Research summary
Securitize runs three small feeder funds into Hamilton Lane funds and issues their shares as tokens, mostly on Polygon. HLSCOPE feeds Hamilton Lane’s senior private credit fund; HLSF6 feeds its sixth secondaries fund; HLEOVUS feeds its fifth private equity co-investment fund. Their latest Form Ds report $9.7 million sold to 64 investors, $6.5 million to 15, and $5.5 million to 12. Securitize put HLSCOPE’s assets at $3.99 million on 31 August 2026. All three are for qualified purchasers only: each Form D claims Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, and each Securitize page says “Investor Type: Qualified Purchaser.” Minimums are $10,000 for HLSCOPE and $20,000 for the other two. HLSCOPE exits through a monthly window into the master fund, with no promise of full payment, or through an RLUSD pool capped at 5% of assets that the general partner may close at will. The two private equity feeders state no redemption right. The assessment is adverse. The low minimum does not open these funds to model clients, who are not qualified purchasers. A client who qualifies buys the same Hamilton Lane funds through a feeder that stacks a 2.00% expense ratio on the master fund’s 2.51%, with unpublished memoranda and one Securitize key that can issue, freeze, and seize HLSCOPE.
Observable review triggers
- Securitize publishes the memoranda and they change the investor class, fees, or redemption terms
- Any of the three feeders opens to accredited investors under section 3(c)(1) or to US individuals below the qualified-purchaser test
- The owner key 0x59c1…76ee or 0xb053…2b65 moves to a multisig with a delay
- HLSCOPE pays a monthly redemption late or in part, or Securitize closes the RLUSD pool
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized RWA
- Chains examined
- Polygon, Ethereum
- Instruments
- HLSCOPE, HLSF6, HLEOVUS
- Reviewed
- Next review