Meet iAltA: A Private Markets Solution Incubated Inside WestCap

WestCap Partner and iAltA Board Member Jaime Hildreth shares how the WestCap team's legacy of building and scaling companies across the private markets has laid the foundation for today’s launch of iAltA.

Today’s launch of iAltA is more than just a company announcement. It’s a return to a familiar and long-standing mission: building the digital infrastructure that private markets need and deserve.

As someone who has spent much of her career solving operational headaches inside private capital markets, from developing iLEVEL at Blackstone to scaling Ipreo and now at WestCap, this moment is deeply personal. iAltA was born from years of lived frustration, and more importantly, from a shared belief that we could build something better.

The Pain is Familiar

The private markets have expanded rapidly, but the infrastructure hasn’t evolved with them. The tools GPs rely on for fundraising, onboarding, investor communications, and the movement of money remain fragmented and outdated. LPs are still asked to navigate disjointed systems and track down PDFs in their inboxes. Capital calls require manual processing. Workflows from diligence of a fund to co-investments are patched together with point solutions that don’t talk to one another. And reporting lacks real-time clarity – in fact, a recent CSC study found that nearly half (44%) of LPs aren't receiving the detailed performance reporting needed to make informed decisions.

These inefficiencies aren’t new. We’ve seen this pattern before.

In 2001, in response to similar market frustrations, WestCap Managing Partner and Founder, Laurence A. Tosi (L.T.), co-founded Ipreo with iAltA CEO and former WestCap Partner, Scott Ganeles, creating new digital-first ways to interact and transact with the public markets. Then, in 2010, L.T. and I worked together at Blackstone to incubate iLEVEL, helping fund managers manage their portfolios in real time.

The idea behind iLEVEL was simple: provide a single source of truth for portfolio company data. That source should answer essential questions like How are these companies performing? What do those numbers mean for valuations? And how should we communicate that to our investors? It seems obvious now, but no one had built it yet.

So we did. We incubated iLEVEL within Blackstone and later spun it out. As Head of PE Valuations at the time, I became iLEVEL’s first customer, helping shape the product from the inside. Years later, at Ipreo, we acquired iLEVEL and I continued to manage the business and built the platform's valuation engine. We scaled iLevel into one of the fastest-growing parts of the business before Ipreo was sold to IHS Markit.

Built by Practitioners, for Practitioners

What makes iAltA so exciting isn’t just the technology, but it’s the way we’ve built it: from the inside out. Incubated at WestCap and led by a founding team with deep operating experience, iAltA is a response to problems we’ve experienced firsthand. And we’re solving them with the same practitioner’s mindset that guided our previous platforms.

iAltA is building a series of modern solutions, initially with the launch of iAltA Private Markets, to help GPs manage the full fund lifecycle, from fundraising and onboarding to investor communication, capital flows, and analytics. It provides GPs the infrastructure to engage investors more effectively, streamline operations, execute transactions, and make more informed, data-driven decisions. In short, it's about running a stronger private markets business on one connected system.

This isn’t theoretical – WestCap is iAltA’s first customer. Our Investor Relations, Asset Management and Finance teams have already embedded the platform into how we operate, digitally transact and market our funds, aiming to unlock a new level of transparency for our LPs through real time financials, detailed position tracking, and portfolio company data and analytics. And beyond our role as an investor and client, we’re also shaping the product design and development, branding, and user experience for iAltA with the help of our in-house CōLab team. The deep trust we’ve developed amongst our teams enables us to move quickly and confidently. It’s one of the things I love about how we work at WestCap: we build alongside our companies, pressure-test their products, and invest time and expertise, not just capital.

Part of a Bigger Ecosystem

Importantly, iAltA is purpose-built to complement other leading platforms in the alternatives ecosystem. At WestCap, we also back iCapital and Addepar, which play essential roles. iCapital powers the world’s alternative investment marketplace with an end-to-end platform that broadens access to alternatives, structured investments, and annuities for financial advisors, wealth managers, asset managers, and the broader private markets ecosystem. Addepar is a comprehensive technology and data platform that helps investment professionals globally provide the most informed, precise advice for their clients. It supports hundreds of thousands of users with more than $7 trillion in assets, approximately 40% of which are alternatives. Collectively, we share a vision to bring cohesion to a fragmented market.

For Me, This Is the Fun Stuff

This is the work I love most: solving problems I know intimately, with people I trust, in an industry I care deeply about. Supporting iAltA’s growth, as both a board member and an operator, is a natural continuation of a journey that started decades ago. And we’re just getting started. We believe that if we build thoughtfully and listen closely, iAltA can help bring the private markets into a more transparent, efficient, and connected future.

Let’s go.

About the Contributor

Jaime Hildreth is a Partner, Head of Asset Management, and a member of WestCap’s Investment Committee. She is an accomplished corporate finance and portfolio operations executive with extensive experience advising private equity, venture capital, and private portfolio companies on financial reporting best practices, operational effectiveness, and technology initiatives. Prior to joining WestCap, Jaime was Managing Director, Head of Strategy for Private Capital Markets at Ipreo, a Blackstone FinTech portfolio company. At Ipreo, Jaime supported the acquisition of iLEVEL, a Portfolio & Risk Management software she incubated with L.T., expanding the offering by launching a valuation workflow technology and a data analytics business for Limited Partners. Jaime joined Ipreo from Blackstone where she was a Senior Vice President of Private Equity Valuations, responsible for fair valuing and portfolio monitoring over $90 billion of assets within the Private Equity segment. She currently serves as a Board Member of Addepar, iCapital (Observer), and iAltA.

The above is provided as an illustrative example and designed to demonstrate the benefits to portfolio companies of partnering with us. The information is aimed at prospective portfolio companies and not intended to solicit investors, or an offer to purchase any securities. The experiences highlighted may not necessarily represent or be indicative of current, past or future results and experiences with portfolio companies.