Hamilton Lane has become the first asset manager to roll out a fund on Solana. The firm — which manages over $900 billion in assets — has launched a private credit endowment on the aforementioned blockchain that investors can access Hamilton's Senior Credit Opportunities Fund [SCOPE].
The asset manager has reportedly tied up with Libre — a protocol designed for the issuance and distribution of funds on-chain — for the launch. It is interesting to note that Libre is a joint venture between Nomura’s crypto firm Laser Digital and hedge fund Brevan Howard’s WebN Group.
Avtar Sehra, Libre’s CEO and founder, emphasized that Solana’s “low latency and throughput capability” makes it a compelling network for tokenization. He added,
Tokenizing SCOPE offers the chance to deepen Hamilton Lane’s distribution, by accessing “mass affluent, crypto native” traders.
Hamilton Lane is not a new entrant into the on-chain tokenization space. Alongside SCOPE, it also has another tokenized equity fund via Securitize. The firm has been content with the inflows.
SCOPE was put to sea in 2022 and boasts of over $556 million in AUM. The fund offers a 10% yield per annum for USD investors.
The tokenized private credit market has seen a growth spurt of late with players like Maple, Centrifuge, Goldfinch, Figure, Credix, and TrueFi establishing a niche for themselves.
Latest data from rwa.xyz pointed out that the current value of outstanding loans to borrowers across all protocols currently stands close to $8.5 billion, while the aggregate amount lent so far has already surpassed the $13 billion threshold.
Commenting on the latest launch, the asset manager’s Head of Digital Assets, Victor Jung, said,
“This is for the decentralized finance natives. We believe that this is just a start of a portion of the financial asset class that will be available to a new audience with a different risk return profile.”
