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The tokenized real-world asset market hit $23 billion in February 2026, up 23% in a single month. Tokenized treasuries account for $10 billion of that total, and private fund tokenization is the fastest-growing slice of it: institutional fund interests are now issued and traded on public blockchains at investment minimums of $500, versus $500,000 for the same strategy sold the traditional way.
This isn't a pilot program:
- The names are not crypto-native. BlackRock, Hamilton Lane, KKR, Franklin Templeton, Brevan Howard, and JPMorgan have each launched permanent tokenized product lines, not experiments.
- The economics are real. Settlement efficiency and lower distribution costs are the draw, not novelty.
- The line is moving. What counts as a "digital asset" versus a "traditional private fund" is being redrawn while these six managers build.
In this article, we'll walk through the six asset managers leading that shift, drawing on Dakota's Crypto & Digital Assets: From Speculation to Allocation report for the market sizing, what each one has actually built, and where the tokenized RWA market goes from here. By the end, you'll know which managers are worth watching if tokenization is part of your fundraising or allocation strategy.
The 6 Asset Managers to Know
1. BlackRock: The World's Largest Tokenized Fund
BlackRock's BUIDL is the largest tokenized fund in the world, holding roughly $2.4 to $2.5 billion in assets across six blockchains as of mid-2026. BlackRock also manages IBIT at roughly $70 billion, making it the dominant institutional asset manager across both the liquid ETF and tokenized private fund segments. In May 2026, BlackRock filed with the SEC for two additional tokenized funds, including onchain shares tied to a $7 billion money market fund, on the heels of BUIDL's growth from zero to $2.4 billion in about two years. That trajectory is BlackRock signaling that onchain infrastructure is permanent distribution architecture, not an experiment.
2. Hamilton Lane: Tokenized Private Markets Pioneer
Hamilton Lane's SCOPE fund was one of the first tokenized private fund products to bring institutional strategies to dramatically reduced minimums, cutting the entry point from $250,000-plus down to roughly $10,000 through its tokenized structure on Solana via the Libre protocol. Hamilton Lane has been among the most active managers in building out tokenized private market offerings, targeting the access gap between institutional-grade strategies and the allocators who've historically been priced out. Tokenized private credit from Hamilton Lane targets 8-12% yield, with the infrastructure now in full commercial operation rather than pilot mode.
Dakota Marketplace tracks institutional allocators actively evaluating tokenized strategies across endowments, pensions, and family offices. Filter by private markets allocation, asset class focus, and investment team contacts to identify who is moving in this space. Book a demo to see the full coverage.
3. KKR: Tokenizing Flagship Strategies
KKR was an early mover on tokenization, bringing its Health Care Strategic Growth Fund II onto the Avalanche blockchain via Securitize, giving individual investors their first-ever digital access to one of KKR's institutional-grade strategies. The move matters beyond its own numbers: it showed that tokenization wasn't limited to new fund launches or crypto-native managers. Established private equity franchises are bringing existing, already-institutional strategies onto blockchain infrastructure to reach allocator segments they couldn't reach before.
4. Franklin Templeton: Active Tokenized Fund Products Across Multiple Blockchains
Franklin Templeton's BENJI token, the onchain share class of its government money market fund (FOBXX), runs across eight public blockchains as of early 2026, including Stellar, Polygon, Arbitrum, Aptos, Avalanche, Base, Solana, and Ethereum. The firm has been one of the most consistent institutional advocates for onchain fund infrastructure since launching the product in 2021, and its multi-chain approach reflects a view that tokenized distribution will become a standard feature of fund operations, not a niche product category reserved for a single chain.
5. Brevan Howard: Building Tokenization Infrastructure
Rather than simply launching a tokenized product, Brevan Howard's WebN Group co-built Libre, a tokenization infrastructure platform, alongside Nomura's Laser Digital. Libre now carries the Brevan Howard Master Fund itself, plus Hamilton Lane's SCOPE fund and a BlackRock money market fund, across Solana, Polygon, and several other public chains. That positions Brevan Howard as both a manager with a tokenized product and a platform participant in the tokenized private markets ecosystem, a broader bet than most peers on this list are making.
6. JPMorgan Asset Management: Completing the Tier-One Picture
JPMorgan rounds out the list with two tokenized money market fund launches in quick succession: MONY on Ethereum in December 2025, followed by JLTXX (JPMorgan OnChain Liquidity-Token Money Market Fund) in May 2026, seeded with $100 million alongside crypto custodian Anchorage Digital. JLTXX is explicitly engineered as a compliant reserve asset for stablecoin issuers under the GENIUS Act, the federal stablecoin framework that took effect in 2025. Combined with its broader blockchain infrastructure work, JPMorgan's entry is the final validation that institutional finance has made a structural commitment to onchain infrastructure, not a hedge against missing a trend.
Start Building Relationships Ahead of the Tokenization Wave
The managers leading the tokenized RWA market aren't crypto-native startups experimenting at the edges of institutional finance. They're the largest and most recognized names in asset management, building permanent product lines on public blockchains because the distribution economics, settlement efficiency, and allocator access advantages are real. The $23 billion market today is the foundation, not the ceiling.
Tokenization is one thread in a broader digital asset shift. See how state pension funds and RIAs are moving on Bitcoin ETFs, or get the full six-category breakdown in The 6 Institutional Investor Types Buying Spot Bitcoin ETFs.
Dakota Marketplace tracks institutional allocators actively evaluating tokenized strategies across endowments, pensions, and family offices. Filter by private markets allocation, asset class focus, and investment team contacts to identify who is moving in this space. Book a demo to see the full coverage.
