iCapital, a global fintech company, has entered into a definitive agreement to acquire Passthrough, a provider of investor onboarding solutions and financial compliance infrastructure for general partners. The acquisition will enable iCapital to support LP onboarding across both private wealth and institutional channels, creating a unified platform for GPs to onboard investors of any type or size. Together, iCapital and Passthrough support 1,200 GPs and product providers globally. Passthrough's platform modernises investor identity, subscription documents and KYC/AML compliance for private markets, complementing iCapital's existing Identity Solutions. The combined platform will help GPs capture institutional demand—which exceeded $1.30 trillion in 2025—whilst tapping into growing allocations from wealth managers. iCapital currently services over $1.13 trillion in assets globally across its platform.

Article: Morningstar // Allvue Systems and Passthrough announce strategic integration to streamline private markets Fundraising and Investor onboarding. October 15, 2025. Morningstar recently featured the strategic integration between Allvue Systems and Passthrough, aimed at streamlining fundraising and investor onboarding in private markets. By combining Allvue's Fundraising and Investor Portal solutions with Passthrough's onboarding technology, this collaboration replaces manual, fragmented processes with a seamless, automated workflow for fund managers. Let's take a closer look at the key benefits this integration brings to fund managers and investors: * Seamless investor journey: Fund managers can now guide investors from initial evaluation and subscription document completion through financial crime compliance obligations and ongoing reporting without the investor having to leave Allvue's platform. * Enhanced operational efficiency: The combined solution eliminates manual data entry, reducing friction and minimizing the risk of errors associated with traditional paper-based or siloed processes. * Stronger GP- LP relationships: By demonstrating efficiency, transparency, and precision in all operational steps, GPs can build greater investor confidence and secure commitments more quickly and effectively in today's challenging fundraising landscape. For the detailed overview about how Allvue and Passthrough are transforming private markets fundraising and investor onboarding, read the complete coverage on Morningstar.