- A group of banks and asset managers is developing a distributed ledger for alternative assets.
- A startup that has become a giant of private investments, iCapital, is leading the initiative.
- The coalition reflects private markets’ notable growth and iCapital’s influence in the industry.
Some of Wall Street’s most prominent money managers are banding together to create a blockchain-type system to cut down on the cost and time it takes to invest in assets like private equity and real estate, Insider has learned.
iCapital, the New York-based financial-technology company, convened the coalition with an aim to launch the initial phase of the technology this year. So far Morgan Stanley, KKR, BlackRock, Carlyle, Apollo, UBS, Blackstone, BNY Mellon, State Street, and WestCap are participating, showing the industry’s interest in simplifying the investment process…