Securitize vs iCapital 2026

Only through Securitize. iCapital is B2B infrastructure: individual investors cannot open an account or subscribe independently — every transaction runs through a financial advisor, RIA, family office, or private bank using iCapital's platform. Securitize is self-directed: an accredited investor (or, for two products, a retail investor) can onboard, verify, and subscribe without an intermediary — Apollo ACRED at $50,000, Hamilton Lane feeders at $10,000-$20,000, the Arca U.S. Treasury Fund at $1,000, and tokenized stocks for verified US investors. This is the single most decision-relevant difference: if you do not have (or want) an advisor relationship, iCapital is structurally closed to you, whatever its shelf contains.

They compete for the same underlying trade — routing accredited capital into brand-name private-market funds through feeder vehicles at reduced minimums — but through different channels, and at wildly different scale. AltStreet's reconstruction of iCapital's SEC Form D record found 747 feeder entities reporting $106.6B of cumulative amount sold across 220,449 aggregate reported investor positions, alongside 1,144 private funds currently advised per its Form ADV — Delaware Private Access Funds distributed through advisors, with Form D-disclosed minimums clustering at exactly $100,000. Securitize distributes direct to investors: a shelf of roughly ten tokenized vehicles including feeders into Apollo, Hamilton Lane, and KKR strategies at $10K-$50K minimums, plus issuer-led cash funds (BlackRock BUIDL, VanEck VBILL). The manager rosters overlap in kind — mega-cap PE and credit sponsors — but fund-by-fund availability differs, and the specific vehicles are never the same: an iCapital Apollo feeder and Securitize's ACRED are separate funds with separate terms even where the underlying manager is the same.

Both are multi-layer, and neither gives you the full picture upfront — but the gaps sit in different places. Securitize quantifies the feeder layer (typically 0.5%) but the underlying fund's fees and carry are mostly not quantified in the feeder PPM; AltStreet records ACRED's combined stack at roughly 3.5%. iCapital publishes no standardized feeder fee schedule at all — a feeder introduces an additional vehicle layer that may include management fees, administrative expenses and, depending on the vehicle, performance-based compensation, all of which exist only in the individual offering documents and sit on top of whatever the underlying fund charges. AltStreet's review deliberately publishes no platform-wide estimate, because none can be verified from public sources. There is also an invisible layer on iCapital: platform fees charged to advisors and distribution fees paid by asset managers, neither disclosed — treat those as a conflict-of-interest consideration rather than automatically as a line in your own expense ratio. On both platforms, the only reliable fee source is the specific offering document.

Securitize runs materially lower: Hamilton Lane SCOPE at $10,000, the other Hamilton Lane feeders and the KKR vehicle at $20,000, Apollo ACRED at $50,000 — plus retail doors (ArCoin $1,000, tokenized stocks) that have no iCapital equivalent. iCapital's minimums are now measurable rather than estimated: across the 266 feeders in AltStreet's census that disclose a minimum on their Form D, the median is exactly $100,000 — and so are the 25th and 75th percentiles, meaning the entire middle half of the book sits at that one number. The full range runs $10,000 to $1,000,000, but only 3 of 266 exceed $250,000, so the commonly cited '$100K-$250K typical' overstates the top of the range. Company materials separately advertise $25,000 minimums on registered ('40 Act) products for accredited investors. Accredited status is the floor; many funds require Qualified Purchaser status. Both are far below direct institutional LP commitments ($5M-$25M+), which is the point of the feeder model on either platform.

Both feeder models produce multi-layer partnership tax complexity, with one extra hazard on the Securitize side. iCapital's Private Access Funds issue a single Schedule K-1 to the investor that incorporates the underlying fund's tax items — expect February-March delivery or later, extension filings, multi-state obligations, and UBTI exposure in IRAs (an IRA must file Form 990-T once gross UBTI exceeds $1,000, taxed at compressed trust rates). Securitize's feeders are similar where they are partnerships (ACRED and the Hamilton Lane LPs issue K-1s, with PPMs explicitly warning investors to expect extensions) — but the shelf also contains PFIC vehicles (the AAA CLO fund and Index Four elect corporate treatment, requiring Form 8621 with QEF information not assured) and a 1099-DIV RIC (ArCoin). For the Reg D Private Access Funds compared here, the investor generally receives a feeder-level K-1; iCapital's registered products can have different tax reporting and should be checked separately. On Securitize the regime must be verified per vehicle because three coexist on one shelf.

Inverted from what the branding suggests. Securitize Corp. has been a NYSE-listed Exchange Act reporting company since July 2, 2026 (SECZ) — public financial statements, board committees, and periodic filings — while its feeder advisor, Securitize Capital, is an exempt reporting adviser rather than SEC-registered. iCapital is the mirror image: its feeder manager, iCapital Advisors LLC (CRD 177513), is an SEC-registered investment adviser reporting $149.9B of regulatory AUM across 1,144 private funds on its August 2026 Form ADV, and iCapital Securities LLC, Axio Financial LLC and SIMON Markets LLC are FINRA/SIPC broker-dealers — but the parent company is private, publishing no revenues, profitability, or sustainability metrics, and disclosing neither its advisor pricing nor its manager distribution-fee arrangements. That last gap has narrowed slightly: other companies' filings now carry outside reference points. BlackRock's Q2 2026 10-Q discloses a ~21% interest carried at $0.7B under the equity method — an accounting carrying amount BlackRock explicitly says may not represent fair value — and Ares Capital marks a small common-stock position at $1.1M against a $1.0M April 2025 cost. Neither is a valuation of iCapital, and both measure something different from the $7.5B 2025 financing round. Each platform is transparent at exactly the layer where the other is opaque: Securitize at the operator level, iCapital at the adviser-registration level.

It resolves on three questions, not a ranking. First, do you work with an advisor? If yes, iCapital's current advised-fund universe is dramatically broader: its Form ADV reports 1,144 private funds, while AltStreet separately identified 747 selling feeder entities across its historical Form D census; Securitize currently has roughly ten tracked vehicles. That breadth comes with advisor-mediated suitability, due diligence reports, and consolidated reporting; if no, Securitize is the only door. Second, what check size? Securitize's $10K-$50K feeder minimums undercut iCapital's Form D-disclosed median of exactly $100,000. Third, how much wrapper risk will you underwrite yourself? AltStreet's document review found Securitize's self-directed feeders carry manager-favorable terms (non-voting shares, written no-due-diligence clauses, locked liquidity in several vehicles) that an investor must catch alone, while iCapital's conventional Delaware feeders sit behind a registered adviser and an advisor relationship — at the cost of fee layers that are never published platform-wide. On either path, the specific offering document is the investment.