NEW YORK, NY,

November 1, 2018iCapital Network, the financial technology platform democratizing alternative investments, today announced that Blackstone (NYSE: BX) has made an investment in the company’s latest financing round. The firm joins BlackRock (NYSE: BLK), BNY Mellon (NYSE: BK), Credit Suisse Group AG, Morgan Stanley Investment Management (NYSE: MS), and UBS Financial Services, Inc. (NYSE: UBS) as a strategic partner and investor, further expanding the consortium of industry leaders aligned with iCapital’s development of an industry standard technology solution for alternative investments. Additional investors are expected to join before the round closes.

iCapital’s modular technology and service platform is purpose-built to provide an end-to-end solution that is fully configurable, highly scalable, and able to support the unique subscription, administration, and reporting processes for private equity, private credit, hedge funds, and other alternative investments. It is designed to overcome many of the long-standing challenges of investing in alternatives by using technology to streamline access, ease operational burdens, and improve the user experience, enabling iCapital’s partners to provide the highest level of service to their clients. Blackstone uses iCapital technology to improve and expand access to alternatives in the private wealth segment. "We're honored to have Blackstone as a shareholder, adding to the list a global leader in alternative investing, supporting our efforts to deliver the definitive technology solution for alternative investments," said Lawrence Calcano, Chief Executive Officer of iCapital Network. “Increasingly, we are seeing a melding of two worlds: finance and technology. With the rise of fintech, the financial services industry is being transformed. We are particularly excited to be at the forefront of that opportunity for the alternative investments sector.” “Blackstone invests in companies that develop innovative technologies to solve real-world problems and iCapital has quickly built a reputation for its ability to drive efficiencies into one of the most challenging areas of the wealth advisory business,” said Joan Solotar, Senior Managing Director and Head of Private Wealth Solutions at Blackstone. “There is an established and growing need for alternatives in well-constructed investment portfolios, and we want to lead that shift with a better user experience and, ultimately, better outcomes for all of our clients.”

About iCapital Network

iCapital Network is the financial technology platform democratizing alternative investments with complete tech-based solutions for investors, advisors and asset managers. The firm’s flagship platform offers high-net-worth investors and independent wealth advisors a curated menu of private equity and hedge funds at lower minimums with a full suite of due diligence and administrative support in a secure digital environment. Banks and asset managers leverage iCapital’s tech-enabled services to streamline and scale their private investments operational infrastructure. iCapital was included in the 2018 Forbes FinTech 50 and as of June 30, 2018, serviced more than $6 billion in invested capital across more than 14,000 underlying accounts.

For additional information, please visit the Company’s website at www.icapitalnetwork.com | LinkedIn: https://www.linkedin.com/company/icapital-network-inc | Twitter: @icapitalnetwork | Facebook: https://www.facebook.com/icapitalnetwork/

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $457 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.