Mubadala Capital Tokenizes $75M Private Fund on Solana, Base, and Sui

The offering provides exposure to an evergreen strategy focused on private equity, direct investments, and credit. While the shift to blockchain aims to streamline administrative processes and ownership updates, the fund maintains strict regulatory compliance. Participation remains restricted to qualified investors, and the tokenized structure does not bypass traditional lockups, valuation constraints, or transfer rules inherent to private asset classes.

Coinbase has emerged as a significant participant, not only providing the Base network for settlement but also adding an undisclosed stake in the fund directly to its corporate balance sheet. Brett Tejpaul, head of Coinbase Institutional, noted that the move reflects the exchange's growing interest in regulated, sovereign-backed tokenized assets. This investment builds on Coinbase’s recent efforts in the space, following the April launch of its own CUSHY tokenized credit strategy.

KAIO, which recently secured $19 million in total funding, handles the regulated issuance and onchain administration for the fund. The deployment across three distinct blockchains marks a notable expansion of institutional activity on Solana, which has seen a surge in financial product launches throughout 2026. Despite the multichain accessibility, the companies have not yet detailed how the $75 million in commitments is distributed across the networks or provided specific terms regarding fees and redemption schedules.