The Token Chose the Gate
Apollo Diversified Credit Fund, an interval fund registered with the SEC, sells Class A shares from $2,500 with a sales load of up to 5.75%, and Class I shares from $1,000,000. Its tokenized feeder, ACRED, run by Securitize, holds Class I shares, and RWA.xyz lists a $50,000 minimum limited to US accredited investors and non-US professional investors. Measured against the class it holds, the token lowered the bar. Measured against what a US buyer can already get, it raised one: an investor who can buy Class A from $2,500 cannot hold ACRED without being accredited. The gate follows from the feeder's legal route. ACRED's feeder is a private fund relying on Rule 506(c) and section 3(c)(1), and its latest Form D records $110.9 million sold to 26 investors. Franklin Templeton's tokenized money-market fund takes $20, which shows a registered wrapper is possible, though not that one would be as simple for private credit. The piece is written as of 28 October 2026.










