Market Overview

Carlyle Makes Strategic Investment in iCapital® Network


Underscores value of market-leading technology in providing
advisor access to alternative investments

, the financial technology platform democratizing alternative
investments, today announced that The
Carlyle Group
(NASDAQ:CG) has invested in the company as a
strategic partner.

The firm joins BlackRock
Blackstone Group
(NYSE:BK), Credit
Suisse Group AG
, JPMorgan
Chase & Co
(NYSE:JPM), Morgan
Investment Management (NYSE:MS), and UBS
Financial Services, Inc.
(NYSE:UBS) as a strategic partner and
investor, further expanding the consortium of industry leaders aligned
with iCapital's development of an industry standard technology solution
for alternative investments.

iCapital's modular technology and service platform is purpose-built to
provide an end-to-end solution that is fully configurable, highly
scalable, and able to support the unique subscription, administration,
and reporting processes for private equity, private credit, hedge funds,
and other alternative investments. It is designed to overcome many of
the long-standing challenges of investing in alternatives by using
technology to streamline access, ease operational burdens, and improve
the user experience, enabling iCapital's partners to provide the highest
level of service to their clients.

In addition to the investment, The Carlyle Group has also partnered with
iCapital to leverage its proprietary technology to help manage Carlyle's
operations and administration of its private equity vehicles targeting
the wealth management marketplace.

"We are fortunate to have The Carlyle Group as a strategic partner at
both the financial and commercial level supporting our efforts to
advance industry standards for accessing alternative investments," said Lawrence
, Chief Executive Officer of iCapital Network. "It's an
exciting time to be involved in the alternative investment industry and
this announcement underscores the confidence placed in iCapital, and in
our ability to achieve our goal of streamlining access to alternatives
and automating the industry overall."

"Carlyle has developed a strong relationship with the team at iCapital
as they've rapidly grown from a fintech startup to an established leader
working with some of the most respected participants in alternatives,"
said Norma Kuntz, Managing Director and the Global Head of Fund
Management at The Carlyle Group. "Using technology to improve
operational processes and infrastructure, iCapital's platform is a
potential game-changer for the industry."

Paul Ferraro, Managing Director and Head of Carlyle's Private Client
group, added, "We have seen firsthand how iCapital's technology
facilitates access to alternative investments for high net worth clients
and eases fund administration for GPs. Their technology has become the
standard in the marketplace. We look forward to enhancing our
relationship with iCapital and working together to help shape the future
of this important channel."

Carlyle's investment came from its balance sheet.

About iCapital Network

iCapital Network is the financial technology platform democratizing
alternative investments with complete tech-based solutions for
investors, advisors and asset managers. The firm's flagship platform
offers high-net-worth investors and independent wealth advisors a
curated menu of private equity and hedge funds at lower minimums with a
full suite of due diligence and administrative support in a secure
digital environment. Banks and asset managers leverage iCapital's
tech-enabled services to streamline and scale their private investments
operational infrastructure. iCapital was included in the 2018 Forbes
FinTech 50 and as of June 30, 2018, serviced more than $6 billion in
invested capital across more than 14,000 underlying accounts.

For additional information, please visit the Company's website at
| LinkedIn:
| Twitter: @icapitalnetwork | Facebook:

About The Carlyle Group

The Carlyle Group (NASDAQ:CG) is a global alternative asset manager
with $212 billion of assets under management across 339 investment
vehicles as of September 30, 2018. Carlyle's purpose is to invest wisely
and create value on behalf of its investors, many of whom are public
pensions. Carlyle invests across four segments – Corporate Private
Equity, Real Assets, Global Credit and Investment Solutions – in Africa,
Asia, Australia, Europe, the Middle East, North America and South
America. Carlyle has expertise in various industries, including:
aerospace, defense & government services, consumer & retail, energy,
financial services, healthcare, industrial, real estate, technology &
business services, telecommunications & media and transportation. The
Carlyle Group employs more than 1,625 people in 31 offices across six


Disclosures: This material is provided for informational purposes only
and is not intended as, and may not be relied on in any manner as,
legal, tax or investment advice, a recommendation, or as an offer to
sell, a solicitation of an offer to purchase or a recommendation of any
interest in any fund or security offered by iCapital. Past performance
is not indicative of future results. Alternative investments are
complex, speculative investment vehicles and are not suitable for all
investors. An investment in an alternative investment entails a high
degree of risk and no assurance can be given that any alternative
investment fund's investment objectives will be achieved or that
investors will receive a return of their capital. The information
contained herein is subject to change. Securities may be offered through
iCapital Securities, LLC, a registered broker dealer, member of FINRA
and SIPC and subsidiary of Institutional Capital Network, Inc. iCapital
is a registered trademark of Institutional Capital Network, Inc. All
rights reserved.

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