Rivalry heats up for retail-focused alts marketplaces

Competition is already fierce among the top marketplace platforms that give advisors access to private market alternatives. Now comes an escalation. ICapital is still the category’s clear leader, but No. 2 rival CAIS is looking to make further inroads with independent RIAs who make up its base of clients. Since 2022, iCapital has been a 12-time acquirer, backed by $1.5 billion over its history, according to PitchBook data. For its part, CAIS has focused on organic growth since it was founded in