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PRIFFE, the Private Fund Forward Exchange is LIVE.

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    WEBINARS

    PRIVATE MARKET FUND DERIVATIVES

    Latest Online Event

    Webinar | Managing Expected Returns Beyond Hedging

    Thu, Sep 22, 2022, 6:00 PM – 7:00 PM (CEST)

    Please signal your interest to join our next event by hitting the button below .

    SHARE YOUR INTEREST

    Exploit the Fungibility of Private Fund Yield Derivatives

    Trade the Forward Curve.

    PRIFFE – THE PRIVATE FUND FORWARD EXCHANGE

    Cutting through illiquidity.

    XTAL has built the first private market fund and index derivatives exchange. By trading on PRIFFE, investors can access unprecedented liquidity, portfolio and risk management possibilities.

    PRIFFE instruments give investors the possibility to actively adjust their private market allocations, in a symmetric or asymmetric way. By leveraging very efficient overlay transactions with the objective of managing risk or locking in returns, investors can respond to the challenges of the macro-economic conditions, without altering the composition of the direct portfolio.

    RISK TRANSFER: A BROADER NOTION OF LIQUIDITY
    • Swaps

      Gain synthetic exposure to a fund or an index exchanging its yield versus cash or other types of return.

    • Forwards

      Buy or sell a fund or an index at an agreed price with future settlement.

    • Options

      Buy or sell the right to transact on a fund or an index at an agreed price.

    • Hedge

      De-risk a private fund portfolio by hedging a single fund or an index.

    • Generate Income

      Monetize by selling ‘out of the money’ contract.

    • Find Liquidity

      Get more efficient execution on long or short private fund positions with cash-settled derivatives.

    ENHANCING PRIVATE MARKETS’ FUNCTIONS OF USE

    Reiventing institutional investment, liquidity and democratization.

    Currently, trading private funds implies that two parties agree on the spot value of a NAV (typically referred to a prior quarter-end than the transaction date) adjusted to current market terms, with or without a discount deriving from negotiation, plus the residual obligations on the traded commitment. All this process currently happens in absence of a generalized pricing framework that should otherwise be available to both parties in order to define equitable trading terms. In addition, there is no possibility to utilize term contracts, that could offer better risk management possibilities, because there is no way to set a NAV to be exchanged in the future.

    Yield derivatives are unique in their ability to split equity and credit risk over a given time horizon, which can be customized. Unlocking a seamless, standardized exchange of private funds’ credit and equity risk, multiplies trading incentives, attracts a broader group of investors (arbitrageurs, hedgers, traders, etc.) and leads to a bigger pool of available liquidity.

    For Limited Partners
    • Simplified pacing and overcommitment
    • Dynamic portfolio management
    • Proctive risk management

    For General Partners
    • More flexible fundraising
    • Improved post-sale assistence
    • Better transparency and compliance

    For Intermediaries
    • Risk management solutions
    • Custom democratization products
    • Capital management services

    DISCLAIMER

    All investments involve risk, including the risk of loss of principal. You should carefully consider your investment objectives, risks, transaction costs and other expenses before deciding to invest in options, swaps or other investments. This is for information purposes only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity or for the services of XTAL Strategies. XTAL Strategies provides all information as part of a general information service and without regard to investors’ particular circumstances. For further information, institutional and professional investors may contact XTAL Markets Ltd. that is an appointed representative of Alpha Key Capital, which is authorised and regulated by the Financial Conduct Authority

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