Private Markets Alert Newsletter

Issue Number 024 - November 5, 2025 - Tokenization Dawn & Political Resistance

Author

The Editor
November 05, 2025 • Estimated Reading Time: 4 minutes

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✍️ Op-Ed: The Great Reassurance

JPMorgan tokenized its first private equity fund on the Kinexys blockchain, completing a live transaction for private bank clients the same week Democratic lawmakers pushed back on adding private equity to 401(k) menus. Jamie Dimon declared "crypto is real" while private credit bosses criticized "misinformation" over First Brands collapse. Global PE deal volume tracks toward four-year high per KPMG, yet warnings of "private credit winter" proliferate. The juxtaposition is striking: technological innovation accelerating precisely as political resistance solidifies and crisis rhetoric intensifies. Banks pursue tokenization not despite warnings but because of them—blockchain promises transparency and efficiency that could address the opacity concerns fueling backlash.Top Deals:

🤝 Top Deals

  • JPMorgan completed first tokenized private equity fund transaction on Kinexys blockchain platform, with broader rollout of Fund Flow system planned for early 2026 covering private credit, real estate, and hedge funds. Read more →

  • Global PE deal volume on pace for four-year high with improving M&A conditions and exits accelerating across major markets, per KPMG Q3 analysis showing sustained momentum. Read more →

  • Democratic lawmakers launched coordinated pushback against 401(k) private equity inclusion, citing risks to retail investors and questioning fiduciary standards amid cockroach warnings. Read more →

  • Private credit managers publicly refuted "misinformation" about First Brands bankruptcy, arguing the $10+ billion collapse stemmed from fraud rather than systemic credit problems. Read more →

  • SEC strategic shift accelerates retail investor access expansion through streamlined rulemaking and revised accredited investor definitions per Katten analysis. Read more →🏢 Private Company Research: Moody's Corporation - Institutional Schizophrenia

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