Four of the world’s largest and most established financial firms have joined a blockchain-based investment platform designed to facilitate access to their funds.
KKR, Apollo, Franklin Templeton and Morgan Stanley are among the companies to join Corastone, described as ‘the new fabric of the private markets.’ The platform will enable these firms to support alternative asset managers looking to expand their reach among private high-net-worth investors, improving their access to private markets.
Corastone uses permissioned blockchain technology to securely record and verify transactions among approved participants. Unlike public blockchains, this system limits access to trusted parties, ensuring privacy and regulatory compliance while retaining the benefits of transparency and efficiency. The platform connects participants across the investment lifecycle through end-to-end automation, real-time data and enhanced scalability.
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It also brings together general partners, wealth managers, and fund administrators on a single digital platform, further simplifying access to private markets for high-net-worth investors.
Founded in 2017 and based in Texas, Corastone is a financial software company that develops automation infrastructure for private market investing, with its platform designed to simplify and accelerate fund transactions. The company was co-founded by Rashad Kurbanov, formerly of Merrill Lynch, UBS, J.P. Morgan and Barclays, and Hamid Gayibov, whose experience includes roles at J.P. Morgan, BP, and Xenon Capital Partners.
The announcement comes amid a broader industry shift as private market firms seek to expand access to their funds.
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Traditionally, investing in private markets was largely reserved for institutional investors, such as pension funds, which could meet the high minimum investment requirements – often hundreds of thousands of dollars or more. However, advances in technology have fueled a boom in ‘evergreen’ funds, which are increasingly targeted at individual investors and feature much lower minimum investments.
Private markets have expanded rapidly over the past two decades, growing from under $1 trillion to more than $13 trillion by the end of 2024. BlackRock projects the sector could exceed $20 trillion by 2030.
Private equity and other alternative assets are becoming more accessible to individual investors through new fund structures and regulatory initiatives, such as the Long-Term Asset Fund (LTAF), an FCA-approved vehicle designed to invest in long-term, less liquid assets.
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Bain & Company estimates that individual investors could account for up to 25 percent of growth in the alternatives sector over the next decade, with platforms like Corastone helping them manage the operational aspects of these investments.
‘Innovations in product structure are making high-quality private markets investments more accessible, but complex operational processes continue to create barriers to entry, ultimately impacting the investor experience,’ said Doug Krupa, KKR’s head of global wealth solutions in the Americas. He added that Corastone’s platform is helping to overcome these challenges.
Alison Nest, Morgan Stanley’s head of investment solutions products, said: ‘As the private markets space has become more ubiquitous among investors, we’re focused on breaking down barriers to deliver innovative investment solutions to our clients. Working with Corastone on this new initiative, which unlocks efficiencies for our teams, aligns with that commitment.’
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Unlike traditional systems that rely on multiple platforms, Corastone brings the various participants in private market investing onto a single, shared platform. Already supporting live subscriptions, the technology streamlines onboarding and transaction workflows, with future capabilities set to cover capital calls, valuations, redemptions and transfers.
‘We are thrilled to see the Corastone platform live with such a distinguished group of industry leaders,’ said the firm’s co-founder and CEO Kurbanov. ‘This milestone validates our vision for how private markets should operate: faster, more transparent and ready to scale.’
