Aditum Alternatives

#Blockchain offers the promise to improve the liquidity of #privatemarkets for individuals. There has been some progress via #tokenization, but the benefits have largely been confined to institutions and/or liquid assets (e.g., #BUIDL). #40Act tokenized funds may only allow #secondary transfers among institutions (e.g., WisdomTree Digital Trust) or may provide no means of finding trading counterparts (e.g., Franklin Templeton Onchain). Undoubtedly, these limitations are due to the lack of a workable regulatory framework for #DigitalAssetSecurities. This is why other innovators (e.g., BlackRock, Securitize, Superstate) have tokenized #privatefunds, which in turn restrict investor access. In the meantime, the demand for private markets in individual portfolios is continuing to grow. As a result, #intervalfunds are ascendant. More importantly, (per Reg. M) interval funds are the only investment product in the US that can provide tender offer liquidity AND be simultaneously offered on both a primary AND secondary basis. As pre ETF conversion trading of the Grayscale $BTC Trust demonstrated, periodic tender offers at NAV are needed to avoid a deep and extended secondary discount. Given that a couple of years are needed before a regulatory regime for #digitalassetsecurities can be developed and implemented, I believe the best way TODAY to improve the liquidity of private market assets for the broadest portion of the investing public is via an alternative trading system (#ATS) listed interval fund. If you are an interval fund asset manager, private market asset manager or ATS operator interested in exploring this opportunity, DM us. #privateequity #PE #privatecredit #realestate #RE #infrastructure

A few thoughts on the future of private market products and wealth management as envisioned by BlackRock, Partners Group...and by J.P. Morgan, Apollo Global Management, Inc. and WisdomTree, and what asset managers can do with products today to move toward that future. #PrivateMarkets #PrivateEquity #PrivateCredit #PE #wealthmanagement #managedaccounts #RealEstate #tokenization #RWA #blockchain

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