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.

Exploit the Private Fund Yield Potential

Trade the Forward Curve.


  • 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.


Operations of the first Private Fund Forward Exchange will be starting soon.

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    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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