Mubadala Capital has launched tokenized access to an evergreen private markets strategy through UAE-based infrastructure provider KAIO, with the offering deployed across Solana, Base and Sui.

The tokenized private markets strategy has attracted about $75 million from traditional and digital-asset investors. Coinbase will take an undisclosed position in the product and add the exposure to its balance sheet, making the exchange an investor rather than only a network or service provider.

Access to the fund remains limited to qualified institutional and accredited investors. KAIO is handling regulated issuance, administration and multichain distribution of the fund interests.

BREAKING: @KAIO_xyz brings the @Mubadala Capital Alternative Solutions Fund to Solana. $75M in commitments from traditional and digital investors. Abu Dhabi’s sovereign wealth fund, now tokenized on Solana. pic.twitter.com/g42yKQrq9f — Solana (@solana) July 23, 2026

BREAKING: @KAIO_xyz brings the @Mubadala Capital Alternative Solutions Fund to Solana. $75M in commitments from traditional and digital investors. Abu Dhabi’s sovereign wealth fund, now tokenized on Solana. pic.twitter.com/g42yKQrq9f

Mubadala private markets strategy moves onchain

The product is tied to the Mubadala Capital Alternative Solutions Fund, an evergreen strategy with exposure to private equity, direct investments and credit. KAIO is responsible for the tokenized structure, investor access and onchain administration across Base, Solana and Sui.

Mubadala Capital is the alternative asset management subsidiary of Abu Dhabi’s Mubadala Investment Company. According to its official website, the platform manages, advises and administers more than $600 billion through its businesses and partnerships. Its alternative investment operations report about $60 billion in assets under management.

The launch follows an official partnership announced in December 2025, when Mubadala Capital and KAIO said they would explore regulated digital access to private market investments for eligible investors. The companies said the structure would preserve governance, regulatory controls and investment oversight.

Max Franzetti, head of Mubadala Capital Solutions, said, “Bringing it onchain extends that access to a new class of qualified investors.” The companies did not disclose minimum investment amounts, fees, redemption terms or the number of participating investors.

The structure is part of a broader effort by asset managers and tokenization providers to move fund administration onto blockchain rails without changing the legal status of the underlying private fund interests. In these models, investor eligibility, transfer approval and fund documentation remain central even when ownership records are represented digitally.

Coinbase adds fund exposure to its balance sheet

Coinbase’s role extends beyond providing Base as one of the settlement networks for the tokenized fund. The company said it would add exposure to the offering to its balance sheet, but did not disclose the value, timing or accounting treatment of the position.

Brett Tejpaul, head of Coinbase Institutional, linked the purchase to the expanding use of regulated tokenized assets. The transaction gives Coinbase economic exposure to a sovereign-backed private markets product while the company continues building services for onchain funds.

Coinbase Asset Management launched the CUSHY tokenized credit strategy in April. That product targets public digital credit, private asset-backed lending and tokenization-related returns across Ethereum, Solana and Base. The Mubadala position adds a separate private markets asset to Coinbase’s holdings.

Coinbase’s involvement does not make the product available to retail users. The fund retains the eligibility requirements associated with private investments, and transfers must comply with KAIO’s controls as well as rules set by the fund and its regulated providers.

KAIO distributes the product across three networks

KAIO provides infrastructure for regulated issuance and management of tokenized funds. Its platform documentation says the system supports compliance and lifecycle management while allowing tokenized assets to move across public networks. Deployment on Base, Solana and Sui gives approved investors several network options.

Tokenization can shorten administrative steps and provide faster ownership updates. It may also allow approved fund interests to interact with digital custody, collateral and settlement systems. However, a blockchain token does not remove lockups, valuation limits or transfer restrictions tied to private assets.

That distinction is important for private markets products, where liquidity and pricing are generally governed by fund terms rather than continuous exchange trading. Onchain distribution can change how approved ownership records are handled, but it does not by itself create open redemption rights or remove restrictions embedded in private fund structures.

KAIO has previously supported onchain products linked to BlackRock, Brevan Howard, Hamilton Lane and Nomura’s Laser Digital. As previously reported, Tether led an $8 million KAIO funding round in April, bringing total funding to $19 million.

The firm later launched its KAIO governance token and foundation. Crypto.news reported at the time that KAIO had about $100 million in tokenized fund value. The Mubadala launch adds a sovereign-backed manager and about $75 million in announced commitments.

Solana tokenization activity continues to expand

Solana promoted the launch as the arrival of Mubadala Capital’s Alternative Solutions Fund on its network. Base and Sui also host the structure, so the offering is not exclusive to Solana. KAIO has not published how the $75 million is divided across the three chains.

Institutional fund launches on Solana have increased during 2026. State Street and Galaxy launched the SWEEP tokenized cash management fund on Solana in May. Securitize later brought an AAA-rated collateralized loan obligation fund to the network, with Ethena planning a $250 million allocation.

The Mubadala product differs from tokenized Treasury and cash funds because it gives eligible investors exposure to an evergreen private markets strategy. Private assets typically have longer holding periods and less frequent pricing than cash-equivalent products.

The companies have not announced retail access or open secondary trading. They also have not said whether the tokens can be used as collateral in outside applications. Future disclosures on fund terms, chain-level distribution and permitted transfer or collateral uses would help show how closely the tokenized structure resembles existing private fund administration versus more composable onchain assets. For now, the launch provides regulated, multichain access for qualified investors while Coinbase tests the product as a corporate balance-sheet asset at an early stage.