Apollo and Hamilton Lane begin using Figure’s digital background services
DFS platform built on Provenance Blockchain for bring greater efficiency to investments in private markets
SAN FRANCISCO, November 22, 2022 /PRNewswire/ — Figure Technologies, Inc. (“Figure”) today announced that leading asset managers Apollo (NYSE: APO) and Hamilton Lane (NASDAQ: HLNE) have launched digital native investment vehicles using Figure’s Digital Funds Services (“DFS”)). The DFS platform supports on-chain fund subscriptions as well as ongoing fund operations and administration.
By using Figure DFS, asset managers seek to capitalize on the opportunity of increased digital accessibility and integration, liquidity through a digital marketplace, and real-time digitization of operations. Some of these improvements streamline intermediate processes, which can reduce inefficiencies, friction, and risk. Additionally, investors can benefit from the Universal Passport, whereby an anonymized record of verified KYC credentials can be stored on-chain for use across multiple funds. Post-closing, capital calls and distributions are also managed on-chain to reduce operational expenses associated with fund cash management.
“We are proud to work with such industry leaders to drive blockchain adoption in financial services. These pioneers understand the ease of access, cost transparency, and efficiencies achieved by leveraging of this technology. We look forward to continuing to unlock the potential of blockchain in the financial services industry,” said Figure CEO Mike Cagney.
Both digital native and DFS funds will leverage Blockchain Provenance. Purpose-built for financial services, Provenance is the leading public blockchain transforming finance by enabling institutions and fintechs to transparently and securely issue, process and manage digital native financial assets at scale. Currently operated by over 60 financial services companies, Provenance has backed over $12 billion in operations
Provenance is the leading public financial services ecosystem and blockchain. Currently used by over 50 financial institutions, fintechs and DeFi brands, Provenance has supported over $10 billion in operations.
DFS clients can also leverage Figure’s Alternative Trading System (“ATS”) for blockchain-based fund interest secondary transactions, providing investors with the opportunity to improve liquidity. Figure’s ATS provides a limit order book facilitating transparent and profitable trades in private company securities and fund interest using Provenance-based smart contracts.
“At Apollo, we leverage 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 are excited to continue to apply blockchain technology to create scalable solutions across the investment lifecycle.”
“We are delighted to partner with Figure to provide investors with another digital way to access private markets. Hamilton Lane was one of the first major private markets companies to tokenize a fund, and we remain committed to identifying innovative technological solutions as a means of solving some of the traditional problems of the asset class”, Victor Junghead of digital assets at Hamilton Lane, noted in a Press release last month.
With this announcement, Figure is adding 14 digital native funds and SPVs to its DFS platform. Figure will continue to work with industry participants and the managed fund community to get the most out of blockchain technology across all fund types and lifecycles.
About the 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 in the capital markets, investment management, banking, and payments industries. Figure leverages Provenance Blockchain for lending, servicing, funding, as well as private company inventory management, fund ledger, blockchain marketplaces, and payments. The company was founded in 2018 by a serial tech entrepreneur Mike Cagney, who also founded SoFi and grew the company into a multi-billion dollar enterprise under his leadership as CEO. To learn more, visit www.figure.com.
About Hamilton Lane
Hamilton Lane (NASDAQ: HLNE) is one of the world’s largest private markets investment firms, providing innovative solutions to institutional and private investors worldwide. Dedicated exclusively to private markets investing for over 30 years, the firm currently employs over 575 professionals operating in offices across North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has almost $824 billion of assets under management and under supervision, made up of more than $107 billion in discretionary assets and approximately $717 billion in non-discretionary assets, September 30, 2022. Hamilton Lane specializes in creating flexible investment programs that provide clients with access to the full range 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 the Provenance Blockchain
Provenance Blockchain is purpose-built for the financial services ecosystem. Leading financial institutions and fintechs are leveraging Provenance Blockchain to enable the entire lifecycle of digital assets to deliver significant business and customer value. Provenance Blockchain successfully transforms lending, securitization, payments, and exchanges, and has backed more than $12 billion in operations. Provenance is an open-source public blockchain built with the COSMOS SDKs. The native utility token, HASH, is used to pay transaction fees and enable governance. For more information, please visit provenance.ioTwitter @provenancefdnand LinkedIn.
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