How Does Fund Structuring Work for Issuers Bringing a Fund to BPX?

Fund structuring at BPX is the service that takes an issuer from an idea for a new Alternative Investment Fund to a fund that is properly built, admitted and ready to trade. We structure both traditional investment funds and tokenised securities within a single FCA-authorised framework, working directly with issuers and fund managers at every stage of the process.

Key Takeaways

• BPX structures both traditional investment funds and tokenised securities under one FCA-authorised framework.
• Fund structuring connects directly to digital issuance, primary market trading, and fund management within the same marketplace.
• We are FCA-authorised as an Alternative Investment Fund Manager and to operate a Multilateral Trading Facility, and registered by the FCA as a cryptoasset firm.
• BPX was approved into Gate 1 of the UK Digital Securities Sandbox, the first hybrid trading venue accepted into that programme.
• Fund structuring is built for issuers and fund managers bringing new or existing funds to market, not retail investors.

What Fund Structuring Covers at BPX

Fund structuring sits alongside fund management as one of our issuer and investment manager services. It supports the structuring of traditional investment funds as well as tokenised securities, and it is aimed squarely at issuers and fund managers rather than at individual retail buyers. The point of structuring a fund with us is not just paperwork. It is building the fund so that it can move cleanly into admission, trading, lending and reporting without needing a separate provider for each stage.

Because we are an FCA-authorised Alternative Investment Fund Manager, we are authorised to establish and manage investment funds for issuers, and that authorisation covers the launch, admission and management of both new and existing Alternative Investment Funds. That is a meaningful distinction for an issuer comparing routes to market: structuring and ongoing fund management sit under the same regulatory permission, inside the same marketplace, rather than being split across unconnected parties.

How Do Issuers Move From Structuring to Issuance?

An issuer moves from structuring to issuance by working with BPX to build the fund vehicle first, then bringing it to market through digital issuance and admission to trading. Structuring, issuance, trading, custody and lending all sit inside one regulated marketplace, so the fund does not need to be re-onboarded at each stage.

The stages look like this in practice:

Each row is a distinct authorised service. We do not treat structuring as a one-off advisory exercise that hands off to a third party once the fund is built; it is one of the services we provide directly, and it connects into the primary market where new issues actually reach investors.

Where Fund Structuring Sits Within the Wider BPX Marketplace

Fund structuring is one entry point into a wider marketplace rather than a standalone product. Once a fund is structured, it can be admitted through digital issuance, traded on our regulated Multilateral Trading Facility, and, where the issuer wants it, pledged into collateralised lending against investment funds and real-world assets.

This matters for a fund manager weighing up whether to structure a fund with us or elsewhere. A private credit fund manager preparing a new vehicle, for example, would use fund structuring to build the fund, then move it through digital issuance and onto the BPX trading services for secondary trading, without leaving our marketplace at any point in that sequence. Securities market operations, covering issuance, secondary trading and collateralised lending, sit inside that same single ecosystem, which is what lets structuring, admission and trading stay connected rather than fragmented.

How Does Digital Issuance Work Alongside Fund Structuring?

Digital issuance lets issuers digitally structure and issue funds and securities once the fund itself has been built, using our FCA-authorised Alternative Investment Fund Manager permission as the regulatory basis. It is integrated with AIFM services, regulated trading and collateralised lending, so an issued fund can move straight into secondary trading or lending.

For an issuer, this means fund structuring is not a separate exercise from issuance planning. The fund is built with the digital or traditional issuance route already in mind, so there is no gap between "the fund exists" and "the fund can be admitted." That integration is part of why we describe BPX Markets as a single connection point rather than a chain of separate providers for structuring, issuance and trading.

Who Fund Structuring Serves

Fund structuring is built for issuers and fund managers, not for individual retail investors browsing a marketplace. That is consistent across the service: the target customers are the people responsible for launching or restructuring a fund, whether it is a traditional Alternative Investment Fund or a tokenised security.

We were established by market practitioners with backgrounds across capital markets, fintech and digital innovation, and BPX Global Limited operates under FCA authorisation as an Alternative Investment Fund Manager and as an operator of a Multilateral Trading Facility, alongside our registration by the FCA as a cryptoasset firm. We are also a founding member of the UK Digital Asset Taskforce and a contributor to the UK's T+1 Accelerated Settlement Taskforce. You can read more about how the business is set up on our about page.

Frequently asked questions

Can BPX structure a fund that is entirely traditional, with no digital or tokenised element?

Yes. Fund structuring at BPX supports traditional investment funds as well as tokenised securities, and the service is not conditional on the fund being digital. An issuer building a conventional Alternative Investment Fund can use the same structuring service, and the same FCA-authorised AIFM permission, that supports tokenised issuance.

Does BPX only advise on structuring, or does it also handle issuance and admission?

BPX provides fund structuring, digital issuance, and issuance and admission to secondary and repo markets as distinct services within the same regulated framework. Structuring is not handed off to another provider once the fund is built; digital issuance and admission to trading sit alongside structuring inside our own marketplace.

Who can access funds structured and issued through BPX?

Access runs through BPX market membership. Members can trade on the marketplace once admitted, and our membership pages set out how to join. Primary market participation, including new issues and private credit opportunities, is aimed at a professional investor universe rather than the general public.

What reference material is available to issuers before they start structuring a fund?

Our document library holds the rulebook, agreements and technical documentation that apply to BPX markets, and our reference library provides reference documents, reference data and market notices, including the UK bank holiday calendar for 2026. Both are available to review before an issuer commits to structuring a fund with us.

If you are an issuer or fund manager working out whether fund structuring through BPX fits the fund you are planning, tell us about it using the form below this article, and we will pick it up from there.