Hamilton Lane Senior Credit Opportunities Securitize Fund
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
This is a tokenized Hamilton Lane fund, issued through Securitize, that holds senior secured loans to North American and European borrowers. On-chain TVL was about $4.3M at the 2026-08-14 survey, under the $100M floor. Private credit in a token wrapper would also need borrower-level disclosure review at scale, since the loans cannot be inspected on-chain. Rejected on size: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below $100M TVL that book becomes the exit crush.
- TVL sustained above $100M for 30 days
The research file
Applicability to the surveyed record
Hamilton Lane and Securitize identify this token as an interest in a Delaware limited-partnership feeder to SCOPE, an evergreen private-credit fund focused on floating-rate senior secured loans. The token digitizes subscription and fund administration; loan selection, servicing, valuation, and borrower performance remain off-chain and are not transformed into protocol-enforceable collateral.
Current observation, perimeter, and lifecycle
The DefiLlama protocol API read on 2026-08-15 classified the wrapper as RWA and showed approximately $4.29M on-chain TVL: about $4.09M on Polygon and $0.20M on Ethereum, with Optimism listed but zero current balance. A 2025 SEC Form D confirms the feeder remains an active exempt offering and reported $9.71M sold to 64 investors, still below the shared v1 $100M threshold under either observable wrapper measure.
Access, control, and exit applicability
The 2025 Form D claims Rule 506(c) and Investment Company Act section 3(c)(7), reports a $10,000 minimum, and does not indicate sales to non-accredited investors. Securitize Capital is the general partner. Hamilton Lane describes monthly subscriptions and liquidity; Securitize clients generally request redemption at the previous quarter’s NAV, so access, eligibility, valuation timing, feeder approval, and private-credit cash liquidity constrain exit despite tokenization.
Why the class rule decides
The shared v1 below-materiality dossier remains the immediate basis because the investable tokenized feeder is far below $100M, while its private-credit and restricted-offering structure would require a full legal and credit review at scale. Reopen after independently observable feeder NAV or on-chain TVL remains above $100M for 30 consecutive days, then review eligibility, offering documents, adviser and general-partner control, borrower and manager concentration, valuation, defaults, fees, transfer restrictions, redemption gates and execution, custody, token contracts, and named private-credit alternatives.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Securitize — Hamilton Lane SCOPE feeder offering · primary · accessed 2026-08-15
Supports: tokenized feeder, senior credit, borrower profile, on-demand liquidity - Hamilton Lane — SCOPE through Securitize · primary · accessed 2026-08-15
Supports: feeder structure, Polygon issuance, $10,000 minimum, monthly subscription, prior-quarter NAV redemption - SEC — 2025 SCOPE tokenized feeder Form D · primary · accessed 2026-08-15
Supports: Delaware limited partnership, Rule 506(c), section 3(c)(7), minimum investment, amount sold, investor count - Hamilton Lane — current SCOPE fund overview · primary · accessed 2026-08-15
Supports: evergreen private credit, monthly liquidity, monthly valuation, valuation committee, senior loans - DefiLlama — Hamilton Lane SCOPE Securitize survey record · secondary · accessed 2026-08-15
Supports: current on-chain TVL, Polygon balance, Ethereum balance, Optimism listing, RWA category
Inherited controls
The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Polygon PoS | Rejected | hybrid | a public validator set orders transactions, but a 5-of-9 multisig can instantly upgrade staking and canonical bridge contracts, while a 5-of-8 controls custom child tokens. |
| Ethereum | Approved | sovereign | No sequencer, no upgrade key, no operator who can be compelled — rule changes require social consensus. |
| OP Mainnet | Rejected | hybrid | Ethereum forced inclusion limits sequencer censorship, but the Foundation and Security Council can co-sign an immediate upgrade before a client can exit. |