DALLAS, Dec. 28, 2022 (BUSINESS WIRE) − The Beneficient Company Group, L.P. (“Beneficient” or “the Company”), a technology-enabled platform providing liquidity to holders of alternative assets, and its Founder and Chief Executive Officer, Brad Heppner, today applauded Lieutenant Governor and Secretary of Commerce David Toland’s recent announcement of grant recipients for $2.7 million of funding provided by customer contributions made through Beneficient’s TEFFI operations.
Beneficient holds a Technology Enabled Fiduciary Financial Institution (“TEFFI”) charter from the State of Kansas, pursuant to the TEFFI Act. Beneficient’s fiduciary business activities include facilitating customer contributions to the TEFFI Development and Expansion Fund to promote economic development throughout the state. Customer contributions to this grant program total nearly $3 million, the vast majority of which has now been used to fund the Strategic Economic Expansion and Development (SEED) program administered by the Kansas Department of Commerce.
Mr. Heppner stated:
“We are extremely pleased that these funds are being put to such great use to improve quality of life in rural Kansas communities. As a native of rural Kansas, I know first-hand – and from friends and relatives – the struggles faced by these communities to fund services that benefit their populations and attract businesses needed to provide daily essentials. There are so many deserving programs in cities and towns throughout the state that will greatly benefit from these grants. Halstead, for example, which is close to Beneficient’s headquarters in Hesston – the first designated economic growth zone under TEFFI – received approximately $50,000 to fund community vibrancy activities and library services.
We look forward to continuing to partner with the Department of Commerce as additional funds become available via the TEFFI program.”
The Beneficient Company Group, L.P. (“Beneficient”) provides a unique suite of simple, rapid, and cost-effective liquidity solutions and other custody, trustee and fiduciary services for owners of alternative assets. Beneficient’s liquidity solutions are available for most types of professionally managed alternative asset investments and can be customized to suit individual circumstances. Serving as a principal by using its own balance sheet, Beneficient operates as a permanent financial institution that helps to remove many of the traditional barriers to liquidity faced by mid-to-high-net-worth individuals and small-to-mid-sized institutions.
Through June 30, 2022, Beneficient has financed transactions that delivered liquidity of approximately $1.1 billion in net asset value of alternative assets, including approximately $383 million in the previous 18 months. Recently, Beneficient launched the second version of its AltAccess fintech digital platform, which was developed to provide alternative asset investors the security of receiving liquidity over a cyber-secure, centralized liquidity payment consideration platform.
Beneficient is also a mission-driven company that is focused on helping the local communities it touches. Beneficient customers have already designated more than $15 million of assets and cash in the aggregate to the Kansas Department of Commerce, the Kansas TEFFI Economic Growth Trust and the Beneficient Heartland Foundation, each of which is dedicated to rural economic development in Kansas. Beneficient continues to seek out opportunities to give back to the local communities in which it operates.
For more information, visit www.trustben.com.