Invoice Crager, who stepped down from his publish as Envestnet CEO final 12 months, has resurfaced at a non-public markets infrastructure firm. Crager has joined iAltA Holdings as a founding companion.
iAltA Holdings launched in Might 2025 with preliminary funding of $20 million led by WestCap, a strategic working and investing agency that incubated iAltA. The startup goals to construct a digital infrastructure that unifies non-public market techniques. It not too long ago launched iAltA Personal Markets, a platform to assist Basic Companions execute transactions and money actions.
WestCap additionally has materials investments in iCapital and Addepar.
“iAltA is constructing on the intersection of highly effective business forces—the dimensions and development of the wealth channel, expanded entry to non-public markets, and a generational shift in how know-how is utilized,” Crager mentioned in an announcement. “I’m actually wanting ahead to working with the iAltA workforce to ship on next-generation capabilities I do know the wealth area is searching for.”
Crager joins iAltA founders Laurence Tosi, a managing companion and founding father of WestCap; Scott Ganeles, a co-founder of Carson Group and former senior companion at WestCap; and Invoice Sherman, the previous government vice chairman and head of knowledge technique at Ipreo, a non-public fairness options supplier acquired by IHS Markit in 2018. Ganeles and Tosi additionally had senior roles at Ipreo.
Crager co-founded Envestnet with Jud Bergman in 1999, and he took over as CEO following Bergman’s sudden dying in 2019. Since then, the corporate has weathered a variety of obstacles, together with disputes with activist shareholder Impactive Capital, which acquired a 7.5% stake within the firm and two board seats in 2022, and layoffs towards the top of 2023.
Late final 12 months, Envestnet as soon as once more turned a non-public firm, with Bain Capital’s acquisition of the enterprise for about $4.5 billion.
Beneath Crager, Envestnet grew to supervise $5.4 trillion in consumer belongings on its platform and greater than 107,000 advisors served through its enterprise models centered on buying and selling, danger evaluation, direct indexing, tax administration, information aggregation and enrichment, consumer prospecting and property planning.