Investment manager Hamilton Lane plans to issue three new blockchain-native share classes from its Private Asset Fund on the Provenance blockchain. It is a so-called 1940 Act fund and will use Figure’s digital fund services platform. Figure Technologies founded the Provenance blockchain.

Hamilton Lane has more than $835 million in assets under management. It is no stranger to blockchain, having launched a tokenized fund in Asia with Singapore’s ADDX earlier this year and more recently tokenized three funds with Securitize.

“Hamilton Lane was one of the first major private markets companies to tokenize a fund, and we remain committed to identifying innovative technology solutions as a means to address some of the traditional pain points in the asset class,” said Victor Jung, Director of Digital Assets at Hamilton Lane.

Figure Technologies’ digital fund service supports the management of capitalization tables, capital calls, distributions, and shareholder communications. Another fifteen funds and special purpose vehicles are already on the Provenance blockchain. Last year, Figure partnered with Apollo Global Management to explore putting funds into the blockchain.

Meanwhile, Figure is involved in a variety of blockchain activities. He runs a retail-focused mortgage lending arm, is one of the founders of the USDF stablecoin consortium for banks, and has a subsidiary that has been approved as an Alternative Trading System for stocks and funds.

For several years there have been multiple initiatives in Europe working on blockchain for funds, but much of that work focused on the distribution of funds by Calastone, Allfunds and FundsDLT. However, this year asset managers have caught on to the possibilities with KKR and the UK’s abrdn, plus major fund management firm Apex.