Innocap

What Innocap does

Innocap is a Montreal-headquartered Dedicated Managed Account Platform (DMAP) for alternative investments, founded in 1996 and serving over 40 of the world's most sophisticated institutional allocators, including sovereign wealth funds, public and corporate pension plans, endowments, foundations, and alternative asset managers. The company's core product is its proprietary DMAP, which enables institutional clients to structure, access, and monitor alternative investment portfolios through Dedicated Managed Accounts (DMAs), providing customized investment solutions, asset segregation and control, position-level daily risk transparency, capital efficiency via notional funding and cross-margining, and outsourced operational management. Underlying technology includes the HM Operations application for automated integration, accounting, and operations workflows, plus proprietary netting and cross-margining infrastructure for multi-manager DMA structures.

Innocap operates across Canada (Montreal HQ), the United States (New York, Boston), Ireland (Dublin), Poland (Wroclaw), and India (Coimbatore, Chennai), with a planned Abu Dhabi office in 2025 to anchor Middle East growth. The business model is high-touch enterprise sales to institutional allocators with bespoke, multi-year contracts and customized fee structures that combine platform, administration, technology, risk reporting, and operational services. Revenue is generated through platform and service fees tied to assets and complexity, though specific pricing is not publicly disclosed. Following the 2022 acquisition of BNY Mellon's HedgeMark, Innocap became the industry's leading DMA platform with US$50B in combined assets, which has since grown to over US$100B by October 2025. The shareholder base includes CDPQ, BNP Paribas, BNY Mellon, Walter Global Asset Management, Fonds de solidarité FTQ, ADIA (with stake increasing to 10%), and Bain Capital Tech Opportunities (October 2025 strategic minority investment).

Name

Innocap

Legal name

Innocap Investment Management Inc.

Website

https://innocap.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

251–500 employees

Short description

Innocap is a Montreal-headquartered Dedicated Managed Account Platform serving over 40 institutional allocators with US$100B+ in platform assets, providing customized DMA structures, position-level transparency, and outsourced operations for alternative investment portfolios.

Ownership category

akta.pro rank

Product category

Alternative Investment Platform

NAICS

Portfolio Management and Investment Advice (52394), Computer Systems Design and Related Services (54151)

SIC

Investment Advice (6282), Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Managed Account Platforms (Separately Managed Accounts / Customized Portfolios) (FSAHAKAC)

akta.pro secondary industry

Enterprise Architecture & IT Operating Model (BPAHAEAB)

Keywords

• Dedicated managed accounts
• Alternative investment platform
• Institutional asset management
• Hedge fund managed accounts
• Capital efficiency solutions

Headquarters

HQ city

Montreal

HQ country

Canada

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Dedicated Managed Account Platform Services: Innocap generates revenue by providing dedicated managed account platform services to institutional investors. Fees are charged for platform services including onboarding, operations, back-office, technology, risk reporting, governance, and daily oversight of DMAs. The model is customized per client and likely involves platform fees, administration fees, and potentially AUM-based fees given the scale milestones referenced.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Innocap operates a proprietary Dedicated Managed Account Platform (DMAP) that enables institutional allocators to structure, access, and oversee their alternative investments through Dedicated Managed Accounts (DMAs). The firm delivers outsourced onboarding, operations, back-office, technology, risk reporting, governance, and daily oversight of DMA structures, combined with customized investment solutions, asset control, position-level transparency, and capital efficiency through notional funding, cross-margining, and netting.

Product overview

Innocap is a leading Dedicated Managed Account Platform (DMAP) for alternative investments, providing institutional allocators with a superior way to structure, access, and oversee their alternative portfolios through Dedicated Managed Accounts (DMAs). The core offering consists of the DMAP platform combined with DMA services, supported by proprietary technology including HM Operations application. The company serves pension funds, endowments, sovereign wealth funds, and asset managers, offering customized investment solutions, asset control, increased transparency, and operational alpha. The platform surpassed US$100 billion in assets in October 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Dedicated Managed Account Platform (DMAP) The primary platform offering that enables institutional allocators to structure, access, and monitor their alternative investments through Dedicated Managed Accounts (DMAs). Provides customized investment solutions, asset control, transparency, and operational alpha over alternative portfolios.
• Dedicated Managed Accounts (DMAs) Individual managed account structures offered to institutional investors for their alternative investments. Provides benefits including asset control, customization, capital efficiency, and daily transparency compared to traditional commingled funds.
• HM Operations A proprietary application developed to improve and automate integration, operations, and accounting processes for dedicated managed accounts. Part of the purpose-built technology infrastructure.
• Investment Solutions and Portfolio Oversight Customized investment solutions, advanced risk analytics, and institutional portfolio oversight for Dedicated Managed Accounts. Includes cash management, currency hedging, and overlay strategies.
• ESG and Impact Solutions Strategic ESG and impact investing offerings that help institutional clients invest constructively to generate growth while contributing to a more sustainable world.

Quantifiable outcome

• Platform assets surpassed US$100 billion, doubling AUM in three years
• +3 more outcomes

Named customers7 records

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• BNY Mellon (HedgeMark)coreStrategic or Co-development Partner · 17 February 2022Innocap acquired BNY Mellon's HedgeMark business to create the industry's leading alternative investment platform. BNY Mellon received a minority equity stake in the combined US$50 billion global platform. HedgeMark was the industry's largest hedge fund managed account platform and a leading risk services business. The combined entity brought together 300 experienced professionals. BNY Mellon continues to provide custody and administrative services to Innocap clients.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Northern Trust: Global custodian and asset servicing firm offering managed account and alternative investment administration capabilities for institutional clients. Comparable as a scaled alternatives platform and custody provider.
• BNY Mellon: Largest custodian globally and Innocap's former counterparty in the HedgeMark transaction. Offers custody, alternatives servicing, and platform capabilities that overlap with Innocap's DMA platform proposition.
• Morgan Stanley (Platform Solutions): Provides institutional and wealth management platform solutions including alternatives and managed account services. Comparable at the high end of the institutional allocator market that Innocap serves.
• State Street: Major custodian and asset servicing firm with growing alternatives platform capabilities. Provides institutional investors with managed account, custody, and middle-office services for alternative investment portfolios.
• SEI Investments: Provides investment processing, managed account, and technology-enabled services to institutional investors and wealth managers. Overlaps with Innocap's outsourced managed account and operational platform offering at scale.
• Goldman Sachs (Prime Brokerage): Operates a major prime brokerage and hedge fund managed account platform for institutional clients. Competes with Innocap in providing DMA structuring, financing, and cross-margining capabilities.

Emerging players

• Moonfare: Digital private markets platform offering institutional and qualified investor access to alternatives through managed structures. Adjacent competitor with a more digital/wealth-customer focus versus Innocap's pure institutional model.
• Citco Group: Independent hedge fund administrator with expanding managed account and platform services for alternative investments. Comparable as a technology-enabled alternatives service provider.

Direct peers

• iCapital Network: A leading technology platform connecting institutional investors and wealth managers with alternative investments including hedge funds and private markets. Direct competitor in providing outsourced alternative investment platform services to sophisticated allocators.
• CAIS: Alternative investment platform offering institutional-grade due diligence, portfolio construction, and managed account access for alternatives. Competes directly with Innocap's DMA platform model for institutional allocator mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/innocap-investment-management

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries8 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innocap