On 21 April 2026 Lingfeng Capital, the Hong Kong based private equity fund, launched its Digital Venture Fund (DVF) on Digital Markets Infrastructure (DMI) platform built by the London Stock Exchange Group (LSEG) to host private funds. Archax, the London-based digital asset exchange, brokerage and custodian, is simultaneously making the DVF available in tokenised form. While the case for investing in the fund stands and falls on the merits of its investment strategy, tokenisation offers issuers wider distribution to new classes of investor and investors secondary market trading as an alternative to traditional subscriptions and redemptions. By maintaining interoperability between the conventional and tokenised versions of the fund, DVF is endeavouring to prove that traditional and digital funds can be integrated successfully across issuance, distribution, trading and servicing, with sufficient cost savings and additional capital raising to spark a surge of tokenised fund issues. Dominic Hobson, co-founder of Future of Finance, asked Graham Rodford, Founder and CEO of Archax, and Brian McNulty, General Partner at Lingfeng Capital, about their expectations of the launch.

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Funds have emerged as the main axis of advance for tokenisation. Tokenised money market funds, used first by on-chain cryptocurrency traders, have found a second audience in traditional collateral management. Their close cousin, Stablecoins, are also migrating from the cryptocurrency markets to facilitate instant settlement of fund transactions and round-the-clock trading of tokenised funds. The question is no longer whether tokenised funds offer value to asset managers and allocators, fund distributors and bank and brokerage intermediaries. It is whether they can scale. One school holds that the key to scale is greater interoperability between traditional and digital asset markets. While a preference for digital twins of established funds will always disappoint purists, it does allow asset managers to gather more assets by reaching new classes of investor. Widening distribution also argues for public rather than private blockchains. And no fund servicing business is doing more to enable its customers to issue, distribute and service tokenised funds and asset-backed Stablecoins than Apex Group. Dominic Hobson, Co-founder of Future of Finance, asked Peter Hughes, CEO and founder of Apex Group, why he has placed tokenisation at the forefront of his strategy.

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Every token issuer knows that scale depends on liquidity, but liquidity depends on scale. To break this cycle, Bermuda-based MembersCap, the specialist reinsurance investment manager, is making available composable versions of its tokenised funds. The firm is confident composability will extend the range of allocators open to investing in MembersCap funds beyond traditional end-investors such as foundations and pension funds to encompass the corporate treasurers, hedge funds, market makers, arbitrageurs, proprietary traders and yield farmers active in the Decentralised Finance (DeFi) markets. The challenge is that the 24/7 trading models characteristic of DeFi demand instant liquidity. MembersCap meets the challenge through an innovative custodial structure. Which means the funds get a liquidity boost as well as wider distribution. Dominic Hobson, co-founder of Future of Finance, asked Bruce Jackson, Chief Financial Officer and Chief Capital Officer at MembersCap, how it all works.

⭐ Read more about this interview: MembersCap is repackaging its tokenised funds to meet the needs of DeFi traders

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