iCapital adds multi-custody reporting via Mirador

This deal pushed iCapital from being mainly the transaction and servicing layer for private funds toward becoming the full data system that an advisor can use to show a client everything in one place. Mirador added the hard part after the sale closes, pulling positions from multiple custodians and off platform holdings into one dataset, then turning that data into polished client reports for RIAs, family offices, and private banks.

• Mirador brought consolidated reporting and data management across both traditional and alternative assets, plus a service model built around daily data cleanup and custom report creation. That matters because private market positions often sit outside the main custodian feed and arrive late, in inconsistent formats, or only through capital account statements.
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• The acquisition also fit a broader pattern in iCapital’s buildout of a Manage layer. Earlier data management work through AltExchange helped move private fund data into advisor systems, and iCapital has been used as a data source feeding platforms like Addepar. Mirador gives iCapital more of that reporting stack in house instead of handing it off.
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• The closest comparison is Addepar. Addepar is strong in multi custodian aggregation and customized reporting across complex portfolios, and it has expanded into alternatives data management. By adding Mirador, iCapital narrows the gap on the reporting side while keeping its advantage in fund marketplace, subscription workflow, and lifecycle servicing.
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The next step is clear. iCapital is turning into the operating system for private wealth alternatives, from education and fund access to onboarding, servicing, portfolio data, and end client reporting. As advisors push to hold public and private assets in a single household view, owning the reporting layer makes iCapital harder to replace and opens more software and data revenue per account.