Abu Dhabi's $430 Billion Mubadala Capital Explores Tokenized Private Market Access via Kaio Partnership

Abu Dhabi-based sovereign-linked asset manager Mubadala Capital has partnered with institutional real-world asset (RWA) infrastructure provider Kaio to explore tokenized access to private market investment strategies. The initiative, announced on Tuesday, will assess how Kaio's digital framework can enable institutional and accredited investors to access Mubadala Capital's private market products onchain.

Mubadala Capital manages, advises, and administers over $430 billion in assets across private equity, credit, real estate, and alternative strategies. It is a subsidiary of Mubadala Investment Company, one of Abu Dhabi's sovereign wealth funds. The move signals a significant push from sovereign-linked capital into blockchain technology as a distribution layer for alternative assets, which are traditionally restricted by high minimum investments, multi-year lockups, and geographic limitations.

While no specific product has been launched yet, the collaboration represents a concrete step toward digitizing fund structures. Fatima Al Noaimi and Max Franzetti, co-heads of Mubadala Capital Solutions, stated the goal is to "leverage regulatory-aligned infrastructure to test how digital rails can broaden access to institutional-grade products."

Kaio brings substantial experience to the partnership, having previously supported tokenized feeder structures for major asset managers like BlackRock, Brevan Howard, and Hamilton Lane, bringing over $200 million in institutional assets onchain. Kaio CEO Shrey Rastogi commented, "This launch demonstrates how traditional institutional capital is now scaling onchain."

The news follows a Bloomberg report from November 19 revealing that the Abu Dhabi Investment Council (ADIC), another Mubadala subsidiary, held at least $500 million in BlackRock's spot Bitcoin ETF. This context highlights Abu Dhabi's growing institutional engagement with digital assets.

The partnership aligns with broader momentum in the RWA tokenization sector. Industry research from 21.co shows the tokenized asset market expanded from $8.6 billion in 2023 to over $23 billion by mid-2025. CoinShares reported that onchain US Treasuries alone grew from $3.9 billion to $8.6 billion in 2025, a trend expected to continue through 2026.