Citigroup is selling a unit that houses some 180 private-credit, private-equity, infrastructure, and other alternative-asset funds to the big privately held financial-tech company iCapital, the two firms said. The deal comes as banks seek to bulk up expanded menus of pricey alternative investments for rich clients as those markets heat up, and as 12-year-old iCapital, led by a former Goldman Sachs partner, increasingly becomes core to that ecosystem. As part of the sale, 20 Citi employees are set to join New York-based iCapital, which has some 1,800 employees.

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