Mubadala tokenizes private markets fund with Coinbase and KAIO

Mubadala Capital has launched a tokenized version of its Alternative Solutions Fund, extending a sovereign-linked private markets strategy onto Base, Solana and Sui with about $75 million in on-chain commitments at launch. The offering, named MCAS-TA, marks the first time Abu Dhabi’s sovereign wealth management arm has moved a live alternatives product onto blockchain infrastructure, while remaining limited to qualified institutional and accredited investors. The fund gives eligible investors access to private market exposure through an evergreen structure and highlights the next stage of tokenization beyond Treasury bills and money market products, which are easier to standardize and trade. Private equity, private credit and co-investment strategies are harder to move onchain because they typically involve lockups, irregular distributions and tighter investor eligibility rules. KAIO, an Abu Dhabi Global Market-registered tokenization platform formerly known as Libre, is providing the multichain infrastructure and embeds compliance frameworks from Abu Dhabi, the Cayman Islands and Singapore into fund distribution. The firm had previously tokenized strategies from BlackRock, Brevan Howard, Hamilton Lane and Laser Digital, with roughly $144 million in on-chain assets before the Mubadala launch. Tether led KAIO’s $8 million strategic funding round in April 2026, bringing its total capital to $19 million. Coinbase is participating in the launch in two roles: Base serves as one of the underlying networks, and Coinbase has also invested directly in MCAS-TA for its own balance sheet. Solana was selected for throughput and settlement speed, Base for compliance tooling and integration with Coinbase’s institutional custody infrastructure, and Sui for handling the more complex logic tied to an evergreen private markets structure. The launch adds a sovereign wealth-affiliated manager to a tokenization market that analysts and industry estimates say could expand sharply over the next decade.