Research summary
ACRDX is a share of a British Virgin Islands fund that owns shares of Apollo Diversified Credit Fund, a US interval fund lending to companies and against assets. Anemoy Capital SPC Limited, the Centrifuge-affiliated BVI professional fund that also issues JTRSY and JAAA, runs it as a separate segregated portfolio. The token is the share: Anemoy says the fund “issues its shares as the ACRDX token to investors,” and the register lives on Centrifuge. Holdings published on 20 July 2026 show 1,386,827 Apollo fund shares worth $30.7 million and $0.5 million in a Western Asset liquidity fund; the fact sheet gives 43 million USDC of assets at 29 June. The fund admits only non-US professional investors, with a minimum of 500,000 USDC. It takes money daily but can pay out only when Apollo makes one of its quarterly repurchase offers, so its liquidity is Apollo’s. It adds a 0.50% management fee to Apollo’s own costs; since its October 2025 launch it has returned 2.64% a year. The assessment is adverse on the comparison, not on the fund. It owns the same asset a client could own directly through a registered fund, with the same quarterly exit, and adds an offshore wrapper, a second fee, and on-chain powers to freeze and move balances. US persons may not hold it.
Observable review triggers
- Anemoy opens ACRDX to US investors under a published exemption, or publishes an offering memorandum that changes the investor class or the exit
- ACRDX gains a liquidity source independent of Apollo’s quarterly repurchase offers
- Apollo Diversified Credit Fund prorates or suspends a quarterly repurchase offer
- The FullRestrictions hook is replaced, the Root delay changes, or a freeze or authTransferFrom is used on a holder
- The Chronicle proof of asset shows Apollo fund shares below 90% of ACRDX NAV
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized RWA
- Chains examined
- Ethereum, Base, Plume Mainnet, Monad, OP Mainnet, Solana
- Instruments
- ACRDX
- Reviewed
- Next review