Financial service provider Apex Group on Thursday said it has been appointed by NewVest to provide administration services for the firm’s inaugural Private Equity 50 Index Fund, also known as PE 50, which is backed up by a blockchain.
NewVest is an institutional platform of index funds designed to provide investors with passive exposure to private markets in the same manner that ETFs and Index Funds provide passive exposure to public markets. Its funds seek to generate returns that emulate the pooled returns of an asset or sub asset class with lower risk than investing in individual private funds.
The PE 50 fund is designed to allow investors to “buy the market” in private equity in an efficient and scalable manner, Apex said. The fund is anchored by leading institutional investors including insurance, pension, bank, endowment, and family office capital, as well as founders and senior industry professionals of leading, global private markets sponsors.
Apex Group will provide fund administration, transfer agency and fund-of-fund middle office services.“The private markets are opening up to new pools of capital, with NewVest at the forefront of this trend, offering investors unparalleled access to these asset classes,” said Belinda Marks, European Fund Sales at Apex Group, in a statement.
Inveniam’s blockchain technology
Apex will deliver its solutions together with Inveniam’s patented blockchain technology. Inveniam’s blockchain access to source documents enables a fully auditable data trail for users without the need for asset owners to relinquish control of their own data.
“Apex Group and Inveniam share our commitment to bringing a new level of trusted information, price discovery and transparency to all investors in private markets,” said Edward Talmor-Gera, NewVest’s Founder and CEO. “We will continue raising capital for the PE 50 and expect to launch additional products in 2023 – Apex Group offers the scalable solutions we need to implement our strategy and achieve our goals.”
“We are very excited to work with NewVest to deliver automated capture of capital activity notices and statements, financial reports, limited partnership agreements, side letters, and amendments,” said Matt Appel, Managing Director, Fund Administration Services at Inveniam. ”Inveniam will increase scalability, accuracy, auditability, and trust in all the data provided by general partners through which NewVest intends to invest.”