 min episode · 2 min read

Icapital Chairman

Episode

18 min

Read time

2 min

Topics

Leadership

AI-Generated Summary

Published Jan 2, 2026

Key Takeaways

✓Asia Market Structure: Asia represents $18 billion in AUM for iCapital versus $12 billion in Europe, with private banks driving adoption and advisors wanting evergreen products to serve both accredited and sub-accredited clients immediately.
✓Evergreen Product Adoption: 77% of advisors express interest in evergreen structures because traditional three c seven funds restrict accredited investor access, while evergreen products enable advisors to serve their entire client base inclusively across wealth tiers.
✓Distribution Investment Strategy: GPs achieving success invest in boots-on-ground distribution across Tokyo, Australia, and Asia because alternatives remain a sold-not-bought asset class requiring ongoing advisor education on portfolio construction and product mechanics.

What It Covers

iCapital CEO Lawrence Calcano discusses global private markets adoption across Asia, Europe, and US, focusing on evergreen products, model portfolios, and distribution strategies for wealth advisors.

Key Questions Answered

•Asia Market Structure: Asia represents $18 billion in AUM for iCapital versus $12 billion in Europe, with private banks driving adoption and advisors wanting evergreen products to serve both accredited and sub-accredited clients immediately.
•Evergreen Product Adoption: 77% of advisors express interest in evergreen structures because traditional three c seven funds restrict accredited investor access, while evergreen products enable advisors to serve their entire client base inclusively across wealth tiers.
•Distribution Investment Strategy: GPs achieving success invest in boots-on-ground distribution across Tokyo, Australia, and Asia because alternatives remain a sold-not-bought asset class requiring ongoing advisor education on portfolio construction and product mechanics.

Notable Moment

Despite US market maturity, only 25 to 30 percent of advisors generate 70 percent of alternative investments business, indicating significant untapped growth potential remains across all global markets.

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