"Private equity firms and hedge funds have also been getting into the points business to help diversify their portfolios. But to do so they generally have to buy stakes in loyalty program companies. For instance, in July 2015, buyout firm Advent International bought a 30 percent stake in a subsidiary of Avianca Holdings for nearly $350 million."
"[ACE will be] creating sustainable loyalty economics, optimizing loyalty point yield, managing balance sheet liability and providing access to capital by monetizing loyalty currency into a new class of financial instruments. We facilitate issuance and trading of points between loyalty industry participants, partners and investors via point backed financial securities. We enable members to use the ACE Primary market to list loyalty currency instruments/contracts and/or package tranches of points at different values for sale to approved parties including new investors who up until now could not buy into this new asset class. Contracts can also be traded on the ACE secondary market where prices are driven by intrinsic valuation and market demand."