Securitize and Neuberger launch tokenized high-yield fund on four blockchains

Securitize has opened a tokenized fixed-income fund managed alongside Neuberger Berman that will invest mainly in high-yield bonds and issue interests across Avalanche, Ethereum, Solana, and Sui.

The Neuberger Securitize High Income Tokenized Fund, ticker HINC, will seek risk-adjusted returns from income-producing fixed-income assets, Securitize said in an Aug. 18 announcement. The mandate permits investments in high-yield bonds, collateralized loan obligations, and leveraged loans. Neuberger will manage the portfolio as subadvisor, drawing on a fixed-income business overseeing more than $230 billion.

Securitize Capital LLC serves as the investment adviser. Securitize Markets LLC will offer fund interests to eligible investors, and other affiliates of the tokenization company will handle administration and operational services.

HINC will issue tokenized interests on Avalanche, Ethereum, Solana, and Sui, giving eligible investors four networks through which to access the fund. Participation will remain restricted despite the blockchain representation. Investors must qualify as accredited investors or qualified purchasers and complete Securitize's onboarding, including know-your-customer and anti-money laundering checks. Access also depends on jurisdiction and applicable securities laws.

Carlos Domingo, co-founder and CEO of Securitize, said the fund places Neuberger's fixed-income capabilities on public blockchains through regulated infrastructure.

"Launching HINC across Avalanche, Ethereum, Solana and Sui gives eligible investors access through four leading blockchain networks," Domingo said.

Neuberger's role is limited to subadvisor. The asset manager applies its research and portfolio-management process to the underlying fixed-income investments rather than manage blockchain infrastructure. Neuberger manages approximately $613 billion across equities, fixed income, private markets, real estate, and hedge fund portfolios as of June 30. Its fixed-income platform accounts for more than $230 billion of that total.

"We are pleased to work with Securitize to extend our process-driven, actively managed approach to qualified investors looking to access fixed income strategies on-chain," said Anil Abraham, Neuberger's head of product management.

HINC represents Neuberger's first role as subadvisor to a tokenized fund. The investment mandate remains centered on conventional credit instruments. High-yield bonds are corporate debt carrying ratings below investment grade. Leveraged loans are typically issued by companies with elevated debt levels. Collateralized loan obligations pool corporate loans and divide cash flows among different investor groups. The announcement did not state how much of HINC would be allocated across bonds, CLOs, or leveraged loans.

A comparable product entered the market in July when Centrifuge and New York Life Investment Management introduced a tokenized U.S. high-yield corporate bond strategy. Subscriptions and redemptions for that product settle in USDC, with NYLIM retaining portfolio management and risk controls. Unlike that single-chain arrangement, Securitize chose four networks for HINC at launch. The release did not specify whether subscriptions and redemptions would settle in dollars, stablecoins, or both.

Securitize reported more than $4 billion in assets on its tokenization platform as of April. The company works with asset managers including Apollo, BlackRock, BNY, Hamilton Lane, KKR, and VanEck. Earlier in August, BlackRock launched two tokenized funds holding cash, short-term U.S. government debt, and Treasury-backed repurchase agreements. Securitize acts as transfer agent and tokenization provider for those products.

HINC differs from cash and Treasury products by taking exposure to lower-rated corporate debt and credit assets. The fund's return profile and risk will depend on the performance of its underlying portfolio rather than the blockchain used to record ownership.

A May report based on InvestaX data placed the tokenized RWA market excluding stablecoins at about $29 billion at the end of March, following roughly 30% growth during the first quarter.

Alongside third-party funds, Securitize placed its own publicly traded shares on Solana and Avalanche when the company began trading on the New York Stock Exchange in July. The tokenized SECZ shares represent the same common stock as the exchange-listed securities rather than a separate share class.

In the United States, Securitize Markets operates as a broker-dealer registered with the Securities and Exchange Commission and runs an alternative trading system. Securitize Transfer Agent is also registered with the SEC. Securitize Capital operates as an exempt reporting adviser. Those entities divide the responsibilities connected to HINC: Securitize Capital advises the fund, Securitize Markets offers its interests, and affiliated businesses provide tokenization and administrative services.

Outside the United States, Securitize operates through Securitize Europe Brokerage and Markets, an authorized investment firm that runs a trading and settlement system under the European Union's DLT Pilot Regime.

Founded in 1939, Neuberger remains privately held and employee-owned with no corporate parent or unaffiliated external shareholders. The investment manager employs about 3,000 people across 26 countries and manages portfolios for institutions, financial advisers, and individual clients.