On September 15, 2025, the London Stock Exchange Group (LSEG), in collaboration with Microsoft, launched its new Digital Markets Infrastructure (DMI) platform, which utilizes blockchain technology to facilitate private fund transactions and has already completed its inaugural transaction.
The DMI solution, running on Microsoft Azure, supports the full asset lifecycle across various asset classes, encompassing issuance, tokenization, distribution, post-trade asset settlement, and servicing. LSEG asserts that it is the first global exchange group to support customers across the full funding continuum. Initially focusing on private funds, the group plans to extend the platform’s capabilities to additional asset classes in the future.
As part of its initial offering, DMI has integrated with Workspace, LSEG’s financial data and analytics platform, which was acquired through the Refinitiv acquisition in January 2021. This integration allows Workspace users to locate private funds through the platform, enabling general partners to engage with professional investors at scale on a familiar platform, thereby aiming to broaden access to new private market investment opportunities.
The launch is a direct outcome of LSEG’s 10-year technology partnership deal with Microsoft, initially established in December 2022. As part of this strategic alliance, Microsoft acquired a 4% stake in LSEG, valued at $2 billion. LSEG stated it would continue collaborating with the US technology giant to develop and scale the DMI platform.
Bermuda-regulated investment manager MembersCap and London-based digital asset exchange Archax have been onboarded as the DMI platform’s first clients. The platform’s first transaction involved Archax investing in MembersCap’s MCM Fund I, a reinsurance fund launched in July 2025, acting as a nominee for a major web3 foundation, understood to be the Cardano Foundation.
EJF Capital, an asset manager, is also in the process of onboarding onto the platform, with LSEG confirming that a selection of EJF Capital’s funds will soon be accessible through DMI.
