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XTAL launches private market fund risk transfer platform

XTAL, a fintech focused on the global private market industry, has launched the Private Fund Forward Exchange (PRIFFE), an institutional derivative risk transfer platform for private market fund interests.

XTAL says PRIFFE is designed to facilitate risk transfer transactions, like forwards, swaps and OTC option contracts, on unlisted private market fund portfolio allocations, as well as interests in individual funds.

According to XTAL, PRIFFE overcomes the opacity of private fund cash flows and NAVs, by translating them into intelligible bond-like yields, which are exchangeable with derivatives over any future maturity.

Massimiliano Saccone, CFA, XTAL’s founder and CEO, said: “By allowing investors to trade future return expectations, PRIFFE creates an objective framework to explicitly price the fairness of current private fund NAV valuations, increasing multi-asset comparability, trust, and possibility of wider, risk-aware acceptance of the asset class.”

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