Apollo and Hamilton Lane begin using Figure’s Digital Fund Services
DFS Platform built on Provenance Blockchain to bring greater efficiency to private markets investing
SAN FRANCISCO, Nov. 22, 2022 /PRNewswire/ — Figure Technologies, Inc. (“Figure”) today announced that leading asset managers Apollo (NYSE: APO) and Hamilton Lane (NASDAQ: HLNE) have launched digitally native investment vehicles using Figure’s Digital Fund Services (“DFS”). The DFS platform supports on-chain fund subscriptions as well as ongoing fund operations and administration.
In using Figure DFS, asset managers seek to capitalize on the opportunity for increased accessibility and digital onboarding, liquidity through a digital marketplace, and real-time digitalization of operations. Some of these enhancements streamline intermediary processes which can reduce inefficiencies, friction and risk. Further, investors can benefit from Universal Passporting, whereby an anonymized record of verified KYC credentials can be stored on-chain for use across multiple funds. Post-close, capital calls and distributions are also managed on-chain to reduce the operational burdens associated with fund cash management.
“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.
The digital-native funds and DFS will leverage the Provenance Blockchain. Purpose-built for financial services, Provenance is the leading public blockchain transforming finance by enabling institutions and fintechs to seamlessly and securely issue, transact, and service digitally-native financial assets at scale. Currently leveraged by more than 60 financial services firms, Provenance has supported over $12B in transactions
Provenance is the leading financial services public blockchain and ecosystem. Currently used by more than 50 financial institutions, fintechs and DeFi brands, Provenance has supported over $10B in transactions.
DFS clients can also leverage Figure’s alternative trading system (“ATS”) for secondary transactions of blockchain-based fund interests, offering investors the opportunity for improved liquidity. Figure’s ATS provides a limit order book facilitating transparent and cost-effective transactions in private company securities and fund interests using smart contracts built on Provenance.
“At Apollo, we are harnessing innovative financial technology to solve our most pressing business challenges,” said Jamey Lamanna, Partner and Chief Information Officer at Apollo. “Through our strategic collaboration with Figure, we’re excited to continue applying blockchain technology to create scalable solutions across the investment lifecycle.”
“We are thrilled to be partnering with Figure to offer another digital-first means for investors to access the private markets. Hamilton Lane was one of the earliest major private markets firms to tokenize a fund, and we remain committed to identifying innovative technology solutions as a means of solving for some of the traditional pain points in the asset class,” Victor Jung, Head of Digital Assets at Hamilton Lane noted in a press release last month.
With this announcement, Figure adds 14 digitally native funds and SPVs to its DFS platform. Figure will continue to work with industry participants and the managed fund community to best leverage blockchain technology across all fund types and life cycles.
Figure is transforming financial services through blockchain, bringing speed, efficiency, and savings to consumers and institutions. Figure continues to unveil a series of blockchain firsts across the capital markets, investment management, and banking and payments sectors. Figure leverages the Provenance Blockchain for loan origination, servicing, financing, as well as private company stock management, fund registry, blockchain marketplaces and payments. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO. To learn more, please visit www.figure.com.
About Hamilton Lane
Hamilton Lane (NASDAQ: HLNE) is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs more than 575 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has nearly $824 billion in assets under management and supervision, composed of more than $107 billion in discretionary assets and approximately $717 billion in non-discretionary assets, as of September 30, 2022. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. For more information, please visit www.hamiltonlane.com or follow Hamilton Lane on LinkedIn: https://www.linkedin.com/company/hamilton-lane/.
About Provenance Blockchain
Provenance Blockchain is built specifically for the financial services ecosystem. Leading financial institutions and fintechs leverage Provenance Blockchain to enable the entire digital asset lifecycle to deliver material business and customer value. Provenance Blockchain is successfully transforming lending, securitization, payments and exchanges, and has supported over $12 billion in transactions. Provenance is an open-source, public blockchain built with COSMOS SDKs. The native utility token, HASH, is used to pay transaction fees and enable governance. For more information, please visit provenance.io, Twitter @provenancefdn, and LinkedIn.
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