Apollo Global Management and Hamilton Lane tokenize one of their funds

Asset managers Apollo Global Management and Hamilton Lane Inc will work with fintech company Figure to launch a new fund on public blockchain, using Provenance technology.The new product will be a 40 Act tokenized fund that targets private markets.“We believe this will be the beginning of a trend of systemic migration of funds to blockchain. It’s not cryptocurrency. The fund is using blockchain because it was conceived as a way to get rid of intermediaries in the markets,” said Figure head Mike Cagney.Cagney explained that blockchain helps foundations reduce the costs associated with maintaining investor records, while providing easier ways to make capital requirements and return money to funders. The technology also allows stable coins to be used to simplify fund subscriptions and distributions, he said.