Mubadala Capital's Evergreen Private Markets Strategy Goes Onchain via KAIO

Key points

KAIO, formerly Libre and co-founded by Nomura's Laser Digital, has tokenised an evergreen private markets strategy managed by Mubadala Capital, a subsidiary of Abu Dhabi sovereign wealth fund Mubadala Investment Company.
The tokenised product is deployed across Base, Solana and Sui, and has reached approximately $75 million in onchain total value locked from both traditional and digital asset investors.
Mubadala Capital's alternatives businesses manage more than $60 billion across private equity, credit, venture capital and co-investment platforms, with the parent entity overseeing more than $600 billion in assets.
Coinbase has announced plans to add the tokenised product to its own corporate balance sheet, a step beyond standard distribution that Brett Tejpaul, Head of Coinbase Institutional, linked to the maturing regulated real-world asset market.
Coinbase's balance sheet allocation, if executed, would mark one of the more prominent instances of a major exchange holding a tokenised private markets instrument as a treasury asset rather than as inventory.

KAIO, the Abu Dhabi Global Market (ADGM)-based tokenisation infrastructure provider co-founded by Nomura’s Laser Digital and formerly known as Libre, has launched a tokenised wrapper around one of Mubadala Capital’s evergreen private markets strategies. The product is live across three blockchains, Base, Solana and Sui, and has accumulated approximately $75 million in onchain total value locked from a mix of traditional and digital asset investors.

Mubadala Capital sits within the Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, which manages and advises on more than $600 billion in assets. Its alternatives arm alone covers over $60 billion across private equity, credit, venture capital and co-investment, giving the underlying strategy meaningful institutional pedigree as collateral for a tokenised product.

The detail most likely to move markets is Coinbase‘s stated intention to hold the tokenised product on its own corporate balance sheet rather than merely distributing it to clients. Brett Tejpaul, Head of Coinbase Institutional, attributed the decision to the growing maturity of regulated real-world assets and their emerging role in corporate treasury management. That framing positions this as a signal about where corporate treasury appetite is heading, not just another distribution announcement.

What this means

treasury & allocator: Coinbase's stated intent to hold this on its own balance sheet rather than distribute it changes the reference frame for how regulated real-world asset products can sit within a corporate treasury; the assumption that tokenised private markets exposure is a client-facing product rather than a treasury instrument warrants stress-testing against this precedent.
distribution & BD: A $75 million onchain TVL figure drawn from both traditional and digital asset investors across three chains suggests multi-rail distribution is already functioning at meaningful scale here; the question worth examining is whether the channel mix and chain selection reflect deliberate investor segmentation or parallel opportunism, because the answer shapes how replicable this structure is for comparable mandates.
collateral & funding desk: An evergreen private markets strategy wrapped in a tokenised format and held by a named exchange as a balance sheet asset begins to create the conditions under which such instruments could be priced as collateral; the absence of any disclosed liquidity mechanism or secondary market data in this announcement means any collateral haircut assumption remains speculative until those terms surface.
regulatory & policy affairs: KAIO's ADGM regulatory base, combined with a sovereign wealth fund-affiliated underlying strategy and a US-listed exchange as a balance sheet holder, assembles a multi-jurisdiction compliance footprint that will draw scrutiny from regulators in each relevant venue; mapping which entity bears regulated status in each layer of this structure is the immediate analytical priority.

Original source

Ledger Insights

ledgerinsights.com

Mubadala Capital's Evergreen Private Markets Strategy Goes Onchain via KAIO

Key points

Original source

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