The theoretical benefits that blockchain technology can offer the private funds industry have given way to tangible, practical implementation by fund managers and others in the financial industry. Adoption has moved lockstep with – and in response to – the comfort of buy-side participants with tokenization. Over time, the rate of implementation is likely to grow as fund managers are showing increasing interest in tokenizing their private funds and otherwise embracing blockchain technology. Those insights were unveiled by research conducted by IFI Global and STM.co on private fund managers’ adoption of tokenization. The research was conducted through desktop reviews, interviews and questionnaires completed by GPs, and the results were presented in a webinar moderated by IFI Global CEO Simon Osborn and STM.co COO Jason Barraza, featuring Keith O’Callaghan, head of asset management and structuring at Archax, and Sidney Powell, CEO of Maple Finance. This article summarizes the research findings, highlights the asset classes that are most commonly being tokenized, analyzes which buy-side participants are embracing tokenization and considers the future of blockchain technology in the private funds industry. For coverage of other IFI Global programs, see “Gauging European Investors’ Appetite for U.S. Funds and Considerations in Marketing to Them” (Nov. 14, 2024); and “Latest on Using Reverse Solicitation, Placement Agents, NPPRs and Other Potential Non‑AIFMD Options to Distribute in Europe” (Apr. 5, 2022).