Bill Crager, who stepped down from his post as Envestnet CEO last year, has resurfaced at a private markets infrastructure company. Crager has joined iAltA Holdings as a founding partner.

iAltA Holdings launched in May 2025 with initial funding of $20 million led by WestCap, a strategic operating and investing firm that incubated iAltA. The startup aims to build a digital infrastructure that unifies private market systems. It recently launched iAltA Private Markets, a platform to help General Partners execute transactions and cash movements.

WestCap also has material investments in iCapital and Addepar.

“iAltA is building at the intersection of powerful industry forces—the scale and growth of the wealth channel, expanded access to private markets, and a generational shift in how technology is applied,” Crager said in a statement. “I am really looking forward to working with the iAltA team to deliver on next-generation capabilities I know the wealth space is looking for.”

Crager joins iAltA founders Laurence Tosi, a managing partner and founder of WestCap; Scott Ganeles, a co-founder of Carson Group and former senior partner at WestCap; and Bill Sherman, the former executive vice president and head of data strategy at Ipreo, a private equity solutions provider acquired by IHS Markit in 2018. Ganeles and Tosi also had senior roles at Ipreo.

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Crager co-founded Envestnet with Jud Bergman in 1999, and he took over as CEO following Bergman’s sudden death in 2019. Since then, the company has weathered a number of obstacles, including disputes with activist shareholder Impactive Capital, which acquired a 7.5% stake in the company and two board seats in 2022, and layoffs toward the end of 2023.

Late last year, Envestnet once again became a private company, with Bain Capital’s acquisition of the business for about $4.5 billion.  

Under Crager, Envestnet grew to oversee $5.4 trillion in client assets on its platform and more than 107,000 advisors served via its business units focused on trading, risk analysis, direct indexing, tax management, data aggregation and enrichment, client prospecting and estate planning.