KKR — Tokenizing Private Equity for Accredited Investors
KKR became the first major private equity firm to tokenize a fund when it placed its Health Care Strategic Growth Fund II on the Avalanche blockchain via Securitize in 2022.
Regulation D (Reg D)
SEC Regulation D provides exemptions from securities registration requirements, with Rule 506(c) being the dominant pathway for tokenized security offerings in the United States.
Tokenized Private Equity
Tokenized private equity funds from KKR, Apollo, Hamilton Lane, and Ares allow accredited investors to access institutional PE allocations with minimums as low as $10,000 — down from traditional $5 million minimums — via Securitize's platform.
Tokenized Venture Capital
Tokenized venture capital funds and startup equity represent an emerging RWA category that could democratize access to early-stage investment — currently limited by Reg D exemptions to accredited investors but growing rapidly as platforms like Republic and Carta explore tokenized cap tables.