Alternative investment platform YieldStreet Tuesday launched the YieldStreet Prism Fund, a closed end fund sub-advised by BlackRock. The fund offers customers a new investment option alongside other nontraditional asset classes, including real estate, shipping, marine finance, art finance and commercial loans.

YieldStreet CEO Milind Mehere told Bank Innovation the product was launched in response to customer demand, allowing investment in a diversified option using a “set it and forget it” approach. YieldStreet is currently only available to accredited investors.

“We launch [investment opportunities] in a unique manner; once we announce the investment, people have access to the information for two, three, or four days. If you’re busy or not there, you miss out,” Mehere said. “We have this type of a fund so you can invest once and forget it.”

The liquid “multi-asset sleeve” will be managed by BlackRock, with YieldStreet running the private assets. The fund has exposure to a range of sectors, including many of the same areas of focus as YieldStreet’s other opportunities outlined above.

In a statement, Robert Stanley, global head of fixed income product strategy at BlackRock, said the fund provides investors with “attractive opportunities” beyond usual sources of income, and combines BlackRock’s expertise on fixed-income investing with YieldStreet’s technology.

See also: YieldStreet’s WealthFlex acquisition to help automate IRA-based investments

The Prism Fund launch is the latest among a series of moves to broaden the reach of the YieldStreet platform. Yieldstreet recently partnered with Citi to offer hedge fund-like investments to individual investors. In December 2019, it expanded its toolkit for customers by acquiring IRA platform WealthFlex, and last April, Yieldstreet acquired Athena Art Finance for $170 million. To date, the platform has funded more than $1.3 billion in investments.

Mehere said the Prism Fund rollout is a natural evolution of the YieldStreet platform as it enhances its scope. The objective is to offer a comprehensive personal finance and investment product suite.

“What we are trying to do is create the next-generation digital wealth and personal finance platform, and we are trying to do so by bringing products that are generally difficult for retail customers to access,” he said. “It’s a testament that Wall Street is recognizing that direct to consumer and direct to retail is going to be an important way to raise capital because we are all becoming more digital native.”

YieldStreet has so far raised $78 million in equity and $100 million in debt financing, including a $62 million Series B round in February 2019, led by Edison Partners.

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