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Tokenized real-world assets

Hamco Tokenized Pan-Asia Private Equity Fund

Not approved The evidence weighs against it

Review open since 2026-09-26: Open item: Re-read the hamco-pan-asia-pe eligibility file: its issuer documents changed. A draft revision dated 2026-09-26 is under audit. The verdict stands until the review closes.

Verdict
Not approved
The evidence weighs against it
Who can freeze it
Not graded
Withdrawals
The release ends with this sentence: “The fund will be available across select blockchains to Non-US professional/accredited investors meeting applicable eligibility criteria, minimum investment thresholds and subject to the investment documentation.” Synthesys’s copy says the same.
Reviewed
2026-10-18
Researched memo

Summary

Ketju does not approve the Hamco Tokenized Pan-Asia Private Equity Fund: Hamco offers it only to “Non-US professional/accredited investors,” so clients of US advisers cannot hold it. On 24 September 2026, HAMCO Services, a Cayman-licensed manager, announced the fund with Synthesys and Chainlink. It is a semi-liquid, evergreen private equity fund formed in the Cayman Islands. Synthesys’s Mint platform issues the shares under Chainlink’s transfer-agent standard, and Synthesys Network’s distributors sell them. Hamco has published nothing else about the fund: no offering memorandum, minimum, lock-up, redemption window, administrator, transfer agent, chain, ticker, contract or fund size. The release says redemptions “are subject to gates and may be deferred.” Ketju will review the fund again if Hamco admits US qualified purchasers under a filed exemption and publishes the documents and the contract.

Changes

2026-10-18The memo’s first sentence said Ketju does not approve the Hamco Tokenized Pan-Asia Private Equity Fund, but the Register showed Under review. Hamco offers the fund only to non-US investors, and that fact does not wait on missing evidence. Ketju changed the verdict to Not approved. The reasons and the review triggers did not change. The prior memo

Research

How it works

PR Newswire distributed the release from New York, Singapore, and Hong Kong on 24 September 2026, and Synthesys reprinted it on its blog. It describes a “semi-liquid, evergreen private equity fund” set up “as a native fund structure in the Cayman Islands.” Mint, Synthesys’s issuance platform, issues the fund. The release says Mint uses Chainlink’s Cross-Chain Interoperability Protocol, Digital Transfer Agent standard, and NAVLink. The illiquid book targets Pan-Asia pre-IPO positions, cornerstone and PIPE allocations, private credit, and direct investments in AI, semiconductor, and robotics unicorns. The liquid book holds “select listed companies, tokenized money market and credit funds and stablecoins.” The release calls this the fund’s “liquidity engine.” Neither the release nor Hamco’s site states the fund’s legal form: an exempted company, a segregated portfolio or an LLC. They also do not name its administrator, auditor, custodian, or transfer agent or state its size. The release calls the target investments “indicative only.”

Who runs it

HAMCO Services says it is “a CIMA-licensed company engaged in advisory, asset management and principal investing,” founded in 2018. Eddy Chow, co-founder and chief executive, spent more than twelve years at Goldman Sachs in Hong Kong working in private finance, structuring, sales, and distribution. He had previously worked at Lehman Brothers and IBM in New York. Tim Cheng, co-founder and managing director, ran long/short, macro, and multi-strategy money at Asian hedge funds. The portfolio page lists past positions in ByteDance (“5× MOIC · Partial exits”), SenseTime, WeBank, Micro Connect, Kuaishou, Mininglamp, XtalPi, and Robocore. It adds the caveat that the outcomes are “as described in company materials.” We could not confirm the firm’s license type or the fund’s CIMA registration because the CIMA entity search returned a server error on 2026-09-25. Hamco has not run a tokenized fund before; this is its first.

Eligibility and withdrawals

The release ends with this sentence: “The fund will be available across select blockchains to Non-US professional/accredited investors meeting applicable eligibility criteria, minimum investment thresholds and subject to the investment documentation.” Synthesys’s copy says the same. A US person, whether accredited or a qualified purchaser, is outside the offer. The release names no exemption, and no Form D exists on EDGAR for Hamco, so the file lists the registration path as not stated. The release gives the minimum as a “threshold” with no number. On redemptions, the release promises “better liquidity windows for subscriptions and redemption windows” but does not say how often they open. Its disclaimer says, “Redemptions are subject to gates and may be deferred.” The fund pays redemptions from a sleeve of money market tokens and stablecoins, so it can pay them only while that sleeve lasts. The release does not state the sleeve’s size or the share of the fund that each window may redeem.

Who controls it

Chainlink’s Digital Transfer Agent standard, which the release says Mint uses, sends every subscription and redemption through two contracts. A distributor on the approved list submits a request to a Request Management contract. The fund administrator posts the NAV through a NAVLink feed. At a set time, the transfer agent processes the batch. A Request Settlement contract, “deployed by each fund administrator or transfer agent,” then mints or burns the fund token. It holds new shares in escrow until payment settles on chain, off chain, or across chains through CCIP. Chainlink’s Automated Compliance Engine applies eligibility and role checks to the token itself, so the issuer or its agent must put the holder’s wallet on a list it keeps. The transfer agent’s contract mints and burns, and every trade uses a NAV from an administrator whom the release does not name. We could not review any of this for this fund, because Hamco names no chain, deploys no contract and verifies no code. Synthesys’s earlier Mint fund, EPOCH’s TreasuryPlus of March 2026, launched on Ethereum, Stellar, and Solana with Ascent Fund Services as administrator. That fund shows the likely form but tells us nothing about Hamco’s fund.

Comparison

We compare the fund with tokenized private-market funds in the Register that admit US qualified purchasers under Rule 506(c) and publish their documents. We also compare it with registered interval funds and tender-offer funds, which give a US client access to private equity under a prospectus. Hamco’s fund excludes US persons by its own words. Hamco has not published what an adviser needs to assess it: the memorandum, the minimum, the gates, the administrator, the contract, and the size. We do not approve the fund because of these standing facts; we make no judgment about the manager. Ketju will review it again when Hamco meets the conditions in the review triggers.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.

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