Montpensier Arbevel Focus Small 2030, together with CACEIS as depositary, is taking part in the world’s first natively tokenised IPO on Lise.
For the first time, a small-cap alternative investment fund (AIF) is subscribing to a natively tokenised initial public offering. The Montpensier Arbevel Focus Small 2030 fund took part in the IPO of ST Group on Lise - the first unified market infrastructure in Europe for natively tokenised equities - with depositary servicing support of CACEIS. This transaction marks a milestone in the convergence of traditional asset management and next?generation market infrastructures.
Institutional validation of the Lise model
ST Group (ISIN FR0014017QA4, ticker STGRP), a specialist in composite materials for the defence and aeronautics sectors, is now listed on Lise. Among the institutional investors taking part in the transaction was the Montpensier Arbevel Focus Small 2030 fund, managed by Montpensier Arbevel, an independent management company recognised for its expertise in European small and mid-caps.
This subscription, enabled by the operational support of CACEIS as depositary, is a concrete validation of the Lise model: the first and only European infrastructure authorised, under the European DLT Pilot Regime (Regulation (EU) 2022/858), to combine the functions of a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD), under the joint supervision of the AMF (French Financial Regulator) and the ACPR (French Prudential Supervision and Resolution Authority).
« The participation of the Montpensier Arbevel Focus Small 2030 fund in the ST Group IPO, supported by its depositary CACEIS, is a turning point. It is the first time that an AIF has subscribed to a fully tokenised initial public offering. This transaction shows that tokenisation does not replace traditional financial players: it gives them the tools to continue financing the real economy in a more efficient, more transparent and still fully regulated framework. »
Mark Kepeneghian, CEO of Lise
« Innovation is embedded in Montpensier Arbevel’s DNA, from the launch of one of the first blockchain funds on the market to our long standing commitment to financing small caps. Our participation in the ST Group transaction on Lise supports market initiatives that contribute to the development of the French financial ecosystem. »
Sébastien Lalevée, Chief Executive Officer of Montpensier Arbevel
The maturity of the French institutional ecosystem
The transaction illustrates the ability of traditional asset management and post?trade players to operate on next?generation infrastructures while maintaining the highest standards of compliance, control and operational security. It also highlights the key role of depositaries in the transition to tokenised markets, by ensuring the continuity of chains of trust expected by institutional investors.
« Digital assets are at the heart of CACEIS’ strategy and Crédit Agricole S.A.’s ACT 2028 strategic plan, with several development areas including tokenisation. We are delighted to have enabled, within particularly tight deadlines, the subscription of the Montpensier Arbevel Focus Small 2030 fund to this transaction on Lise. This world first demonstrates our ability to support our clients on new market infrastructures. »
Jean-Pierre Michalowski, CEO of CACEIS
