Mubadala Capital, an asset management firm backed by Abu Dhabi sovereign capital, has moved a private market strategy fund onto the blockchain, making it available to accredited investors. Powered by KAIO, a UAE-based tokenization infrastructure company, the product is deployed on the Base, Solana, and Sui networks.
Currently, the fund has approximately $75 million in on-chain assets. Coinbase has also included this product in its own balance sheet, but neither party has disclosed the specific investment amount.
The fund has launched three public blockchains.
Mubadala Capital stated that this launch represents a tokenized version of one of its private market investment strategies. KAIO is responsible for the fund's issuance and management infrastructure, enabling fund shares to be distributed and held on-chain.
This means that traditional private equity products are further shifting from closed-end structures to on-chain issuance models. For issuers, on-chain technology helps update fund operation and distribution processes; for eligible investors, product reach is also closer to the infrastructure of the digital asset market.
Coinbase incorporates its own configuration
Brett Tejpaul, head of institutional business at Coinbase, said the company's decision to include the fund in its balance sheet investments reflects the growing presence of regulated tokenized assets in corporate treasury portfolios.
This is one of the earlier examples: a US-listed crypto company directly allocating tokenized private market products. Although the investment size was not disclosed, this move shows that on-chain funds are no longer only sold to external clients, but are also beginning to enter the institutional holdings system.
The UAE continues to advance tokenization
In recent years, institutions such as BlackRock, Franklin Templeton, Apollo, Fidelity, Janus Henderson, and Invesco have launched or expanded tokenized fund products. Previously, the market focus was mainly on US Treasury bonds, money market funds, and private lending.
In contrast, Mubadala Capital's choice of a private market strategy indicates that tokenization is gradually extending from short-duration, standardized assets to more complex alternative asset classes.
Additional information:KAIO disclosed that its platform currently hosts approximately $144 million in tokenized funds, with partners including Hamilton Lane, Brevan Howard, and Laser Digital.
