Private markets solutions firm Alchelyst has partnered with Allfunds Blockchain to enable straight through processing of private fund subscriptions, redemptions and switches via a blockchain API. Allfunds has €1.76 trillion ($2.04 tn) in assets under administration and its blockchain arm operates a permissioned blockchain for fund distribution.
Alchelyst is a fund administration startup for alternative asset managers, which merged earlier this year with Lyra Client Solutions, a spinoff from alternative asset manager Apollo Global. Alongside Apollo, Motive Partners is also a backer of Alchelyst.
“Through this partnership with Allfunds Blockchain, Alchelyst clients gain distribution reach that would typically require significant investment to build independently,” said Will Callaghan, Alchelyst Head of Product. The company says the API not only provides automation, but addresses fragmented back office processes.
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