Top 20 Private Capital Markets Infrastructure 2023

This report forms part of the Ranking News Capital Ranking series, which evaluates private capital managers, credit platforms, investment infrastructure providers, and specialized financing institutions across global private markets.

Private capital markets infrastructure has become increasingly important as institutional investors, wealth managers, family offices, financial advisors, and private market participants seek better access, data, distribution, transaction support, and portfolio intelligence across alternative investments. As private equity, private credit, real assets, venture capital, and secondaries continue to expand, the need for platforms that connect investors, managers, advisors, and market information has grown significantly.

Unlike private capital managers that deploy balance sheet or fund capital directly, private capital markets infrastructure providers typically operate as access platforms, data providers, workflow systems, marketplace operators, fund distribution networks, analytics platforms, or transaction-enabling intermediaries. Their value lies in reducing information friction, improving investor access, supporting due diligence, enabling private market allocation, and helping market participants navigate fragmented private asset ecosystems.

The growth of this segment reflects the institutionalization and democratization of private markets. Large asset managers, banks, wealth platforms, RIAs, family offices, and institutional allocators increasingly require scalable infrastructure to source opportunities, compare managers, process subscriptions, monitor portfolios, and evaluate private market exposure.

This ranking identifies platforms whose market relevance, institutional adoption, data quality, distribution capability, and infrastructure role demonstrate sustained leadership within the global private capital markets ecosystem.

Market Overview

Private capital markets infrastructure sits between investment managers, investors, advisors, and market data users. The segment includes alternative investment access platforms, private fund distribution networks, private market data providers, secondary transaction platforms, fund administration technology, portfolio analytics systems, and intelligence providers supporting private market decision-making.

The sector has expanded as private markets have become larger, more complex, and more widely distributed across institutional and private wealth channels. Investors increasingly require access to private funds, feeder structures, due diligence content, performance analytics, benchmarking data, and portfolio transparency. At the same time, asset managers require scalable distribution, onboarding, reporting, and investor servicing capabilities.

Unlike traditional financial exchanges, private capital markets remain fragmented and relationship-driven. This creates opportunities for infrastructure providers that can standardize workflows, aggregate information, improve access, and support transaction execution without directly competing as asset owners.

Within this environment, firms with strong platform adoption, high-quality data, advisor networks, institutional relationships, and trusted market positioning continue to occupy important roles in the development of private capital markets.

Industry Trend — 2023

The private capital markets infrastructure segment in 2023 reflects continued growth in private wealth access, alternative investment technology, and data-driven private market decision-making. As private markets move beyond traditional institutional allocations, platforms that help advisors and investors access alternative investments have become increasingly important.

One major trend is the expansion of private wealth distribution. Asset managers are increasingly relying on platforms to reach registered investment advisors, private banks, family offices, and qualified investors through feeder funds, interval funds, tender-offer funds, evergreen structures, and other access vehicles. This has elevated the importance of platforms that combine fund access, education, due diligence, compliance, and operational support.

Another major trend is the growing importance of private market data and analytics. Investors are demanding better benchmarking, manager intelligence, fund performance visibility, portfolio look-through, and valuation support. Data providers and analytics platforms are becoming essential infrastructure for institutional asset allocation and due diligence.

At the same time, private market infrastructure remains competitive and fragmented. Firms with trusted brands, scalable technology, strong manager relationships, and broad investor adoption are likely to maintain stronger positions as private capital markets continue to institutionalize.

Methodology — Core Eligibility Criteria

To ensure structural consistency within the category, firms considered for this ranking were evaluated based on the following eligibility conditions:

• Operates as a significant private capital markets infrastructure, access, data, analytics, marketplace, or investment technology provider
• Supports private equity, private credit, venture capital, real assets, secondaries, or broader alternative investment markets
• Provides market infrastructure functions such as investor access, data aggregation, portfolio analytics, fund distribution, due diligence support, transaction enablement, or workflow technology
• Serves institutional investors, wealth managers, family offices, financial advisors, asset managers, or private market participants
• Maintains recognized market presence, platform adoption, data relevance, or infrastructure importance within private capital markets

Pure asset managers, traditional investment banks, placement agents, and firms whose primary business is capital deployment rather than market infrastructure are generally excluded from this category.

Methodology — Ranking Factors

Firms included in the ranking were evaluated using a combination of qualitative and structural considerations rather than short-term financial performance metrics. Key factors considered include:

• Institutional relevance within private capital markets
• Breadth of platform coverage across private market asset classes
• Strength of data, analytics, or market intelligence capabilities
• Adoption among wealth managers, advisors, family offices, institutions, or asset managers
• Ability to improve private market access, transparency, workflow, or transaction efficiency
• Manager relationships and distribution network strength
• Technology scalability, usability, and operational infrastructure
• Brand recognition and relevance within the broader alternative investment ecosystem

The objective of the ranking is to identify firms whose platforms play a meaningful infrastructure role in the development of global private capital markets.

The Ranking News Top 20 Private Capital Markets Infrastructure 2023 ranking evaluates platforms and information providers supporting access, data, workflow, analytics, and transaction infrastructure across private capital markets.

The ranking universe consisted of approximately 75 private capital markets infrastructure and alternative investment technology providers globally, from which 20 institutions were selected for inclusion.

Tier classifications reflect relative institutional positioning within the private capital markets infrastructure segment and do not represent investment recommendations or endorsements of specific products.

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Tier I — Leading Private Capital Markets Infrastructure Platforms

iCapital

• Headquarters: New York, United States
• Founded: 2013

iCapital is one of the leading global platforms for alternative investment access and private market infrastructure, serving wealth managers, financial advisors, asset managers, and institutional partners. The platform provides technology, fund access, education, due diligence support, subscription processing, reporting, and operational infrastructure designed to make private market investing more scalable across wealth channels.

The firm’s importance lies in its role as a bridge between alternative asset managers and the private wealth ecosystem. As private equity, private credit, hedge funds, real assets, and structured investments become more relevant to individual and advisor-led portfolios, platforms such as iCapital provide the infrastructure necessary to support distribution, compliance, documentation, and investor servicing.

iCapital’s scale, manager relationships, advisor adoption, and technology infrastructure position it among the most important firms in private capital markets infrastructure. Its platform reflects the broader shift toward institutional-quality private market access for wealth management clients and supports its status as a defining participant in this category.

CAIS

• Headquarters: New York, United States
• Founded: 2009

CAIS is a major alternative investment platform focused on connecting independent financial advisors and wealth managers with private market and alternative investment opportunities. The platform provides access to private equity, private credit, hedge funds, real assets, and structured notes, while also offering education, due diligence content, workflow tools, and operational support.

CAIS occupies an important position in private capital markets infrastructure because it addresses the distribution and access gap between alternative asset managers and the independent advisor ecosystem. As RIAs and wealth managers increasingly seek private market exposure for qualified clients, platforms capable of supporting product discovery, subscription workflows, education, and reporting have become essential.

The firm’s relevance is strengthened by its advisor network, manager partnerships, and role in broadening access to institutional-style alternative investments. CAIS is not primarily a capital provider; rather, it functions as infrastructure for alternative investment access, making it one of the leading platforms in the private capital markets infrastructure segment.

PitchBook

• Headquarters: Seattle, United States
• Founded: 2007

PitchBook is one of the most widely recognized private market data and intelligence platforms, providing information on private companies, private equity, venture capital, M&A, funds, investors, transactions, valuations, and market trends. The platform is used by investment firms, corporations, advisors, lenders, consultants, universities, and market participants seeking structured data across private capital markets.

PitchBook’s importance in this category comes from its role as information infrastructure. Private markets are inherently less transparent than public markets, and data providers that organize company, investor, fund, and transaction information play a critical role in due diligence, sourcing, benchmarking, and market analysis.

The platform’s broad coverage and user adoption make it a foundational private capital markets tool. Although PitchBook is not a transaction platform or asset manager, its data infrastructure supports decision-making across private equity, venture capital, private credit, and corporate finance. Its scale and market recognition position it among the leading private capital markets infrastructure providers globally.

Preqin

• Headquarters: London, United Kingdom
• Founded: 2003

Preqin is a leading provider of data, analytics, and intelligence for alternative assets, including private equity, private credit, hedge funds, venture capital, real estate, infrastructure, and natural resources. The platform supports institutional investors, fund managers, consultants, placement professionals, and service providers seeking private market data, fund performance information, investor intelligence, and market benchmarking.

Preqin’s role within private capital markets infrastructure is centered on improving transparency in an otherwise opaque asset class. Its datasets help market participants evaluate fund managers, track fundraising trends, analyze institutional allocations, assess performance benchmarks, and identify market opportunities across private capital strategies.

The firm’s broad alternatives coverage and institutional user base make it one of the most important information providers in the private markets ecosystem. As private capital becomes more data-intensive and competitive, Preqin’s role as a market intelligence platform remains central to due diligence, capital formation, and strategic decision-making across the global alternatives industry.

Moonfare

• Headquarters: Berlin, Germany
• Founded: 2016

Moonfare is a private market investment platform focused on expanding access to private equity and other alternative investments for qualified individual investors, family offices, and wealth channels. The platform provides access to private market funds, digital subscription processes, investor education, portfolio tools, and secondary liquidity features designed to simplify participation in private capital strategies.

Moonfare’s relevance lies in its role as an access infrastructure provider rather than a traditional asset manager. The firm helps reduce operational and informational barriers that historically limited private market participation to large institutions. Its platform structure allows qualified investors to participate in private market opportunities through a more standardized and technology-enabled process.

As private markets increasingly enter wealth management portfolios, Moonfare occupies a strong position in the European and global private market access landscape. Its brand, digital platform, fund relationships, and focus on investor experience support its inclusion among leading private capital markets infrastructure providers.

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Tier II — Established Private Capital Markets Infrastructure Firms

(Alphabetical order)

Addepar

• Headquarters: Mountain View, United States
• Founded: 2009

Addepar is a wealth management technology and portfolio data platform used by family offices, RIAs, private banks, and institutional advisors to aggregate, analyze, and report complex investment portfolios. While not limited to private markets, Addepar is highly relevant to private capital infrastructure because it helps investors monitor alternative assets, illiquid holdings, private funds, and multi-asset portfolios.

The platform addresses a major private capital problem: fragmented portfolio visibility. Investors with private equity, private credit, real estate, venture capital, hedge funds, direct investments, and public securities require consolidated reporting and analytics. Addepar provides data aggregation, performance reporting, exposure analysis, and client communication tools that support more institutional portfolio oversight.

As private markets become more widely used by family offices and advisor-led clients, reporting infrastructure becomes increasingly important. Addepar’s adoption among sophisticated wealth managers and family offices supports its position as an established infrastructure provider within the broader private capital ecosystem.

Allocate

• Headquarters: Menlo Park, United States
• Founded: 2021

Allocate is a private market investment platform focused on helping wealth advisors and qualified investors access venture capital and alternative investment opportunities. The platform provides fund access, due diligence support, portfolio construction tools, education, and operational workflows designed to make private market allocation more efficient.

Allocate is particularly relevant in venture and early-stage private market access, where information asymmetry and operational friction remain significant barriers for many investors. By creating a platform for curated access and investor workflow, the firm helps advisors and clients participate in private market strategies that historically required extensive networks or institutional relationships.

The firm’s inclusion reflects the growth of specialized access platforms within private capital markets infrastructure. As wealth channels increasingly demand exposure to venture capital and private alternatives, platforms such as Allocate play an important role in expanding access while supporting investor education and operational execution.

Allvue Systems

• Headquarters: Miami, United States
• Founded: 2019

Allvue Systems is an investment management software provider serving private capital managers, credit funds, fund administrators, and institutional investors. The platform supports front-, middle-, and back-office workflows across private equity, private credit, venture capital, and other alternative investment strategies.

Allvue is relevant to private capital markets infrastructure because private market firms require specialized technology to manage fund accounting, investor reporting, portfolio monitoring, deal tracking, compliance, and credit workflows. Unlike public market systems, private capital technology must handle complex ownership structures, capital calls, distributions, waterfall calculations, valuation processes, and illiquid portfolio monitoring.

The firm’s platform supports the operational backbone of private capital managers and service providers. As private markets grow in scale and complexity, software infrastructure becomes increasingly central to fund administration and investor transparency. Allvue’s focus on alternatives technology positions it among established private capital markets infrastructure firms.

Alta

• Headquarters: Singapore
• Founded: 2016

Alta is a digital private markets platform focused on providing access, trading, custody, and infrastructure for alternative assets across Asia and global markets. The platform supports private securities, funds, tokenized assets, and other private market opportunities, serving investors, issuers, and intermediaries seeking more efficient access to private capital markets.

Alta’s relevance comes from its role in addressing fragmentation and liquidity limitations in private markets. By providing infrastructure for private market access and transaction workflows, the firm supports investors seeking exposure to alternative assets and companies seeking capital outside traditional public markets. Its Asia-focused positioning also gives it a distinctive role in regions where private market infrastructure is still developing.

As private securities and alternative assets become increasingly digitized, platforms such as Alta may play a larger role in connecting investors with private opportunities. Its technology orientation and regional focus support its position among established private capital markets infrastructure providers.

EquityZen

• Headquarters: New York, United States
• Founded: 2013

EquityZen is a private company secondary marketplace focused on providing access to shares of late-stage private companies. The platform connects shareholders, investors, and private market participants seeking liquidity or exposure to venture-backed companies before public listing or exit events.

EquityZen’s role in private capital markets infrastructure is centered on secondary liquidity. Private company shares are traditionally difficult to trade due to transfer restrictions, limited information, and fragmented buyer-seller networks. EquityZen helps facilitate transactions by providing marketplace infrastructure, transaction support, investor access, and compliance-oriented workflows.

The firm is particularly relevant as private companies remain private for longer and employees, early investors, and shareholders seek liquidity before IPOs or acquisitions. While private company secondaries remain complex and constrained, platforms such as EquityZen contribute to the gradual development of more organized private market liquidity infrastructure.

Forge Global

• Headquarters: San Francisco, United States
• Founded: 2014

Forge Global is a private securities marketplace and infrastructure provider focused on facilitating transactions in shares of private companies. The platform serves investors, shareholders, companies, and institutions seeking access to or liquidity in the private company secondary market.

Forge’s relevance lies in its role as a transaction infrastructure provider for private company shares. As venture-backed and growth-stage companies stay private longer, demand has grown for mechanisms that allow employees, early investors, and institutions to manage liquidity. Forge provides marketplace access, transaction support, data, and private market infrastructure designed to reduce friction in secondary trading.

The firm occupies a distinctive position within private capital markets because it supports liquidity rather than direct capital deployment. Its platform, market data, and transaction capabilities make it an established participant in the development of private securities markets and broader private capital infrastructure.

Fundwave

• Headquarters: Singapore
• Founded: 2014

Fundwave is a private markets software platform supporting investment management, portfolio monitoring, investor reporting, and fund administration workflows. The platform serves private equity, venture capital, family offices, and alternative investment managers seeking to digitize operational processes.

Fundwave’s relevance to private capital markets infrastructure comes from its focus on workflow and information management. Private capital managers often operate across complex portfolios, investor relationships, capital activity, and reporting obligations. Technology platforms that support data organization, investor communications, and portfolio oversight help improve operational efficiency and transparency.

The firm’s position is particularly relevant for emerging managers, family offices, and private capital firms seeking scalable systems without relying entirely on manual processes. As private markets continue to professionalize globally, operational infrastructure providers such as Fundwave play an increasingly important role in supporting fund management and investor servicing.

Juniper Square

• Headquarters: San Francisco, United States
• Founded: 2014

Juniper Square is an investment management software platform focused on private funds, particularly real estate, private equity, and alternative investment managers. The platform supports fundraising, investor relations, investor portals, subscription workflows, reporting, and fund administration processes.

Juniper Square is relevant to private capital markets infrastructure because it supports the operating layer behind private fund management. As alternative investment managers raise capital from increasingly diverse investor bases, they require systems that manage communications, documents, capital activity, reporting, and investor experience. Juniper Square addresses these workflows through a technology platform designed specifically for private markets.

The firm’s strong presence among real estate and private investment managers gives it a meaningful role in the infrastructure ecosystem. Its platform supports transparency, efficiency, and professionalization across private fund operations, making it an established provider within private capital markets infrastructure.

Nasdaq Private Market

• Headquarters: New York, United States
• Founded: 2013

Nasdaq Private Market is a private company liquidity platform that supports tender offers, secondary transactions, and structured liquidity programs for private companies, employees, investors, and shareholders. The platform operates within the broader private securities market, helping companies manage controlled liquidity events before public listing or acquisition.

Its infrastructure role is significant because private companies increasingly require organized mechanisms for shareholder liquidity while maintaining control over cap tables and transfer processes. Nasdaq Private Market provides transaction technology, compliance support, marketplace capabilities, and operational workflows designed to facilitate private share transactions in a controlled environment.

The platform benefits from association with Nasdaq’s broader capital markets brand, while operating in a segment distinct from public exchange trading. As private companies remain private longer, controlled liquidity infrastructure is becoming more important. Nasdaq Private Market remains an established participant in this evolving market.

S&P Global Market Intelligence

• Headquarters: New York, United States
• Founded: 1860

S&P Global Market Intelligence provides data, analytics, research, and workflow tools across public and private markets. While broader than private capital alone, its datasets and platforms are widely used by investors, advisors, corporations, and financial institutions for due diligence, market analysis, company intelligence, and transaction research.

The firm’s relevance to private capital markets infrastructure comes from its information and analytics role. Private capital participants require reliable data on companies, industries, financial performance, transactions, credit conditions, and market trends. S&P Global Market Intelligence supports this need through integrated datasets, analytics tools, and research infrastructure.

Although it is a large global information provider rather than a private-market-only platform, S&P Global remains important because private capital decisions increasingly depend on structured data and cross-market intelligence. Its scale, credibility, and institutional adoption support its position among established private capital markets infrastructure firms.

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Tier III — Specialist Private Capital Markets Infrastructure Providers

(Alphabetical order)

• Altvia
• Fintrx
• FundFormer
• LemonEdge
• Zanbato

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Remarks

Private capital markets infrastructure is becoming increasingly important as private markets expand beyond traditional institutional investors and become more integrated into wealth management, family office, advisory, and cross-border investment ecosystems. The firms recognized in this ranking represent organizations that support the access, information, workflow, liquidity, reporting, and analytics layers of private capital markets.

The category is structurally different from private credit, private equity, or real assets management because its participants do not primarily compete by deploying capital. Instead, they compete by reducing market friction. Their value lies in helping investors identify opportunities, access funds, evaluate managers, process transactions, monitor portfolios, manage fund operations, and interpret private market data.

As private markets grow, infrastructure quality will become a more important differentiator. Asset managers need scalable distribution and investor servicing. Wealth managers need access and education tools. Family offices need portfolio transparency. Institutional investors need data and benchmarking. Private companies and shareholders need liquidity infrastructure. Each of these needs supports the long-term relevance of private capital markets infrastructure providers.

Tier classification reflects relative institutional positioning within the private capital markets infrastructure segment rather than investment performance ranking. The ranking does not constitute a recommendation of investment products, fund strategies, data subscriptions, or transaction services.

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