Hamco plans to launch a tokenized Pan-Asia private equity fund designed to bring fractional on-chain access to late-stage Asian companies, private credit and pre-IPO opportunities that have traditionally been difficult to enter and even harder to exit. The Cayman Islands vehicle will use technology from Synthesys and Chainlink, with distribution planned through regulated channels on Synthesys Network for eligible non-U.S. professional or accredited participants.
According to Hamco’s announcement, the semi-liquid evergreen fund will hold Pan-Asia pre-IPO positions, cornerstone and private investment in public equity, or PIPE, allocations, private credit, and direct stakes in unicorn companies. Its investment remit includes sectors such as artificial intelligence and semiconductors, areas where private-company valuations and financing rounds can move well before a business reaches public markets.
The proposed structure seeks to address a longstanding trade-off in private equity: managers can pursue less accessible assets, but participants often must accept multiyear holding periods and limited redemption options. Hamco said it intends to support redemption needs through tokenized liquidity and tokenized credit, alongside a liquid portfolio sleeve containing selected listed equities, tokenized money-market and credit funds, stablecoins, cash equivalents and other liquid assets.
A fund designed for on-chain subscriptions and redemptions
Hamco said the fund will be issued through Mint, a framework combining Chainlink’s Cross-Chain Interoperability Protocol, or CCIP, its Digital Transfer Agent technical standard and NAVLink. The package is intended to create a regulated operating structure for a fund whose ownership interests are issued and managed on blockchain networks rather than recorded solely through conventional fund-administration systems.
CCIP is designed to allow applications and assets to communicate across supported blockchains. In this case, cross-chain functionality could allow eligible holders to access the fund through more than one network without requiring the manager to create entirely separate products for each chain.
The Digital Transfer Agent standard is aimed at the administrative functions usually handled by a transfer agent, including maintaining records of ownership and processing transfers subject to eligibility restrictions. NAVLink is intended to deliver net asset value data on-chain, a function that matters for a fund whose subscriptions and redemptions need to be priced against underlying portfolio values.
Hamco said the product is expected to offer on-chain subscriptions and redemptions with near-instant settlement for the liquid component of the strategy. That settlement speed should not be confused with an assurance that the private-equity holdings themselves can be sold immediately. The fund’s ability to meet withdrawals will depend on its available liquid assets, credit arrangements, portfolio cash flows and the redemption terms in its offering documents.
Liquidity sleeve changes the fund’s construction
The split between private positions and a liquid sleeve is central to the proposed model. Traditional private-equity funds commonly reserve capital for long periods because company shares, private loans and negotiated transactions cannot reliably be sold in public markets. A tokenized fund can improve the administration and movement of fund interests, but tokenization alone does not make an illiquid portfolio liquid.
Hamco’s plan instead relies on liquid holdings to meet some subscription and redemption activity, while tokenized credit and other financing tools could provide additional flexibility. That approach places substantial importance on how much of the portfolio remains liquid, how quickly private assets can be valued, and whether redemption demand rises during periods when private-company transactions slow.
The announcement also says redemptions may be gated or deferred. Gates limit the amount participants can withdraw during a set period, while deferrals push withdrawal requests to a later date. Such provisions are common in semi-liquid private-market products and are particularly relevant where underlying holdings include pre-IPO shares or direct unicorn investments.
Portfolio composition may change over time, Hamco said, and participants could lose principal. Those disclosures put the fund closer to a private-markets vehicle with digitally native administration than to a continuously tradable token backed by immediately saleable assets.
Access remains limited to eligible non-U.S. participants
The fund is intended for non-U.S. professional or accredited participants who satisfy eligibility requirements and minimum investment thresholds, subject to its offering documentation. The restrictions mean fractionalization is not equivalent to broad retail distribution. Smaller unit sizes could make allocations more divisible among qualifying participants, while securities and fund rules continue to determine who can buy and transfer the product.
Hamco Services describes itself as a CIMA-regulated asset manager founded in 2018 by former Wall Street executives. Its stated activities span late-stage ventures, private equity and digital assets. The Cayman Islands is a common jurisdiction for international fund vehicles, particularly those marketed to qualified participants outside the United States.
Chainlink’s role extends beyond cross-chain messaging. The company said Mint incorporates its standards for fund administration and on-chain net asset value reporting, creating infrastructure intended to connect tokenized fund units with the data and controls needed for regulated distribution.
The proposal reflects a more practical use case for fund tokenization than simply placing an existing asset on a blockchain. Hamco is pairing private-market exposure with a dedicated liquidity sleeve, transfer restrictions and valuation infrastructure, acknowledging that the toughest challenge is managing redemption pressure against assets that may take months or years to realize. Whether that structure can deliver reliable liquidity will depend less on the speed of blockchain settlement than on the fund’s portfolio construction, credit capacity and discipline around redemption limits.
Discover how tokenized securities work in practice—explore our guide on tokenized equities and their growing role in modern markets.
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