Illuminate Financial, a fintech venture fund for the capital markets industry, has closed its first round of capital raising with the support of Deutsche Börse and Markit.

Established by Mark Beeston, the former head of Icap’s post-trade and information division, with the support of Deutsche Bank, Illuminate Financial Management is looking to raise as much as a $50 million to invest in early-stage startups across the capital market industry.

The fund has already taken a stake in collateral management outfit Cloud Margin, and shown an interest in open source company OpenGamma, where Beeston sits on the board.