Fund-level tokenization. Live price discovery. One vault.
Fund-level tokenization with roaming liquidity. L3RS-1 Profile F vaults issued under the T3RRA Standard Rate Card, priced live, redeemable cross-chain. Minimum mandate $50M.
Quarterly estimates aren't a market.
Conventional fund interests — REIT units, closed-end fund shares, private fund LP positions — are valued by a quarterly NAV process run by an internal team or an external valuation firm. Between valuation dates, the unit has no market price. Holders who need liquidity sell into a secondary market that has no real depth, against buyers with no real reference, and the discount to NAV that results is not a market signal — it is the cost of the missing market itself.
Industry research consistently puts the secondary discount on private-fund LP interests at 20–30% below the most recent NAV.1 Tokenized fund vehicles built on walled-garden platforms inherit the same discount the moment a holder needs an exit, because the venue does not have the depth or the cross-chain reach to source a real bid. The token is technically operable but institutionally illiquid, and the conventional discount lives on.
Closed-end funds trade at 20–30% discounts to NAV on secondary markets. T3RRA Vault prices live, on chain, against Flow-sourced depth.
Why a fund vault has to clear all three walls.
Compliant Asset
The vault is an L3RS-1 Profile F object with a total ComplianceModule. Regulated LPs can hold it.
Geographic Freedom
SPV, legal opinions, and the jurisdiction map are part of Stage 2 structuring. The fund can sell outside its country of formation.
Roaming Liquidity
Flow routes redemptions across eight chains under the route admissibility predicate. LP units are not stranded on one venue.
Continuous price discovery, encoded into the unit token.
T3RRA Vault encodes a fund's units as L3RS-1 tokens at the share or unit level. Subscription, redemption, jurisdictional gating, voting rights, and distribution waterfalls are all written into the ComplianceModule at mint. Every transfer carries the rulebook with it, on every chain Flow touches.
The defining feature is what happens at secondary. Because L3RS-1 is chain and network agnostic, Flow can source bids and offers across the eight launch chains simultaneously, drawing depth from institutional venues, partner brokerages, and connected pools. The result is a continuous, market-driven reference price for the unit token — replacing the quarterly valuation report with real-time price discovery against actual buyer and seller flow. The conventional secondary discount is not narrowed. It is eliminated at the source.
One fee schedule. Same rate card as every other T3RRA mandate.
T3RRA Vault is priced under the T3RRA Standard Rate Card. Stage 2 structuring (ComplianceModule · SPV · legal opinions · tax · jurisdiction map · regulator pack) is 2.00% at token mint, all-inclusive. Servicing is 0.25% p.a. on vault NAV. Secondary trades inside Flow are 0.50% per trade. Minimum mandate size $50M.
The vault sits on all five layers.
From estimate to price.
Quarterly NAV is a backward-looking report produced by an internal team. Flow-discovered price is a forward-looking signal produced by the market itself. Same vehicle. Different epistemics.
From walled garden to global depth.
A unit token confined to one venue inherits the venue's discount. A unit token routed across the eight launch chains inherits the depth of the entire L3RS-1 institutional universe.
From manual to programmable.
Subscriptions, redemptions, distributions, and corporate actions execute through the vault waterfall. The Agent Mesh runs the operational layer; humans approve the exceptions. A fund administrator's monthly process becomes a continuous one.
Built for managers whose vehicles already exist.
Vault is the right product when the legal wrapper is already in place and the work is to bring it on-chain at the unit level. If you do not yet have a vehicle, talk to us about a direct issuance under the standard L3RS-1 mandate instead.
REIT sponsors
Listed and unlisted real estate investment trusts seeking deeper unit-level liquidity, broader institutional eligibility, and a continuous reference price.
Closed-end fund managers
Real estate, infrastructure, private credit, and natural-resource funds whose unit-level secondary is currently capped by venue depth.
Multi-asset pooled vehicles
Multi-strategy or multi-asset vehicles bringing the entire pool on-chain at the unit level under one ComplianceModule.
Fund-of-funds & continuation vehicles
GP-led continuation vehicles, fund-of-fund wrappers, and bespoke tokenized fund interests for accredited and institutional investors.
One mandate. The full vehicle on-chain.
The engagement runs against the same fourteen-item scope as a direct issuance — adapted for the fund-level inputs.
Vehicle Mapping
Existing fund or REIT legal wrapper mapped to L3RS-1 at the unit level. NAV methodology and valuation oracle agreed.
Vault Configuration
Unit-level ComplianceModule encoded. Subscription, redemption, distribution, and corporate-action mechanics wired into the vault.
Subscription
Investor onboarding, KYC, primary subscription executed against the unit token under the configured eligibility framework.
NAV → Live Price
Quarterly NAV estimates replaced with continuous price discovery through Flow liquidity depth across the eight launch chains.
Distributions & Reporting
Programmable distributions, investor reporting, tax-pack generation, audit support — for the full tenor of the vehicle.
The fourteen-item engagement scope from /issuers applies in full. See the Lifecycle Matrix on /issuers for the Fund / REIT track.
Open the Lifecycle MatrixBacked by the full T3RRA canon → /docs
Phase 1: direct asset issuance. Phase 2: T3RRA Vault.
The standard T3RRA mandate covers direct asset tokenization — the work the desk runs today. T3RRA Vault extends the same architecture one layer up to fund-level vehicles, where the legal wrapper already exists and the work is to bring the unit token on-chain with continuous price discovery from day one.
1 Secondary discounts on private-fund LP interests: industry secondary-market reports, 2024 (e.g. Neuberger Berman, Jefferies).
