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The first screen-based matching engine for alternatives launched

Software platformTullett Prebon Alternative Investments (TPIA), a subsidiary of interdealer broker Tullett Prebon, has launched a screen-based matching engine that will facilitate transactions in alternative investments.

The product is intended to benefit auctions in hedge fund, private equity and real estate fund interests.

Called TP-AIME (Tullett Prebon Alternative Investments Matching Engine), it has been developed to increase transparency, simplify the arranging of transactions and make trade-settlement more efficient.

According to TPIA, secondary transactions in fund interests tend to be opaque. However, the firm believes technological innovation will, in time, lead to a more robust marketplace.

TP-AIME is aimed at limited partners looking to buy or sell illiquid interests. Additionally, general partners can employ it as a tool for one-time managed liquidity events aimed at investors that remain in tail-end funds, as well as offering their investors a periodic source of liquidity from ongoing funds.

Suchita Nayar, head of alternative investments North America at Tullett Prebon says: “All markets have to develop if they are to thrive. TPAI’s new system has been a long time in development, but the clarity and integrity it brings to secondary transactions is another milestone in the evolution of the alternatives market.”

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