Siris Capital Group is set to cash out handsomely from its investment in Equiniti. The private equity firm will sell the global transfer agent to Bullish in a deal valued at approximately $4.2 billion, according to sources familiar with the transaction. The sale represents a roughly threefold return for Siris on its original investment in the London and New York-based company.

Frank Baker, Siris co-founder and managing partner, discussed the deal with PE Hub though he declined to specify the exact returns. Baker pointed to broader trends in financial markets, noting that demand for tokenized US dollars has created momentum for tokenized public equity securities. "We realized that if there is demand for tokenized US dollars, there will also be demand for tokenized public equity securities," Baker said.

Equiniti provides transfer agent services that handle stock transfers, shareholder records and corporate actions for publicly traded companies. The transaction reflects growing consolidation in the financial services infrastructure space as firms position themselves to benefit from the digitalization of traditional securities.