TL;DR:
- Flow Capital Partners plans to tokenize its $150 million private credit fund through the DigiFT platform before the end of the month.
- The Hong Kong-based asset manager seeks to raise an additional $30 million in tokenized participations and scale the fund to $250 million by end of 2026.
- The global RWA market reached a record capitalization of $58 billion on April 14, more than double compared to a year ago.
Flow Capital Partners, a Hong Kong-based alternative asset manager, announced it will bring its $150 million private credit fund to the blockchain through the real-world asset tokenization platform DigiFT. According to Bloomberg, the operation would be completed before the end of the month. The fund was originally launched in June 2025.
Jacky Tian, chief investment officer at Flow Capital, stated that the company aims to scale the fund to $250 million before the end of 2026. As part of that strategy, the asset manager also seeks to raise an additional $30 million through tokenized participations over the course of this year.
Flow Capital Gets Ready to Compete
Both Flow Capital and other traditional financial institutions are migrating their conventional products onto blockchain infrastructure. BlackRock has already established itself firmly in the market with BUIDL, its tokenized fund of U.S. Treasury bonds, which became one of the most significant tokenized money market vehicles on the public blockchain. JPMorgan, for its part, launched in December its first tokenized money market fund, MONY, on Ethereum, with an initial capitalization of $100 million in proprietary capital before opening to external investors.
Liquidity Problems that Tokenization Does Not Solve
The real-world asset market has shown consistent growth over the past year. The total RWA market capitalization reached a record $58 billion on April 14, up from $21.5 billion recorded twelve months earlier. On Ethereum alone, RWA capitalization climbed to $19.3 billion, with a year-over-year increase of more than 200%.
However, some analysts warn about the limits of the model. Nic Puckrin, co-founder of the analytics platform Coin Bureau, acknowledged that bringing private credit funds to the blockchain “solves the distribution problem by opening access to a much broader investor base,” but warned that this does little to address the “liquidity mismatch problem.” Puckrin noted that instant settlement can “create the illusion of liquidity,” recalling the issues that can arise when redemptions exceed a certain threshold.
