Nearly a quarter of asset managers already offer tokenized investments, and a further 44% expect to offer them to clients within 12 months
More than nine out of 10 asset managers see tokenization of private credit funds as attractive
BOISE, Idaho, NEW YORK, CHICAGO, LONDON and HONG KONG, November 3, 2026 – Forty-four percent of 250 senior executives at fund managers across the U.S, Europe, and the Asia-Pacific region plan to offer tokenized investments within the next year, and a further 24% already offer them to their clients, according to "The Crowded Trade", a global study commissioned by Clearwater Analytics.
Further, 16% of asset managers say they will join the tokenized assets market within the next 12 to 24 months. In total, 97% expect to offer tokenized investments within three years.
As asset managers explore ways to improve operational efficiency, broaden investor access and modernize infrastructure to capture investor appetite for private markets, the research reveals a growing appetite for tokenization.
Almost all (96%) asset managers participating in the survey say tokenized private credit funds, which allow fractional exposure to business loans that can provide higher yields to a broader investor base, look attractive.
Meanwhile more than half (56%) of respondents say the same about private equity, with 26% saying the prospect of tokenized private equity funds is very attractive.
Kirat Singh, President of Risk and Alternative Assets at Clearwater Analytics, said: “Nearly every firm in this survey expects to offer tokenized investments within three years. When that many firms move into the same format at the same time, attention turns to what sits underneath it. A tokenized fund still depends on an accurate investment record, consistent data across traditional and digital holdings, and clear visibility into risk. With 86% of firms already reporting doubts about important data at least weekly, every new tokenized product adds another record they will need to trust.”
The full findings of "The Crowded Trade" are available at https://cwan.com/resources/reports/the-crowded-trade-global-asset-manager-report/
About Clearwater Analytics
Clearwater Analytics is the natively agentic investment management platform built on a single, continuously reconciled investment record. Portfolio management, trading, accounting, risk, compliance, and private markets workflows run on a single source of truth, creating a connected foundation for automation, AI-driven insights, and agentic workflows across the investment process. Clearwater supports more than $10 trillion in assets globally for insurers, asset managers, hedge funds, banks, corporations, and governments. Learn more at www.cwan.com.
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Notes to Editors
Clearwater Analytics commissioned independent research agency Pureprofile to interview 250 senior executives working for asset managers in the US, Europe and APAC. Those interviewed were equity, fixed income, multi-assets, private market (private equity, private credit, real estate and venture capital), hedge fund, and insurance asset managers. The research was conducted in April and May 2026.