iCapital gets props for poaching top Fidelity executive, Gary Gallagher; with IPO in reach, new president is trusted by RIAs universe and big hitters alike
The New York City alternative investments company 'services' $1 trillion and dominates as a platform to platforms, like Fidelity, Schwab and Envestnet, but 'dominance' still means just $283.9 billion in alternative platform assets
5 min read
Brooke's Note: iCapital just made the biggest hire in its history by adding a president title and handing it to Gary Gallagher. The Fidelity veteran is now the answer to whether iCapital understands RIAs, whether it has an executive who can see an entrepreneurial company through to maturity and possibly an IPO, and whether he is likable. Most people I know like iCapital CEO Lawrence Calcano but the company is bursting at the seams with pieces of Wall Street giants that it rolled up along with talent from the kinds investment banking and private equity brands that are known for equal parts competency and Manhattan hubris. Gallagher is known for big-company competency, RIA sensitivity and for being approachable and humble. If he can bring all that to iCapital – boom. Maybe the company can go from being the best of an underachieving alts-to-RIAs category to being an unqualified success in fulfilling a destiny for alts in RIA portfolios that everyone has rushed to foresee.
iCapital just made biggest RIA ecosphere poach of a young 2026 in the person of Gary Gallagher, and inched closer to a possible IPO.
The New York City alternatives platform to platforms – like Schwab, Fidelity and Envestnet – wasted no time publicizing its hire, just a week after the Fidelity executive published a farewell posting on LinkedIn. He had hung his hat at Fidelity for 26 of his 36-year career.
Gallagher's longest stint outside Fidelity was with LPL Financial from 2007 to 2011. LPL had its initial public offering in 2010.
Industry sources say iCapital is almost certainly driving toward an IPO in the next two or three years after having raised $1.8 billion privately, including $820 million last summer at a $7.5 billion valuation.
Lawrence Calcano, chairman and CEO of iCapital, knows that Gallaghjer is a dynamic executive.
“We’re excited to welcome Gary Gallagher to iCapital … Culture is a critical component of our success, and Gary understands that and is excited to be a part of it," he says.
"Gary’s deep expertise in addressing customer needs, combined with his track record of excellence in execution and delivery, will ensure our clients realize the full value of our platform and product offerings.”
iCapital raises heart-stopping $440 million at $4-billion valuation, after signing big deals to become the alts engine of Envestnet and Allfunds
IPO support
The talent selection shows intent, says Jacob Miller, the Co-founder of Opto Investments, also a private market investing platform for financial advisors.
In addition to Gallagher, iCapital has also hired Henrique Francisco as chief technology officer, Jeff McGoey as chief operating officer, and Sonali Basak as chief investment strategist. Bekka Marrs has been promoted to chief product officer.
“The theme looks like the institutionalization of iCapital’s business, likely in support of a potential IPO,” Miller adds. "Gallagher brings the massive intermediary distribution angle showing the market clarity of focus and a real bench under Calcano.
Story Timeline
“We know this segment is likely their highest volume and highest margin, so a commitment to more of what’s working makes sense if they are preparing for a potential IPO. "
Landscape progress
Gallagher spent most of the past five years as overseer of wealth management and advisory offerings and Registered Investment Advisors, including “alternative investments, and core investments offerings for financial intermediaries,” his LinkedIn page states.
Bill Crager leaps back into the RIA fray with 'moonshot' bid to Envestnet-ize alts backed by WestCap and Laurence Tosi
It's a tremendous hire, says Bill Crager, who was Envestnet CEO when the company largely privatized-labeled iCapital for alts distribution. See: iCapital raises heart-stopping $440 million at $4-billion valuation, after signing big deals to become the alts engine of Envestnet and Allfunds
“In every stage of his career Gary has delivered landscape forming progress,” he says by email. "What's so notable is that he has consistently created deep partnership with players across the industry which has made the impact he's had lasting."
Crager himself is launching an ambitious venture, iAltA Holdings, aimed at playing a Kayak.com role in alternative investments, where iCapital would be like an Expedia. See: Bill Crager leaps back into the RIA fray with 'moonshot' bid to Envestnet-ize alts backed by WestCap and Laurence Tosi
Effective functioning
Cecile Munoz, CEO of U.S. Executive Search and Consulting, says that iCapital gets a rare two-for-one in Gallagher.
He's someone with a big-league result that RIAs know and trust, she says. At Fidelity, he utilized iCapital on behalf of family office clients, hence can vouch for how to make the platform function effectively.
“He's someone people truly trust and truly like,” she says in a phone interview. “It positions iCapital to attract great talent and wonderful clients. He knows everybody."
In 2025, iCapital grew its total global workforce by 31% to more than 2,200 people worldwide and expanded its global footprint with new offices in Sydney, Abu Dhabi, and Miami
iCapital has more than $1 trillion of assets serviced globally on its platform, including $283.9 billion in alternative platform assets, and serves over 3,000 wealth management firms and 121,000 active financial professionals, its release says.
It hit $200 billion in alternative platform assets in September of 2024.
Rely on RIABiz? Tell Google.
Naming us a preferred source puts our reporting first in your Top Stories and AI Overviews. Takes one click, and only you see the difference.