Historical record. Archived 2026-09-24: Superseded by an individually researched memo written with the eligibility files hamilton-lane-scope, hamilton-lane-sf6, and hamilton-lane-eov. The class record let size decide under the retired TVL screen and read one feeder. The researched memo covers all three Securitize feeders Hamilton Lane runs, reads their Form Ds (SCOPE and EOV have not been amended in over a year), their DS-protocol contracts and owner keys (SCOPE’s owner is one key, SF6 and EOV share another), SCOPE’s second layer of fees, and its shrinking on-chain balance (about $4.2M against $9.7M raised).. This keeps the last issued verdict and does not count toward current coverage.

Tokenized real-world assets

Hamilton Lane Senior Credit Opportunities Securitize Fund

Not approved Too small to exit at size

Issued

2026-08-15

Last confirmed

2026-08-15

Next check due

2026-11-15

Research basis

Capacity evidence not established

Chains

Polygon PoS · Mixed control, Ethereum · No freeze key, OP Mainnet · Mixed control

Eligibility file

What the holder owns and who may hold it

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 retired TVL screen. Private credit in a token wrapper would also need borrower-level disclosure review at scale, since the loans cannot be inspected on-chain. Research was deferred under the retired TVL screen: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below the retired TVL threshold TVL that book becomes the exit crush.

Review triggers: events that reopen the verdict

TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

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 the retired TVL threshold 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 the retired TVL threshold, 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 the retired TVL threshold 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 research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.

Chain	Verdict	Control	Control constraint
Polygon PoS	Rejected	Mixed control	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	No freeze key	No sequencer, no upgrade key, no operator who can be compelled. Rule changes require social consensus.
OP Mainnet	Rejected	Mixed control	Ethereum forced inclusion limits sequencer censorship, but the Foundation and Security Council can co-sign an immediate upgrade before a client can exit.

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