iCapital, the marketplace for alternative investment funds, has launched its distributed ledger technology (DLT) solution. The first fund issued using the technology is being distributed by UBS Wealth Management and administered by Gen II, although it did not disclose the asset manager.
When iCapital first unveiled its DLT plans in 2022, the consortium included a high profile list of participants such as Apollo, BlackRock, Blackstone, BNY Mellon, Carlyle, KKR, Morgan Stanley, State Street, UBS, and WestCap.
Rather than emphasizing tokenization, this is more about optimizing workflow. The enterprise blockchain solution provides a golden record of transactions, a feature that iCapital estimates will eliminate over 100,000 activity reconciliations over the lifecycle of a typical private fund. Hence, this will lead to cost savings and a decrease in the risks associated with manual errors.
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