Apollo and Hamilton Lane have launched digitally native investment vehicles on Figure Technologies’ Digital Fund Services platform, which supports on-chain fund subscriptions as well as ongoing fund operations and administration.
With this announcement, Figure now has 14 digitally native funds and SPVs to its DFS platform. Figure officials plan to continue to work with industry participants and the managed fund community to best leverage blockchain technology across all fund types and life cycles.
“We are proud to work with such industry leaders to drive the adoption of blockchain in financial services. These early movers understand the ease of access, cost transparency, and efficiencies found while leveraging this technology. We look forward to continuing to uncap the blockchain potential in the financial services industry,” said Figure CEO Mike Cagney.
Apollo is eager to continue applying blockchain technology to create scalable solutions across the investment lifecycle, said Jamey Lamanna, partner and chief information officer at Apollo.
Hamilton Lane announced its partnership with Figure late last month, with plans to launch three new share classes of Hamilton Lane’s private markets-focused fund registered under the Investment Company Act of 1940 that digitize the fund share ownership record on the Provenance Blockchain via Figure’s digital fund services platform.
Also used by Apollo, Provenance is a leading public blockchain service that allows for secure transactions and serves digitally-native financial assets at scale. The service is used by 60 financial services firms and has supported over $12 billion transactions to date.
Figures clients also leverage its alternative trading system for secondary transactions of blockchain-based fund interests, which in turn offers investors greater liquidity on the platform.
In the case of Hamilton Lane, its Private Assets Fund is a 1940 Act registered fund that is available to qualified U.S. investors. It is invested in a diversified portfolio of private equity and private credit assets through a single investment – either through the traditional issuance process or via Figure’s platform.
