Kunal Shah, Managing Director and Head of Private Asset Research and Model Portfolios for iCapital, joined Julie Cooling, Founder and CEO of RIA Channel, at iCapital Connect 2026 to discuss the benefits of custom model portfolios in private markets.
As advisors look for simplicity and guidance around allocating to alternative investments, particularly with the growth of evergreen funds, Shah points to model portfolios as the solution. He explains that in traditional asset classes, advisors have long relied on model portfolios, often turning to large asset managers for customized solutions based on specific investment objectives. However, Shah notes that historically, an equivalent solution has been absent in private markets.
To address this gap, iCapital has developed both marketplace models and highly customized solutions. Shah notes that iCapital has four marketplace models, which are based on specific investment objectives, centered around three main goals: income, growth, and balance. However, a significant part of iCapital’s evolution is focused on the highly customized model portfolios. Shah explains that iCapital meets with RIA and IBD clients to understand their investment objective, analyze their asset allocation from top-down, and look at their approved manager roster to build a bespoke model portfolio. So far, the firm has built nine of these highly customized models.
iCapital is also working towards developing public-private model portfolios. Shah notes that the firm has partnered with GeoWealth and BlackRock to launch public-private models on their platforms, while iCapital processes integrations on the backend. Shah explains that the ultimate goal is for iCapital to create a bespoke public-private model under one wrapper on its platform, but first the team has to ensure they have the necessary technology stack.
Shah does note challenges, particularly around rebalancing, which can slow implementation. He explains that the current process takes about three to four months, but iCapital is working to expedite this through solutions such as notes, SMAs, and tokenization. The goal is to deliver value to clients by reducing the timeline to one to two months.
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