Mubadala Capital has launched tokenized access to an evergreen private market strategy through UAE-based infrastructure provider KAIO.
Summary
- Mubadala Capital’s tokenized private markets strategy attracted about $75 million across Solana, Base and Sui.
- Coinbase will add undisclosed fund exposure to its balance sheet, moving beyond infrastructure support alone.
- KAIO limits access to qualified investors while handling regulated issuance, administration and multichain fund distribution.
The offering is available on Base, Solana and Sui and has attracted about $75 million from traditional and digital-asset investors.
Coinbase will take an undisclosed position in the product and place the exposure on its balance sheet. The exchange is acting as an investor rather than only a network or service provider. Access remains limited to qualified institutional and accredited investors.
Mubadala private markets strategy moves onchain
The product is tied to the Mubadala Capital Alternative Solutions Fund, an evergreen strategy with exposure to private equity, direct investments and credit. KAIO handles the tokenized structure, investor access and onchain administration across the three networks.
Mubadala Capital is the alternative asset management subsidiary of Abu Dhabi’s Mubadala Investment Company. Its official website says the platform manages, advises and administers more than $600 billion through its businesses and partnerships. Its alternative investment operations report about $60 billion in assets under management.
The launch follows an official partnership announced in December 2025. Mubadala Capital and KAIO said they would explore regulated digital access to private market investments for eligible investors. They said the structure would retain governance, regulatory controls and investment oversight.
Max Franzetti, head of Mubadala Capital Solutions, said, “Bringing it onchain extends that access to a new class of qualified investors.” The companies did not disclose minimum investments, fees, redemption terms or the number of participating investors.
Coinbase adds the fund to its balance sheet
Coinbase’s role goes beyond providing Base as one settlement network. The company said it would add exposure to the tokenized offering to its balance sheet. It did not disclose the value, timing or accounting treatment.
Brett Tejpaul, head of Coinbase Institutional, linked the purchase to growing use of regulated tokenized assets. The transaction gives Coinbase economic exposure to a sovereign-backed private markets product while it continues building services for onchain funds.
Coinbase Asset Management launched the CUSHY tokenized credit strategy in April. That product targets public digital credit, private asset-backed lending and tokenization-related returns across Ethereum, Solana and Base. The Mubadala position adds a separate private markets asset to Coinbase’s holdings.
Coinbase’s involvement does not make the product available to retail users. The fund keeps the eligibility requirements attached to private investments. Transfers must follow KAIO’s compliance controls and rules set by the fund and its regulated providers.
KAIO distributes the product across three networks
KAIO provides infrastructure for regulated issuance and management of tokenized funds. Its platform documentation says the system supports compliance and lifecycle management while allowing tokenized assets to move across public networks. Deployment on Base, Solana and Sui gives approved investors several network options.
Tokenization can shorten administrative steps and provide faster ownership updates. It may also allow approved fund interests to interact with digital custody, collateral and settlement systems. However, a blockchain token does not remove lockups, valuation limits or transfer rules tied to private assets.
KAIO previously supported onchain products linked to BlackRock, Brevan Howard, Hamilton Lane and Nomura’s Laser Digital. As previously reported, Tether led an $8 million KAIO funding round in April, bringing total funding to $19 million.
The firm later launched its KAIO governance token and foundation. Crypto.news reported that KAIO had about $100 million in tokenized fund value then. The Mubadala launch adds a sovereign-backed manager and about $75 million in announced commitments.
Solana tokenization activity continues to grow
Solana promoted the launch as the arrival of Mubadala Capital’s Alternative Solutions Fund on its network. Base and Sui also host the structure, so it is not exclusive to Solana. KAIO has not published how the $75 million is divided across the chains.
Institutional fund launches on Solana have increased during 2026.State Street and Galaxy launched the SWEEP tokenized cash management fund on Solana in May. Securitize later brought an AAA-rated collateralized loan obligation fund to the network, with Ethena planning a $250 million allocation.
The Mubadala product differs from tokenized Treasury and cash funds because it gives eligible investors exposure to an evergreen private markets strategy. Private assets usually have longer holding periods and less frequent pricing than cash-equivalent products.
The companies have not announced retail access or open secondary trading. They also have not said whether the tokens can serve as collateral in outside applications. The launch provides regulated, multichain access to qualified investors while Coinbase tests the product as a corporate balance-sheet asset at this early stage.
