25 November 2025
Fractionalisation of Real Assets
Introduction
The concept of fractionalisation of Real assets allows investors to own a share of an underlying tangible or financial asset — such as real estate, art, loans, or intellectual property, investment fund, private equity deal etc — without directly acquiring the entire asset. This is made possible through the use of a securitisation special purpose vehicle (SPV), which issues financial instruments or certificates that represent proportional ownership in the underlying asset pool.
How the Structure Works
Under a typical structure, the SPV legally owns the real asset (or pool of assets). It then issues certificates or notes to investors. Each certificate corresponds to a defined fraction of the total economic rights linked to the asset — such as income, appreciation, or sale proceeds.
The SPV acts as a neutral and regulated vehicle, ensuring the segregation of assets and liabilities, transparency in valuation, and compliance with investor protection rules. This structure is commonly governed by legal frameworks in some jurisdictions.
Ownership and Holding of Certificates
Once issued, the certificates can be held in several ways:
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Directly registered in the name of the investor in the SPV’s shareholder or noteholder register held on the FundNav ® platform;
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Held through a nominee bank or custodian, on behalf of the beneficial owner – in the name of the bank on the FundNav Platform;
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Delivered via clearing systems such as Euroclear or Clearstream, through Delivery versus Payment (DvP) settlement mechanisms.
This flexibility allows both institutional and private investors to participate, depending on their preferred custody arrangements and regulatory status.
Tokenisation: The Digital Layer
As financial technology evolves, these certificates can also be tokenised — meaning that digital tokens are issued on a blockchain representing the same rights as the traditional certificates. Each token mirrors the economic exposure and legal rights attached to the underlying asset.
Tokenisation brings additional benefits:
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Instant and transparent ownership transfer;
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Reduced settlement times and intermediary costs;
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Broader access to investors through digital platforms.
When combined with the SPV/Certificates, tokenisation provides a legally robust and technologically advanced approach to asset fractionalisation, compliant with existing financial regulations while embracing the advantages of distributed ledger technology (DLT).
Applications
This model is applicable across multiple asset classes:
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Real estate and infrastructure projects;
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Collectibles (art, cars, watches);
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Loans and private debt portfolios;
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Renewable energy projects;
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Intellectual property and royalties;
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Securities, investment funds, derivatives;
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Crypto assets;
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Investment in a deal, Venture Capital, co-investment, Limited Partner’ share.
Each structure can be tailored to meet investor profiles, tax considerations, and regulatory constraints, offering a secure and scalable solution for modern asset investment.
Conclusion
The combination of issuance of certificate by a SPV and tokenisation technology provides a new paradigm for asset ownership and investment diversification.
By fractionalising high-value assets into regulated, tradable certificates or tokens, issuers can unlock liquidity and expand access to previously illiquid markets — all within a secure, transparent, and compliant structure.
Regulated or
Unregulated 
