Financial markets are not flipping from traditional rails to tokenized rails overnight. They are running both — in parallel — for years. The winners of this transition are not the loudest protocols. They are the companies building the infrastructure that lets assets, payments, credit, and equity move compliantly between both systems. That is what COSIMO X owns.
Tokenized real-world assets by 2035, in the progressive scenario.
Source: Boston Consulting Group, 2026.
Where the capital goes.
RWA Tokenization
What we invest in. Issuance platforms, tokenization-as-a-service infrastructure, asset servicing, and lifecycle management for tokenized securities — the picks and shovels of bringing real-world assets on-chain.
This is the front door of the platform. Black Manta Capital Partners, a BaFin-regulated Financial Services Institution (WpIG), operates regulated issuance with a €10B+ tokenization pipeline. Every issuance-layer investment sharpens what we know about where that market is going — and every platform lesson sharpens the portfolio.
Payments & Stablecoins
What we invest in. Stablecoin infrastructure, payment rails, and on/off-ramps — the settlement money of tokenized markets. Regulatory clarity in the EU (MiCA) and the US (GENIUS Act) is converting this category from speculation into regulated market plumbing.
Fortuna is in the authorization process for EU MiCA and related payments license approval. The fund’s payments portfolio and the platform’s payments layer read the same market from two sides.
Private Credit
What we invest in. Origination platforms, servicing infrastructure, and financing rails that move private credit on-chain — the largest early real-world-asset category by tokenized volume.
Private credit is where issuance, custody, and servicing must work together or not at all. It is the sharpest test of an integrated stack — and the clearest demand signal for the rails COSIMO operates.
Equity & Capital Markets
What we invest in. Dual-rail equity systems, regulated digital securities exchanges, and the market structure of tokenized capital formation. Portfolio positions include Archax, the first FCA-regulated digital securities exchange, broker, and custodian.
COSIMO X is itself a tokenized fund — a working instance of the category it invests in. Revolution Network’s settlement and identity layer is being built for exactly this market.
AI & Blockchain
What we invest in. The infrastructure where autonomous AI meets on-chain finance: agentic payment rails and stablecoin settlement for machine-to-machine transactions, on-chain identity, reputation, and authorization for AI agents — a “Know Your Agent” layer — verifiable compute and data provenance, and the AI systems that value, monitor, and keep tokenized assets compliant in real time. Open agentic-payment standards and machine-to-machine stablecoin settlement moved from demonstrations into production across 2025 and 2026, turning this from a narrative into measurable, utility-driven transaction volume.
Autonomous agents cannot open bank accounts. They transact through wallets, stablecoins, and verifiable on-chain identity — the exact rails COSIMO operates. Regulated settlement, compliant identity, and euro payment infrastructure are what let institutions put agents to work without losing control of compliance. The fund invests in this convergence from inside the licensed layer that has to underwrite it.
Three tiers, one discipline.
Series A to B infrastructure companies at $10M to $100M entry valuations. Live products, institutional customers, regulatory posture in place. This is the core of the fund.
Seed to Series A positions, frequently accessed through secondary purchases where the evergreen structure lets us be a patient, flexible buyer.
All stages, where ecosystem insight gives us conviction ahead of consensus.
Investment criteria.
Financial
$500K+ ARR for infrastructure companies, or clear institutional pilot traction with named customers. Path to profitability within 24 months. Real runway.
Team
Founders with dual expertise — traditional finance plus blockchain engineering. A regulatory-first mindset. Existing institutional relationships. In-house technical depth.
Product
Live and generating revenue from multiple customers, or in advanced institutional pilots. Licensed, registered, or supported by legal opinion. Infrastructure with network effects — value that compounds with adoption.
We co-invest alongside larger funds rather than competing with them. What we add is not just capital: portfolio companies get access to regulated issuance through Black Manta, a custody pathway through Fortuna, settlement on Revolution Network, and guidance across MiFID II, MiCA, FCA, and SEC frameworks — from a team that has operated a tokenized fund since 2019.
This page is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. Interests in COSIMO X LP are offered solely to qualified investors through the Fund’s confidential offering documents, pursuant to exemptions under Regulation D and Regulation S of the U.S. Securities Act, which control in all respects. Figures are as of the date stated and unaudited. Past performance is not indicative of future results.