1. Issuers and Fund Managers
Apollo Global Management
Apollo's tokenized credit fund represents one of the most significant institutional commitments to on-chain private credit. The fund tokenizes limited partnership interests using Securitize as transfer agent, enabling 24/7 settlement and secondary liquidity for LP positions that traditionally required multi-week transfer processing.
Ares Management
Ares has disclosed an active pilot for on-chain CLO infrastructure, targeting automation of the payment waterfall and reduction of trustee processing costs. Focus is on senior tranche automation for existing CLO structures rather than net-new issuance.
KKR
KKR's tokenized fund — issued via Securitize — provides retail-adjacent access to institutional private equity and credit strategies. The CLO application extends this infrastructure to credit-focused fund structures.
Carlyle Group
Carlyle is among the private credit managers publicly committed to on-chain structured credit exploration. Specific CLO structure disclosure is pending.
2. Infrastructure Providers
Figure Technologies
Figure is the most advanced CLO issuer operating entirely on-chain. Figure CLOs are DTC-eligible, CUSIP-assigned, and cleared through standard institutional channels — demonstrating that on-chain issuance is compatible with existing settlement infrastructure without a parallel system. Figure's Provenance blockchain is the primary ledger.
Securitize
SEC-registered transfer agent and digital securities platform. Primary infrastructure provider for Apollo, KKR, and Hamilton Lane tokenized funds. Processing on-chain CLO tranche transfers and cap table management for institutional structures.
Tradeweb
Tradeweb has integrated digital securities trading capability for tokenized CLO tranches, enabling institutional secondary market price discovery within existing fixed income trading workflows.
3. Ratings and Data
- Moody's — rating methodology for tokenized CLO tranches; smart contract audit requirements for AAA rating
- S&P Global — CLO surveillance adapted for on-chain structures; oracle data feed standards
- KBRA (Kroll) — active in rating Figure CLO issuances; early mover on on-chain CLO rating methodology