Masters in Business Building 'The World's Alternative Investment Marketplace' with Lawrence Calcano
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May 1, 2026 
Lawrence Calcano, chairman and CEO of iCapital who scaled a fintech platform serving over $1T in client assets. He discusses building a B2B2C marketplace, solving manual frictions in alternative investments, streamlining adviser workflows, global demand and tokenization, and how AI and M&A shape modern asset management.
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End To End Tech Solves Alternatives Complexity
- iCapital built an end-to-end tech platform to make alternatives accessible: education, portfolio construction, subscription automation and post-investment workflows.
- The platform aims to give advisors time back by automating capital calls, distributions, reporting and other manual tasks.
Explain Illiquidity Plainly And Avoid Semi Liquid Language
- Educate clients and advisors clearly about illiquidity and avoid ambiguous terms like "semi-liquid."
- Buy private investments with medium-to-long horizons and treat 5% redemption windows as limited wrapper features, not true liquidity.
Model Portfolios Will Scale Alternatives For Advisors
- Wider advisor adoption of alternatives will rely on models that marry liquid and illiquid allocations for easier implementation.
- iCapital is developing model-based products and partnerships so advisors can integrate alts into client portfolios systematically.