Want to hold the portfolio longer, or let some investors out? Here is how, without moving anyone against their will.
If you are a general partner with a portfolio worth holding longer, the friction is not the design of the fund. It is the mark, the consents, and the fear of existing holders that something changes under them. This page is what we do about each.
- ✓Not a broker-dealer
- ✓Not a law firm
- ✓Never a percentage of the raise
Private equityWhy private equity tokenization is slow today, and what fixes each problem.
Written in the owner’s words. If yours is not on the list, the readiness score will find it in about eight minutes, and nobody calls you.
Somebody has to mark it, and nobody outside has
Independent valuations and audited statements enter the record at their tier, above the manager's mark.
A conversation about price, not about trust.
Existing holders fear conversion
The new vehicle is issued alongside; existing interests stay what they are.
A deal the advisory committee can approve.
A strong record does not create a market
The token carries holder caps, minimums and consents; a path to secondary trading runs through licensed venues.
Transferable inside the rules, honestly. Not promised liquidity.
The record, the raise and the token, one after another.
Intelligence
Because the valuation and the consents are the whole conversation.
An outside valuation at the top of the file
Valuations from a licensed valuer and audited accounts sit at the top. The manager’s own number is in the file too, one level down, and nobody confuses the two.
The consents a buyer will look for
The partnership agreement, the minutes of the investor advisory committee, the group of investors that signs off on conflicts, and the list of existing stakes, each with its document, so the authority to do the deal is visible.
Portfolio reporting reconciled to the accounts
What the portfolio companies report, next to what the fund’s statements say, so the numbers a buyer reads are the numbers the auditor saw.
Raisable
The new vehicle documented from the record
The memorandum and subscription documents are drafted from facts that are already reconciled, and checked against the agreement that already exists.
Existing investors keep exactly what they have
The new vehicle is issued alongside the old one. Nobody is moved into it against their will, and each investor keeps their own lawyer.
A flat fee for the window, never a percentage
A licensed broker-dealer runs any regulated sale. No placement fee, no carry, no share of the deal at any layer of ours.
Compass
Because the restrictions are the point, and the asset should carry them.
Limits the contract enforces
Caps on how much one holder may own, minimum tickets, country limits and consent are conditions of the asset, checked every time a stake moves.
What you getLimits the asset enforces every time a stake moves.
A holder list that is right at the moment of transfer
The administrator reads from it rather than reconciling to it, and every distribution is written into the file.
What you getA holder list that is right at the moment of transfer, not reconciled afterwards.
Transferable inside the rules, and we do not say more than that
There is a path to secondary trading through licensed venues, and the decision to list rests with them. What changes is the friction, not the design.
What you getMoney that reaches the new holder on the date it is due.
Private equity tokenization side by side: the same four questions, before and after.
Nothing here needs the rest of the page. If the right column is not worth the work to you, the answer is no, and that is a fine answer.
The valuation
The manager’s own, argued over
An outside one, at the top of the file
Existing investors
Asked to move into something new
Left as they are, a new vehicle alongside
A transfer
A negotiation, with consents chased by email
A check the contract runs
Selling a stake
Promised as liquidity, rarely delivered
Not promised. Transferable inside the rules
Private equity tokenization case studies: named work, and the marks that go with it.
Deal-level and company-level structures, where the question is usually who may hold what, and when they may sell. Three are below, and the others follow.
Novitas
We delivered a cost-efficient way to bring private equity investments across several sectors under a single digital asset.
One instrument instead of one per deal, which is most of the running cost.
Global Leaders Capital
We provided a deal-by-deal tokenization framework and the governance model that future investments would run on.
The next deal reuses the structure instead of starting from the beginning.
Advantic Building Group
We designed an equity token that funded research, strengthened the balance sheet, and let a founder sell part of his own stake in the same round.
A founder can take some money off the table without selling the company.
Documents needed for private equity tokenization, and who has to have issued them.
Every answer in the record carries its document and a proof tier from T0 to T5. A number you typed and a number from a registry both get in, and they are not stored as though they were equal.
The partnership agreement and committee consents
T4Signed by the other side
Outside valuation of the portfolio
T5A licensed valuer
Audited fund accounts
T5An auditor
The list of existing stakes
T3Your books
Portfolio company reporting
T3The portfolio companies
Where this usually stops: stage 04 · Package. The fund’s existing terms and the offering terms have to be reconciled, not merely restated. The six stages are on the Compass page. T5 is issued by an authority, T4 is signed by the other side, T3 is your accounting system of record; anything asserted without a document sits at T0, and the score will say so.
Updated 3 October 2026
Talk to usIs private equity right for your asset?
Tell us the asset and the jurisdiction. A specialist answers in plain words, and says what is still in development.
Private equity tokenization terms: six words this page uses, in plain English.
You do not need any of this to talk to us. It is here because these words get used at you in meetings, and knowing them is worth more than nodding along.
Portfolio company
One of the businesses a fund or a holding company owns. The value is in these, not in the vehicle that holds them.
Continuation vehicle
A new fund set up to buy assets from an older one, so the manager can hold them longer. Investors who want out are paid; investors who want to stay roll in.
Carry
The share of profits a manager keeps. We never take it, on any deal, at any layer. It is a manager’s economics, not a technology provider’s.
Secondary
A sale by an existing investor to a new one, rather than new money going into the vehicle.
The mark
What the manager says the portfolio is currently worth. It is an opinion until somebody independent signs one, which is why an outside valuation changes the conversation.
Partial exit
Selling some of your stake and keeping the rest, usually so a founder can take money off the table without losing the company.
When private equity tokenization is not for you: three cases, in advance.
Said here so you can leave without a call. It is cheaper for both sides than discovering it in week six.
A portfolio nobody outside the firm has ever valued.
A manager who wants a public market for fund stakes with no outside valuation behind them.
A structure where existing investors would be moved without their own lawyer.
Primary sources: Investment Company Act, section 3 - including the 3(c)(1) and 3(c)(7) exclusions – 15 U.S.C. 80a-3 · Regulation D, Rule 506 – 17 CFR 230.506.
Tokenized private equity interests, answered briefly.
What are tokenized private equity interests?
Tokens that represent an interest in a private equity vehicle, usually units in the fund or an SPV that holds the stake. The transfer restrictions are enforced by the asset itself, so an interest can only move to a holder the rules allow.
Does tokenizing a private equity interest create liquidity?
It does not promise any. It lets some investors out and others in, inside the rules, where the issuer and regulation allow it. Existing holders are never moved against their will or without their own lawyer.
Which rules apply to a tokenized private equity vehicle in the US?
Typically the Investment Company Act exclusions in section 3(c)(1) or 3(c)(7) and a private offering under Regulation D, Rule 506. Your counsel picks the exclusion and the exemption.
Is this the same as tokenizing the whole fund?
Not quite. Running a fund with limited partners and side letters is covered on fund tokenization services; the mechanics of LP units are in how to tokenize a private equity or VC fund.
What does Stobox do, and what does it not do?
Intelligence builds the record a buyer checks, including an independent mark; Compass issues the interests with the rules enforced on-chain. Stobox is a technology provider. It is not a broker-dealer, investment adviser, custodian or law firm; any regulated sale runs through a licensed firm, and the exemption is chosen by your counsel. Fees are flat, never a percentage of the raise.
Find out where it stands.
Score your asset
Twenty-five questions across seven dimensions, about eight minutes, no email to see the result.
Take the Readiness ScoreAsk the founder, live
The monthly webinar with Gene Deyev: 40 minutes on Zoom, once a month.
Join the monthly webinarBook a call
Bring the asset and the score. We will say what is missing, and say so if the answer is no.
Book a callStobox Technologies Inc. Nothing on this page is an offer to sell or a solicitation to buy any security, and nothing here is legal, tax or investment advice. Stobox is not a broker-dealer and not a law firm; regulated activity runs through licensed firms.