Flow Capital Partners, a Hong Kong-based alternative asset manager, plans to offer shares of its $150 million private credit fund onchain through real-world asset tokenization platform DigiFT.
Bloomberg reported Friday that Flow Capital intends to make the fund — originally launched in June 2025 — available onchain by the end of this month. It is also seeking to raise an additional $30 million in tokenized shares by the end of this year.
Jacky Tian, chief investment officer of Flow Capital, said the company aims to scale the fund to $250 million by the end of 2026, according to the report.
The Hong Kong asset manager’s move reflects a broader push by traditional financial institutions to bring conventional products onchain. BlackRock’s tokenized Treasury fund, BUIDL, has emerged as a major tokenized money-market vehicle on public blockchain infrastructure.
JPMorgan also launched its first tokenized money-market fund, MONY, on Ethereum in December. It was seeded with $100 million in JPMorgan capital before being opened to external investors.
The RWA market has seen rapid growth in the past year. The total RWA market capitalization reached a record $58 billion as of April 14, up from $21.5 billion a year earlier, according to The Block’s data dashboard. On Ethereum alone, RWA market cap climbed to $19.3 billion, up more than 200% year-over-year.
Still, some analysts cautioned that RWA tokenization may not fully address structural risks. Nic Puckrin, co-founder of crypto analysis platform Coin Bureau, said bringing private credit funds onchain “solves the distribution problem by opening up access to a much wider pool of investors,” but does little to resolve the “liquidity mismatch problem.”
“The availability of instant settlement can create the illusion of liquidity, but we’ve already seen what can happen if redemptions rise past a certain threshold,” Puckrin added.
The Block reached out to Flow Capital and DigiFT for further information.
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