Tokenized private equity fund holds $6.5m from 15 investors

Hamilton Lane closed Secondary Fund VI at $5.6bn in June 2024, its largest fund ever. Alongside it the firm put a tokenised feeder on Polygon through Securitize and dropped the entry ticket from the usual $5m to $20,000. That is 250 times lower, and it is the number every write-up about tokenised private equity repeats.

“Minimum investment accepted from any outside investor: $20,000.”

— Hamilton Lane SF6 feeder, Form D filed with the SEC, February 2026

What the filings show

The feeder files its own paperwork with the SEC, so the result can be read rather than assumed. Its latest Form D, filed in February 2026, reports $6,500,000 sold to 15 investors, with the first sale on 1 December 2023.

The June 2024 filing showed $6,245,000 from six investors. So across roughly twenty months the tokenised feeder added $255,000 and nine people. Against the fund it feeds, $6.5m is 0.116%, about one dollar in every 862 the fund manages.

Who actually came in

The composition is the stranger part. Spread across 15 investors, $6.5m averages $433,000 each, which is 21 times the $20,000 minimum the product was built around. The door was lowered for people with twenty thousand dollars and walked through by people with several hundred thousand.

Hamilton Lane runs two more tokenised feeders and they read the same way. Equity Opportunity Fund V reports $5,521,250 from 12 investors. SCOPE reports $9,707,446 from 64 investors at a $10,000 minimum, which makes it the most successful of the three at attracting people rather than money. All three together hold $21,728,696 from 91 investors, an average of $238,777 each.

What it does and does not prove

None of this says tokenisation failed. The legal and operational work is real: a feeder exists, it takes $20,000 cheques, under it runs a public blockchain, and the thing has worked for three years without incident. What the filings say is that lowering a threshold is not the same as filling the room behind it, and that the second part takes longer than a press release.

The same gap shows up elsewhere in the week. Nine US companies have refused tokenised versions of their shares on one venue, and five issuers of tokenised Tesla stock priced it 0.30% apart. What settles the Hamilton Lane case is the next Form D: if the count moves from 15 to a few hundred, the access argument starts paying.

Informational material, not investment advice. Form D reports what a fund offered to US investors under that exemption, so sales made elsewhere under other rules do not appear in these numbers.