As private markets infrastructure gathers momentum, the focus is shifting from announcements to operational impact. Following the news that Apex Group will be the first fund services provider to connect to the London Stock Exchange Group’s (LSEG’s) Digital Markets Infrastructure, we spoke with Angie Walker, commercial head of Apex Digital, to explore what this development means in practice for fund operations and private markets workflows.

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  • How will traditional fund operations change as a result of this DLT collaboration — particularly across transfer agency, liquidity management and NAV calculation. In other words, what does a traditional process such as TA, LM and NAV calculation look like now with DLT?

From a fund operations and transfer agency perspective, the move is towards an increased velocity both in terms of the efficiency of the subscription and redemption process, combined with an expansion of the service availability window away from a traditional 8×5 type model.

We are looking at how we can support improved liquidity management of fund stakes by streamlining the subscription process and democratising access to the fund.

NAV calculations will continue to be managed through Apex’s existing industrialised processes and services. We are collectively assessing how this could evolve through the use of data oracles and blockchain-based dissemination.

  • Which stages of the private fund lifecycle do you expect to see the most immediate operational transformation?

We expect the biggest and most immediate operational transformation at the very front of the private‑fund lifecycle, specifically in discovery, due diligence, and subscription. These stages remain heavily manual today and require extensive back‑and‑forth between fund managers, intermediaries, and investors. Our platform streamlines all three into a single workflow.

In 2026, we expect the momentum toward democratisation to accelerate.

The biggest lift happens in due diligence and onboarding. Today, KYC/AML and document collection can take weeks in fragmented systems. Through our collaboration with LSEG, this becomes a digitised and standardised process where investor data, suitability checks, and fund documentation all flow through one environment. That alone removes a major operational bottleneck for both fund managers and investors.

The subscription stage is another area that transforms quickly. Instead of PDF forms, manual validation, and errors, the platform delivers an e-commerce-style experience that allows investors to easily subscribe at their fingertips. This shortens time‑to‑capital and delivers the seamless digital experience today’s and tomorrow’s investors expect.

Finally, ownership transfers become far more efficient. Private markets transfers are typically slow and opaque, but once digitised on a single platform leveraging blockchain infrastructure, the transfer and settlement can become instant.

  • What operational inefficiencies in private markets does this collaboration specifically address that legacy systems could not?

Today, each party holds its own version of investor data, transaction records, and fund positions, which creates reconciliation work, delays, and errors. A unified digital ledger provides a single source of truth that removes the need for constant matching and checking across TA, custody, and distribution teams.

The biggest lift happens in due diligence and onboarding

It also resolves long-standing inefficiencies around interoperability and settlement. Traditional systems were never designed to support near‑real‑time updates, automated lifecycle events, or cross‑platform distribution at scale. 

By introducing shared ledger for recording ownership, validating transactions, and triggering downstream processes, the collaboration reduces operational drag and unlocks straight‑through processing in areas that were historically manual. This creates a foundation for faster settlement, cleaner audits, and the ability to scale private market distribution to a much broader investor base.

  • What are some of the immediate benefits that investors will see from an efficiency perspective?

One of the most meaningful benefits is increased accessibility. Private funds have historically required very high minimums, shutting out smaller professional investors. With Apex Group’s nominee model, fund managers continue to interact with a single consolidated account, while underlying investors can participate with far smaller ticket sizes, for example, $10k instead of $500k. This opens private market opportunities to a far wider group of investors and fund issuers without adding operational complexity for the fund.

Investors also gain a smoother, faster, and fully digital experience. The onboarding, subscription, and ownership workflows happen in one place, and transfers can be completed almost instantly. This removes the traditional friction of paperwork, long settlement cycles, and manual follow‑ups. The result is a private fund investment journey that finally matches the speed and convenience investors are used to in public markets.

  • How will improved data transparency and real-time connectivity reshape the relationship between fund managers and investors?

Real-time connectivity brings investors and fund managers much closer together. As noted earlier, direct digital links accelerate discovery and due diligence, but they also create a more informed and responsive relationship. Investors can see clearer, more timely information about fund activity, onboarding progress, and ownership status, which reduces uncertainty and builds trust early in the relationship. Real-time connectivity brings investors and fund managers much closer together. 

For fund managers, better data transparency means they are no longer operating with gaps or delays. They can understand investor demand, track engagement, and respond to queries instantly through the same digital platform. This shifts the dynamic from a slow, administrative interaction to a more collaborative, service-driven one, ultimately strengthening investor confidence and improving alignment throughout the entire lifecycle. 

  • How does this collaboration redefine the role of the fund administrator in a more digitised private markets ecosystem?

This collaboration elevates the fund administrator from a primarily operational role to a true digital-infrastructure provider. By enabling a fully digitised subscription and redemption process, capable of supporting both traditional and tokenised fund structures, we, as the administrator, become the central orchestrator of on-chain and off-chain data, workflow automation, and transaction integrity across the entire ecosystem. Instead of manually processing investor actions, administrators now supervise a digital and rules‑based environment that executes these actions far more efficiently.

Real-time connectivity brings investors and fund managers much closer together.

It also positions the fund administrator as the key enabler of connectivity between managers, investors, and distribution partners. With real‑time data, shared ledgers, and integrated compliance checks, administrators provide the trusted layer that ensures accuracy, synchronisation, and regulatory alignment. This shifts our role from back‑office processor to a strategic partner who maintains the digital rails private markets will increasingly rely on.

  • Looking ahead, what specific evolutions can we expect in the private markets space in 2026?

In 2026, we expect the momentum toward democratisation to accelerate. Lower minimums, digital onboarding, and streamlined access models will open private markets to a much broader segment of investors. The investor experience will continue to evolve toward a fully digital, 24/7, on‑demand model, where discovery, subscription, reporting, and transfers all feel as seamless as public markets.

At the same time, we’ll see deeper adoption of tokenised fund structures and DLT‑enabled workflows. This will improve liquidity options, reduce settlement times, and give both fund managers and investors a more transparent and real‑time view of their holdings. Overall, private markets will shift from being slow and operationally heavy to more accessible, data‑driven, and investor‑centric.