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.
About Figure
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.
Provenance Blockchain Foundation Media Contact:
Dan Garzia
dgarzia@provenance.io
View original content to download
multimedia:https://www.prnewswire.com/news-releases/figure-announces-expansion-of-digital-fund-listing-business-alongside-leading-asset-managers-301684747.html
SOURCE Figure