Mubadala Capital tokenises private markets fund on Base, Solana and Sui

Mubadala Capital, the alternative asset management arm of Abu Dhabi’s sovereign wealth apparatus overseeing roughly $430 billion, has brought one of its private markets strategies onchain through infrastructure provided by UAE-based tokenisation firm KAIO. The fund is live across three networks, Coinbase‘s Base, Solana and Sui, and has accumulated approximately $75 million in onchain assets. Coinbase has taken direct exposure to the fund on its own corporate balance sheet, though the size of that position has not been disclosed.

The move places Mubadala Capital alongside BlackRock, Franklin Templeton, Apollo, Fidelity, Janus Henderson and Invesco in an expanding cohort of institutional managers operating tokenised fund vehicles. KAIO, which also counts Hamilton Lane, Brevan Howard and Laser Digital among its clients, reports $144 million in tokenised funds on its platform in total. The stated rationale for the Mubadala fund is broadening qualified-investor access to deal flow and co-investment that would otherwise be unavailable to most allocators, without altering the underlying investment discipline.

Coinbase’s decision to hold the fund on its balance sheet is notable as an early instance of a listed crypto exchange investing in a tokenised private markets product, framing such holdings as regulated assets suitable for treasury deployment. Industry forecasts referenced in the announcement project tokenised securities reaching $5.5 trillion by 2030 on Citi‘s estimates, with Boston Consulting Group and Ripple putting the broader tokenised-asset market at $18.9 trillion by 2033. The launch also reinforces the UAE’s positioning as an active jurisdiction for tokenised finance, with Abu Dhabi and Dubai having cultivated digital-asset regulatory frameworks to attract this category of activity.