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How Private Assets become Tokenized Investment Products
The next phase of RWA tokenization is not more supply. It is better structured, better curated supply.
· 13 min read
Read the articlePrivate Assets
LiveBring your assets
to capital markets.
Structure your asset or strategy for eligible traditional and digital investors, from first assessment to issuance preparation.
For asset managers, funds and sponsors.
You bring the strategy. We shape the instrument.
Every manager’s goal is to raise capital. T-Blocks is your primary-market route, with dual-rail subscriptions: fiat through banks and brokers, stablecoins on-chain.
On-chain managers
Raise for your strategy, on-chain and off.
Package your strategy as a documented instrument held in a vault. Accept stablecoin subscriptions from digital allocators and fiat subscriptions from professional investors, through one primary-market route.
Use case examples
Example 1
A market-neutral crypto strategyA tokenized note held in a vault
A manager running a basis-trade strategy across exchanges opens a vault. Allocators subscribe in stablecoins, and the note documents their rights to the strategy’s returns.
Stablecoins
Example 2
An off-chain private credit strategyOne note, two subscription rails
A credit manager lending to small businesses raises from vault curators in stablecoins and from professional investors in EUR, through one ISIN-identified instrument.
FiatStablecoins
Examples of structures we work on. Each transaction is assessed individually.
Funds and asset managers
A new raise for an existing fund.
Bring a fund or managed strategy to digital investors without rebuilding it. One instrument linked to the fund takes stablecoin subscriptions alongside your bank and broker distribution.
Use case examples
Example 1
A private equity fundA fund-linked note for digital allocators
A Luxembourg private equity fund opens to crypto-native family offices, who subscribe in stablecoins to a note linked to the fund.
Stablecoins
Example 2
A short-duration bond strategyAn ISIN note with stablecoin subscriptions
An asset manager offers its bond strategy to treasury desks that hold stablecoins, alongside its existing bank and broker distribution.
FiatStablecoins
Examples of structures we work on. Each transaction is assessed individually.
Sponsors and businesses
Finance real assets with capital from both rails.
Raise against property, infrastructure, energy or operating revenues. One documented instrument, open to investors who subscribe through banks and to those who subscribe on-chain.
Use case examples
Example 1
A solar portfolioA revenue-linked note
An energy developer finances new capacity against contracted power revenues, with subscriptions in EUR and in stablecoins.
FiatStablecoins
Example 2
A trade receivables bookAn asset-backed note
A trading company finances its receivables: the note is backed by the invoices and repaid from collections.
Fiat
Examples of structures we work on. Each transaction is assessed individually.
On-chain managers
Raise for your strategy, on-chain and off.
Package your strategy as a documented instrument held in a vault. Accept stablecoin subscriptions from digital allocators and fiat subscriptions from professional investors, through one primary-market route.
Use case examples
Example 1
A market-neutral crypto strategyA tokenized note held in a vault
A manager running a basis-trade strategy across exchanges opens a vault. Allocators subscribe in stablecoins, and the note documents their rights to the strategy’s returns.
Stablecoins
Example 2
An off-chain private credit strategyOne note, two subscription rails
A credit manager lending to small businesses raises from vault curators in stablecoins and from professional investors in EUR, through one ISIN-identified instrument.
FiatStablecoins
Examples of structures we work on. Each transaction is assessed individually.
Funds and asset managers
A new raise for an existing fund.
Bring a fund or managed strategy to digital investors without rebuilding it. One instrument linked to the fund takes stablecoin subscriptions alongside your bank and broker distribution.
Use case examples
Example 1
A private equity fundA fund-linked note for digital allocators
A Luxembourg private equity fund opens to crypto-native family offices, who subscribe in stablecoins to a note linked to the fund.
Stablecoins
Example 2
A short-duration bond strategyAn ISIN note with stablecoin subscriptions
An asset manager offers its bond strategy to treasury desks that hold stablecoins, alongside its existing bank and broker distribution.
FiatStablecoins
Examples of structures we work on. Each transaction is assessed individually.
Sponsors and businesses
Finance real assets with capital from both rails.
Raise against property, infrastructure, energy or operating revenues. One documented instrument, open to investors who subscribe through banks and to those who subscribe on-chain.
Use case examples
Example 1
A solar portfolioA revenue-linked note
An energy developer finances new capacity against contracted power revenues, with subscriptions in EUR and in stablecoins.
FiatStablecoins
Example 2
A trade receivables bookAn asset-backed note
A trading company finances its receivables: the note is backed by the invoices and repaid from collections.
Fiat
Examples of structures we work on. Each transaction is assessed individually.
One instrument. Two distribution rails.
Prepare the instrument for the channels your eligible investors use, with access and settlement defined for the transaction.
Traditional distribution
Fiat subscriptions and ISIN instruments, through participating banks and brokers, where supported.
- Fiat subscriptions
Paid through the bank channel, where supported.
- ISIN identification and bank processing
ISIN-identified, subject to the receiving bank’s acceptance.
- Appointed distributors
Appointed banks and brokers, where they accept it.
- Eligible professional investors
Eligibility is confirmed before material is shared.
One documented instrument
Digital distribution
Stablecoin subscriptions for eligible digital allocators, where the instrument and channel support it.
- Stablecoin subscriptions
Via supported stablecoins, networks and onboarding.
- Vault curators and digital allocators
Subject to each mandate and admission decision.
- Lending and collateral usePlanned
Subject to product and protocol approval.
- On-chain redemption arrangementsSubject to terms
Subject to the instrument terms and available liquidity.
Both routes follow the instrument's terms, investor eligibility and transfer restrictions.
Bank acceptance, protocol admission, subscriptions and secondary liquidity are not guaranteed.
From first review to distribution.
Four stages, with a decision and a deliverable at each one.
- 01
Assess
We review the asset, your financing goal and the evidence you already hold.
You receiveA first view of the opportunity and what the next review needs.
- 02
Structure
We agree the instrument, the transaction scope and who does what.
You receiveA structuring proposal, scope of work and engagement terms.
- 03
Prepare
We coordinate diligence, counsel, documents and the appointed providers.
You receiveA transaction pack, ready for the required reviews and approvals.
- 04
Launch and service
Once cleared, we run onboarding and subscriptions on both rails and administer the instrument for its life.
You receiveThe subscription process, investor records and lifecycle reporting.
Know what sits behind your instrument.
Understand the issuing structure, the rights in the documents and the people responsible for each part of the process.
The documents name the Luxembourg vehicle, the compartment and its assets.
The terms define investor rights; each provider has a defined role.
Onboarding, subscriptions, reporting and any redemption arrangements are defined for the transaction.
The instrumentDocumented terms and investor rightsTermsRightsTransfer restrictions
Issued byA Luxembourg issuing vehicle, through a dedicated compartmentCompartment assetsCompartment liabilities
Around itAppointed roles and ongoing arrangementsFund administrationStatutory auditBankingLegal counselDigital-asset ratingsOnboarding and reporting
Roles supporting the issuance
Start with your asset.
Tell us about the opportunity and the financing you want to explore.
Before you begin
01Is my asset or strategy a suitable starting point?
Property, infrastructure, energy, receivables and managed strategies may be assessed. Suitability depends on ownership, cash flows, evidence, jurisdiction and the financing objective. The initial review determines whether it is worth developing a structure.
02What do I need to start?
Start with an outline of the asset or strategy, the financing objective, ownership details and the financial information you already have. The team can then identify the evidence needed for a fuller assessment.
03What will it cost, and when would I pay?
Costs depend on the structure, legal work and providers needed. Ask for the scope, fees, third-party costs and payment milestones before you commit to the engagement. Starting the form is not a promise of funding.
04How long does an issuance take?
The timetable depends on the asset, documentation, diligence and required approvals. The team will set out the expected stages for your transaction. No funding date is guaranteed.
05Who issues the instrument, and what does T-Blocks do?
The transaction documents identify the issuing vehicle and compartment. T-Blocks coordinates the structuring and service process with counsel and the relevant providers. Your rights are defined by the instrument's terms.
06Does tokenization guarantee investors or liquidity?
No. Investor demand, subscriptions, bank acceptance and access to digital channels depend on the instrument and applicable requirements. A token does not by itself create a liquid market or a right to immediate redemption.
07Can Atlas or Meridian help me assess the opportunity first?
Atlas and Meridian are coming soon. Atlas is being developed to help assess readiness and identify gaps. Meridian is being developed to organise the structuring documents and next steps. They are intended to make preparation easier, with specialist review still required.