The Private Markets Structures That Institutional Originators Actually Use
Different asset classes carry different legal structures, different compliance layers, and different secondary market considerations. Capkindle's infrastructure is built to handle that specificity — from the SPV and intercreditor mechanics of real estate debt to the assignment and dilution controls of trade receivable pools. Not a generic tokenization layer applied uniformly to everything.
Private Credit Notes
Direct lending, senior secured, and mezzanine notes from private credit originators. Capkindle handles the token issuance, investor onboarding, and coupon distribution for private credit instruments across the capital structure.
The compliance architecture for private credit note issuances is designed with Reg D 506(b) or 506(c) framework alignment, depending on whether general solicitation is used. Qualified purchaser structures and institutional fund-to-fund positions are supported where your legal setup and investor base require them. Coupon distributions, waterfall mechanics, and DPI/IRR calculations are tracked on-chain.
Real Estate Debt
Bridge loans, commercial real estate senior notes, and CMBS-adjacent structures. Tokenized real estate debt requires disciplined SPV structuring and close attention to state-level lien and transfer restrictions — Capkindle handles the technical implementation within the legal architecture your counsel defines.
Senior and mezzanine CRE notes can be tokenized without losing the structural protections that institutional buyers require. Intercreditor arrangements, UCC filings, and lender protections are documented and linked to the token's on-chain record.
Infrastructure Revenue Rights
Power purchase agreements, capacity contracts, and infrastructure revenue rights. Long-duration, cash-flowing assets with predictable revenue profiles that institutional LPs find attractive — but historically difficult to fragment and distribute.
Infrastructure tokenization typically involves revenue-right assignment rather than equity transfer. The legal structure requires specific documentation of revenue assignment, performance guarantees, and step-in rights — all of which Capkindle links to the on-chain issuance record.
Trade Receivables
Invoice factoring, supply chain finance, and trade receivable pools. Short-duration, high-yield assets that have historically been difficult to distribute to institutional investors at scale — tokenization addresses the fragmentation and transfer challenges.
Receivables tokenization requires legal assignment or sub-participation structures, debtor notification mechanics, and dilution controls for the pool. Capkindle's deal room includes specialized configuration options for receivable pools and revolving structures.
Infrastructure Requirements by Asset Class
Each asset class has specific deal mechanics, compliance requirements, and secondary market considerations. This reference summarizes the key parameters.
| Asset Class | Typical Deal Size | Typical Lock-up | Compliance Layer | Secondary Market |
|---|---|---|---|---|
| Private Credit | $2M – $50M | 12 – 36 months | Reg D 506(b)/(c) | Structured bilateral |
| Real Estate Debt | $5M – $100M | 6 – 24 months | Reg D / Reg S + SPV | Structured bilateral |
| Infrastructure | $10M – $200M | 3 – 20 years | Reg D / Reg S + Assignment | Limited / LP transfer |
| Trade Receivables | $1M – $25M | 30 – 180 days | Reg D + Assignment | Pool revolving |
All compliance layers require qualified securities counsel review. Ranges are indicative only. Capkindle does not provide legal or investment advice.
Discuss Your Asset Class and Deal Structure
Every deal is different. Schedule a consultation to review whether Capkindle's infrastructure is the right fit for your specific origination and distribution requirements.