KETJU Research

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Tokenized real-world assets

Hamilton Lane Securitize feeder funds (HLSCOPE, HLSF6, HLEOVUS)

Rejected The evidence weighs against it
Issued
2026-09-24
Last confirmed
2026-09-24
Next check due
2026-12-24
Research basis
Individual research
Chains
Polygon PoS · Mixed control, Ethereum · No freeze key
Symbols
HLSCOPE HLSF6 HLEOVUS
Eligibility file
What the holder owns and who may hold it

Securitize runs three small feeder funds into Hamilton Lane funds and issues their shares as tokens, mostly on Polygon. HLSCOPE feeds Hamilton Lane’s senior private credit fund; HLSF6 feeds its sixth secondaries fund; HLEOVUS feeds its fifth private equity co-investment fund. Their latest Form Ds report $9.7 million sold to 64 investors, $6.5 million to 15, and $5.5 million to 12. Securitize put HLSCOPE’s assets at $3.99 million on 31 August 2026. All three are for qualified purchasers only: each Form D claims Rule 506(c) and the Investment Company Act section 3(c)(7) exclusion, and each Securitize page says “Investor Type: Qualified Purchaser.” Minimums are $10,000 for HLSCOPE and $20,000 for the other two. HLSCOPE exits through a monthly window into the master fund, with no promise of full payment, or through an RLUSD pool capped at 5% of assets that the general partner may close at will. The two private equity feeders state no redemption right. The assessment is adverse. The low minimum does not open these funds to model clients, who are not qualified purchasers. A client who qualifies buys the same Hamilton Lane funds through a feeder that stacks a 2.00% expense ratio on the master fund’s 2.51%, with unpublished memoranda and one Securitize key that can issue, freeze, and seize HLSCOPE.

The research file

What the funds hold

HLSCOPE is a unit of Hamilton Lane SCOPE Securitize Tokenized Feeder, LP, a Delaware partnership whose general partner is Securitize Capital. It feeds Hamilton Lane Senior Credit Opportunities Fund, a Luxembourg SICAV RAIF that Securitize says “invests in senior secured loans made to top-tier borrowers in North America and Europe.” Hamilton Lane’s May 2023 release said the feeder cut the minimum from $2 million to $10,000. Securitize gives a 2.00% expense ratio for the feeder at the end of 2025 and 2.51% for the master fund at the end of 2024, and a one-year return of 5.40% net to 31 August 2026. HLSF6 is a share of a British Virgin Islands company feeding Hamilton Lane’s sixth secondary fund, which “acquires mature private equity investments”; its page lists a 1.5% management fee and a 12.5% performance fee. HLEOVUS is a unit of a Delaware feeder into Hamilton Lane Equity Opportunities Fund V, which invests beside private equity firms in companies worth $300 million to $10 billion. Both private equity pages list a one-time subscription and K-1 tax reporting. None of the three private placement memoranda is in the public page content, and none was read.

Who may hold, and how money gets out

Investors open a Securitize account, pass identity checks, and submit an accreditation application; Securitize Markets, a broker-dealer, offers the shares. The Form D amendments filed 1 August 2025 (HLSCOPE, HLEOVUS) and 13 February 2026 (HLSF6) all claim section 3(c)(7), so only qualified purchasers may buy. HLSCOPE tokens move only “to other whitelisted holders after issuance.” HLSCOPE has two exits. The monthly window redeems with the master fund after it publishes a new NAV, and Securitize pays once the master fund pays; it says “Full redemptions are not guaranteed.” The RLUSD pool swaps HLSCOPE for RLUSD, a stablecoin issued by Standard Custody & Trust Company, on Ethereum against up to 5% of the fund’s assets, and “may be disabled for any or no reason.” Hamilton Lane’s 2023 release promised redemption “on demand” at the prior quarter’s NAV; the current page no longer says that. The HLSF6 and HLEOVUS pages state no redemption or transfer terms. The HLSCOPE page also contradicts itself, giving the domicile as both Delaware and BVI and the hold period as both one and three days; the Form D says Delaware.

Who controls the tokens

Each token is a Securitize DS-protocol contract behind an upgradeable proxy. The HLSCOPE contracts on Polygon and Ethereum are owned by 0x59c1…76ee, a single key that also owns ACRED, STAC, VBILL, and HINC. It can issue tokens, upgrade the contract, and through the DS services pause the token, lock a holder, and seize a balance. The wallet registrar that whitelists wallets has its own single-key owner on each chain. HLSF6 and HLEOVUS run an older DS release owned by a different single key, 0xb053…2b65; the reader confirms the pause and the upgrade but has no verified code for the allowlist, freeze, or seizure powers, so those stay unverified. Several Polygon and Base contracts use the HLSCOPE ticker with supplies of 100 billion or more and unrelated owners; they are not the fund, and a zero-supply Polygon HLSCOPE owned by 0xb053…2b65 appears to be an earlier deployment.

The record against the filings

On 24 September 2026 the Polygon HLSCOPE contract held 3,198.24 tokens across 46 wallets and the Ethereum contract 148.25 across three; at DefiLlama’s price of $1,268.43 that is about $4.2 million, close to Securitize’s $3.99 million. The Form D’s $9.7 million counts every sale since May 2023, so more than half of the money raised is no longer in the feeder. HLSF6 held 6,500 tokens in two wallets against $6.5 million sold to 15 investors, which points to an omnibus wallet rather than one wallet per investor. HLEOVUS held 481.25 tokens and its worldwide twin HLEOVWW 5,040; together that is 5,521.25, exactly the $5,521,250 the US feeder’s Form D reports sold. Either both feeders’ sales are counted in one filing or the match is chance; the documents read do not say. Who keeps the official record is not stated in any document read.

Comparison and decision

The question is what the token adds to a Hamilton Lane fund for someone allowed to buy it. For HLSCOPE it adds a lower minimum and a small, discretionary RLUSD exit; it costs a second layer of fees, a feeder that has shrunk by more than half, and a single Securitize key able to rewrite the register. For HLSF6 and HLEOVUS it adds nothing a holder can use: there is no stated exit and no stated transfer term. The assessment is adverse; the program stays research-only, and it is ineligible for model clients because they are not qualified purchasers.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

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.

ChainVerdictControlControl constraint
Polygon PoSRejected 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.
EthereumApproved No freeze key No sequencer, no upgrade key, no operator who can be compelled. Rule changes require social consensus.
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