Fund administrator Apex Group has joined forces with Inveniam Capital Management to provide blockchain-based valuation data for alternative assets, such as private equity and real estate.
The fund administrator also bought Canada-based Prometa Fund Support Services as part of a broader expansion push into North America.
Through their partnership, Inveniam and Apex will use the fintech firm’s patented blockchain technology and the Inveniam.io data operating system to deliver digitally credentialed, higher-functioning private asset data for more consistent, fully auditable valuations.
Publicly listed assets are easy to buy and sell, partly because they have greater liquidity and pricing data is readily available. Traditionally, valuing real estate, private equity, infrastructure and private credit assets involved a opaque and time-consuming process.
In offering Inveniam’s ‘valuation as a service,’ the partnership aims to speed up the months-long due diligence process needed for private asset valuations.
Inveniam.io’s uses blockchain and artificial intelligence to compile trustworthy data, and it provides a fully auditable data trail for permissioned users without assets owners having to give up control of their own data.
“Public markets thrive because of trusted infrastructure and wide access to information for investors,” says Patrick O’Meara, chief executive officer of Inveniam.
“As allocations to private asset classes continue to grow, trusted data is essential to being able to transact in private market assets,” added Georges Archibald, chief innovation officer and regional head of North America for Apex.
Apex Group and Inveniam said they will continue to partner for future service developments, including Private Data Oracle, ESG solutions, asset tokenization and DeFi lending.
The partnership is the fund administrator’s latest move into blockchain. Earlier this year, the firm acquired a controlling interest in distributed ledger business FundAdminChain.
The firm’s acquisition of provider of Prometa gives the administrator a bigger foothold in North America. Prometa administers over $28 billion in assets for approximately 50 fund companies representing more than 180 funds and approximately 225,000 individual investors.
The deal adds 16 employees based in Winnipeg, supplementing Apex’s existing offices in Toronto, and increases its overall Americas headcount to over 1,000 people.