Private Markets Tokenization Tracker
On-chain private credit origination surpassed $4.5 billion cumulatively by early 2026, while tokenized PE fund assets under management exceeded $500 million across Hamilton Lane, KKR, and other institutional managers. An EY survey found 91% of high-net-worth investors plan tokenized bond allocations by 2026 and 83% of institutional investors plan allocations, driving demand for tokenized private market products. JPMorgan Kinexys ($2T+ processed, per IOSCO November 2025 report) announced a 2026 rollout extending tokenization to real estate, infrastructure, private credit, and alternative investment strategies. Private markets tokenization is expanding across three verticals — private credit, PE fund interests, and real assets — each with distinct adoption dynamics, institutional participants, and growth trajectories. This tracker monitors cumulative origination, active platforms, institutional manager adoption, and emerging trends across the private markets tokenization landscape.
Private Credit
On-chain private credit represents the most mature private markets tokenization category by origination volume. Active lending protocols and their approximate positions:
| Platform | Active Loans | Cumulative Origination | Focus | Blockchain |
|---|---|---|---|---|
| Centrifuge | $500M+ | $1.5B+ | Trade finance, real estate | Ethereum, Centrifuge Chain |
| Maple Finance | $200M+ | $3B+ | Corporate credit, BTC mining | Ethereum, Solana |
| Goldfinch | $100M+ | $400M+ | Emerging market lending | Ethereum |
| Credix | $300M+ | $800M+ | LatAm trade finance | Solana |
| Clearpool | $100M+ | $500M+ | Uncollateralized institutional | Ethereum, Polygon |
MakerDAO allocated $1.5B+ to real-world assets through Centrifuge and other platforms, making it the single largest DeFi protocol allocator to tokenized private credit. This allocation — representing approximately 30% of MakerDAO’s total collateral backing DAI — demonstrates that DeFi protocols are significant demand drivers for tokenized private credit alongside traditional institutional investors.
The private credit growth trajectory shows notable acceleration: total active loans grew from approximately $500 million in early 2024 to $1.2 billion+ by early 2026. Default rates across on-chain private credit platforms have averaged 2-4% — comparable to traditional private credit but with significantly faster resolution due to smart contract-enforced collateral liquidation mechanisms. Maple Finance’s evolution from high-profile defaults in 2022 (Alameda Research, Orthogonal Trading) to more conservative underwriting with institutional-grade borrowers illustrates the maturation of on-chain lending.
PE Fund Tokenization
Hamilton Lane tokenized fund interests through Securitize ($20K minimum, down from $5M). KKR Healthcare Fund II tokenized on Securitize. These transactions — involving firms with combined AUM exceeding $1.4 trillion — represent the most significant institutional validation of private equity tokenization.
| Manager | AUM | Tokenization Status | Platform | Min. Investment |
|---|---|---|---|---|
| Hamilton Lane | $920B+ | Active (Securitize) | Ethereum | $20K |
| KKR | $552B | Active (Securitize) | Ethereum | $10K-$100K |
| Apollo | $671B | Exploring (Securitize partnership discussions) | Ethereum (anticipated) | $25K–$50K (estimated) |
| BlackRock | $10.5T | Active (BUIDL) | Ethereum | $100K |
| Franklin Templeton | $1.5T | Active (BENJI) | Stellar | $20 |
| Ares Management | $395B | Exploring (direct distribution pilot) | Polygon/Ethereum (anticipated) | $10K–$25K (estimated) |
| Partners Group | $150B | Development (PRIVIA platform integration) | Ethereum (anticipated) | $50K (estimated) |
The pipeline beyond Hamilton Lane and KKR is significant. Apollo ($671B AUM), Carlyle ($425B AUM), and Blackstone ($1T+ AUM) are all exploring tokenized distribution channels. The competitive dynamic is straightforward: once Hamilton Lane and KKR tokenized through Securitize, competing PE firms face pressure to offer similar access or risk losing distribution to the broader accredited investor market.
The secondary market for tokenized PE fund interests is nascent but represents the most significant potential improvement over traditional PE secondaries, where transactions take 3-6 months and cost 3-5% in fees. Tokenized PE secondaries on Securitize Markets offer same-day settlement and sub-1% transaction costs — a transformative improvement documented in the comparison between tokenized and traditional secondary markets.
Real Assets
Tokenized gold (PAXG by Paxos, XAUT by Tether) exceeds $1 billion combined market cap, providing institutional investors with physically-backed gold exposure on blockchain rails. PAXG is backed by LBMA-certified gold bars held in Brink’s vaults, with each token representing one troy ounce of gold.
| Asset | Platform(s) | Market Cap/Volume | Status |
|---|---|---|---|
| Gold (PAXG, XAUT) | Ethereum | $1B+ combined | Production |
| Real estate | RealT, Lofty.ai, institutional | $500M+ tokenized | Growing |
| Commodities | Various | <$500M | Early stage |
| Infrastructure | Pilot programs | <$100M | Pilot |
| Carbon credits | Toucan, KlimaDAO | $200M+ tokenized | Growing |
Real estate tokenization through RealT, Lofty.ai, and institutional platforms has tokenized an estimated $500 million+ in property value. RealT leads in residential property tokenization (primarily U.S. single-family and multi-family properties in Detroit, Chicago, and other markets), while institutional platforms focus on commercial real estate through structured product formats.
Commodity and infrastructure tokenization remains in early stages, with pilot programs for tokenized carbon credits (Toucan Protocol, KlimaDAO), agricultural commodities, and infrastructure revenue streams. The infrastructure tokenization opportunity is particularly compelling — global infrastructure investment gaps estimated at $15 trillion by 2040 could be partially addressed through tokenized infrastructure investment products with lower minimums and improved liquidity.
DeFi Protocol Allocations to RWA
The demand side of private markets tokenization includes significant allocations from DeFi protocols seeking real-world yield:
| Protocol | RWA Allocation | Primary Assets | Mechanism |
|---|---|---|---|
| MakerDAO | $1.5B+ | Treasuries, credit, real estate | Vault collateral |
| Aave (via proposals) | $200M+ | Treasury bills | Governance-approved |
| Compound | Exploring | Treasury exposure | Under discussion |
| Frax Finance | $100M+ | Treasury bills | Protocol reserves |
These DeFi allocations create programmatic demand for tokenized private market assets — demand that is independent of traditional institutional sales cycles and can scale rapidly through governance votes. The convergence of DeFi demand with institutional supply (Hamilton Lane, BlackRock BUIDL) is creating a new distribution channel for private market exposure.
Growth Projections
Based on current trajectories and announced pipelines, private markets tokenization could reach the following milestones by 2028:
- Private credit: $15-20 billion cumulative origination (from $4.5B+ current), driven by Centrifuge, Maple, and new institutional lending platforms
- PE fund tokenization: $5-10 billion in tokenized fund AUM (from $500M+ current), driven by 20+ additional large managers tokenizing fund interests
- Real assets: $5 billion+ in tokenized real assets (from $1.5B+ current), driven by gold, real estate, and infrastructure tokenization
These projections are contingent on institutional infrastructure development — digital custody expansion, regulatory clarity, and interoperability between tokenized platforms and traditional family office and institutional portfolio management systems. According to BIS research, private markets represent the tokenization category with the strongest near-term economic rationale due to the dramatic efficiency improvements relative to traditional private market infrastructure.
Contact: info@capitaltokenization.com