‘My most valuable lesson is to balance innovation with trust'

Marco Bizzozero
Head of International, iCapital

 

A few years ago, you opened the Zurich branch of iCapital with a handful of employees. They recently had to move into larger offices. What is driving the boom at iCapital in Switzerland?

When we opened iCapital's Zurich office in 2021, our goal was to provide banks and wealth managers in the EMEA region with efficient access to private markets. Our rapid growth reflects both the high demand for alternative investments and the confidence our partners have in our technology-based solutions. By digitising and simplifying the entire investment lifecycle, we enable asset managers to seamlessly and efficiently scale their private markets offering for private clients. Switzerland's position as a global asset management hub has further reinforced this momentum. What began as a small local team in Zurich has grown into a significant international company. By the end of 2025, we had moved to a larger office in Zurich and expanded our presence to ten locations outside the US, including London, Edinburgh, Lisbon, Abu Dhabi, Hong Kong, Singapore, Tokyo, Sydney and Toronto. This growth underscores the value iCapital offers and the global market's confidence in our company.

What is the advantage of a B2B fintech platform?

iCapital is a B2B platform for banks, wealth managers and asset managers. For banks and wealth managers, we offer the iCapital Marketplace, a central access point where advisors can build diversified portfolios for their clients – supported by training, research and portfolio construction tools. We give asset managers efficient access to the global wealth management channel, a large, fast-growing but fragmented capital pool, and support them in raising capital more effectively. Our Marketplace brings together strategies from leading asset managers in a digital ecosystem. Asset managers gain access to a wide range of private market and alternative investments – including private equity, private credit, real assets and hedge funds – through a single interface. This simplifies operational processes, reduces administrative complexity, enables transparent product comparisons and empowers advisors to offer tailored and diversified portfolios that meet the changing needs of their clients.

The largest international providers of private market investments have opened branches in Switzerland in recent years. Is demand now driven more by retail than institutional investors?

Institutional investors continue to dominate the private markets, but the participation of private clients is steadily increasing. This is being driven by a long-term structural shift from public to private markets: the number of listed companies has declined over the past two decades, while companies today remain private for much longer. As a result, much of the value creation takes place before an IPO, meaning that public markets increasingly fail to reflect the real economy. This trend is global. Since iCapital was founded 13 years ago, we have been pursuing the goal of making it easier for private investors to access private markets. Our technology offers advisors and their clients an efficient and user-friendly experience, while asset managers are increasingly looking for solutions that combine institutional investment strategies with simplified onboarding and targeted training programmes. The wealth management segment is clearly emerging as an important growth driver for the industry.

The barrier to entry for private market investments is now low. What risks does this entail?

Education, due diligence and access to institutional-level managers are essential for risk management in private markets. At iCapital, we place great emphasis on training and equip bank advisors and their clients with the tools they need to master this complexity. By combining technology and comprehensive resources – such as data, analytics, reporting and training – we support asset managers in integrating alternative investments into client portfolios in an informed manner and managing them responsibly.

To what extent does iCapital contribute to greater clarity regarding liquidity risks and transparency regarding valuation models in this investment segment?

Transparency and education are central to iCapital's mission. We provide detailed reporting, portfolio analysis, educational modules and expert knowledge to help advisors explain liquidity and valuation to their clients. Our ongoing investment in technology and education supports responsible investment practices. Key tools include AltsEdge, our training programme that helps advisors understand and integrate alternative investments; the ‘Alternatives Decoded’ chartbook, which visually breaks down private market strategies and risks; and our model portfolios, which provide a clear framework for building diversified allocations across private market strategies. Incidentally, our AltsEdge also allows users to earn CE credits and a certificate in alternative investments from iCapital and the CAIA Association.

How do you assess the market barriers for asset managers looking to enter the private markets segment?

These barriers remain high. They range from regulatory and operational challenges to distribution issues within a fragmented global environment. iCapital Marketplace addresses these barriers with a scalable platform that simplifies subscription processes, onboarding and reporting, while providing seamless connectivity to more than 3,000 asset managers worldwide. By combining advanced technology, in-depth expertise and strong local partnerships, iCapital empowers asset managers to access private markets and sustainably grow their business in this changing market environment.

In which areas of its platform will iCapital invest the most in proportionate terms?

Alongside access and training, technology is one of the three pillars of iCapital. With more than 2,200 employees, including over 600 technology and product specialists, we continue to invest heavily in the further development of our digital infrastructure. Key areas of investment include automation, system integration, data management and continuous improvements to platform navigation, workflows and portfolio analysis functions. In addition, we are developing targeted AI-based functions to streamline processes and support more informed decisions without creating unnecessary complexity. Improvements in processing and reporting will further increase efficiency. These investments ensure that iCapital offers asset managers and their clients a seamless, reliable and future-proof platform.

As a long-standing executive in wealth management, you are familiar with the needs of both private banks and private clients: what lessons have you had to learn that are now useful to you?

One of the most valuable lessons I have learned is how important it is to balance innovation with trust. Private banks and clients expect innovative solutions, but also transparency and reliability. Technology alone cannot solve complex problems. It must be accompanied by education and precise communication. Furthermore, scalability must not come at the expense of personalisation. Asset managers want efficiency and convenience, but their clients expect tailor-made solutions. These principles also guide iCapital: we combine advanced technology, in-depth training and strong partnerships to offer client-focused solutions at an institutional level.