Your asset. Your capital. Without surrendering control.
For owners of USD 50M–500M assets who need capital without losing control of the asset. The asset is valuable. The capital around it is trapped. The conventional options are limited: sell outright and lose the upside, refinance with a bank under restrictive covenants, raise private equity at significant dilution, or wait.
For many asset owners, the problem is not asset value — it is access. The asset may be strong, income-producing, and strategically important, but the capital markets around it remain slow, local, relationship-driven, and fragmented. T3RRA is built for owners who do not want to sell the asset, do not want to surrender the upside, and do not want to wait for the old capital stack to decide when their value becomes liquid.
The owner does not sell the underlying asset.
Instead, the owner issues a regulated digital investment instrument linked to defined economic rights — revenue participation, preferred return, senior debt, equity participation, fund interest, or asset-backed note. The instrument is designed not only to be issued, but to move: eligible global investors can buy, hold, trade, and exit under the same compliance rulebook.
T3RRA coordinates the required legal, compliance, issuance, settlement, and servicing functions through one engagement, rather than the fragmented vendor stack conventional private-market issuance still requires.
T3RRA turns owned assets into raised capital — without surrendering control of the asset.
Zurab Ashvil · Founder · T3RRA Ltd
What you keep. What you gain.
Designed for owners of high-value assets seeking USD 50M–500M of capital while preserving control, ownership economics, and long-term optionality.
The asset stays where it is. The capital arrives from where it was not previously reachable.
The asset itself
Operational control, brand identity, strategic optionality, and the freedom to sell, refinance, or restructure later remain entirely with you.
Ownership economics
Cash-flow participation, management rights, promote, carry, performance participation, and long-term upside remain with the owner or sponsor according to the structure.
Global investor access
Eligible investors across multiple jurisdictions, with KYC, transfer restrictions, and compliance checks enforced before transfer.
Compliance-gated secondary transferability
Multi-chain settlement access at launch. Compliance-gated matching. Atomic settlement. Designed for compliant secondary transferability across jurisdictions and venues; no guarantee of a buyer at any time or price.
What liquidity means here.
T3RRA does not promise liquidity by listing an asset somewhere. It creates liquidity by making the instrument legally portable.
Built into the instrument: who is allowed to hold it, which jurisdictions are permitted, what compliance checks are required, and which transfers must be blocked.
Routes trades across approved venues, custodians, chains, jurisdictions, and investor pools — without rebuilding compliance at every hop.
The instrument is not trapped on one platform, one exchange, or one custodian. Liquidity moves wherever compliance permits.
Eight vendors · Multiple invoices · Months of coordination
One engagement · One invoice · One rulebook
What an engagement actually covers.
Every T3RRA mandate is all-inclusive. One scope, one fee, one team. The list below is the standard deliverable set — not a menu, not à la carte. This is the work that has to happen for any institutional-grade issuance, and we run all of it.
Legal & regulatory structuring
SPV formation, securities-law analysis, regulator liaison where required, choice of issuing jurisdiction, eligibility framework.
Asset eligibility & tranching
Asset eligibility matrix, allocation across income / growth / hybrid tranches, tranche-specific waterfalls, risk attribution.
Independent valuation
Tier-1 GDV or NAV appraisal coordinated with investor-recognised valuation firms.
Technical due diligence
Independent engineer reports for construction, operations, or vessel condition. Budgets, timelines, milestones.
Legal opinions
Local and international counsel opinions on enforceability, ownership, transfer, and tax treatment.
L3RS-1 vault & ComplianceModule configuration
Permissioned issuance framework, on-chain compliance module, milestone-based disbursement logic, distribution waterfall encoded.
Security audits
Two independent Tier-1 audits of the digital infrastructure with public reports.
Financial model & investor memorandum
Detailed cash-flow model, 35–40 page institutional-grade memorandum, risk factors, use of proceeds, sensitivities.
Virtual data room
Fully indexed data room on a Tier-1 platform, hosted and maintained throughout the marketing period.
Banking & custody integration
Trusted-issuer integration, fiat on/off-ramp, escrow, KYC/KYB, AML, fiat settlement rails.
Global investor marketing
Pre-qualified institutional universe across Europe, GCC, Asia, and the Americas. Digital roadshow, one-on-one meetings, book-building.
Primary issuance & settlement
Mint under L3RS-1, escrow release against independent certification, T+0 settlement to onboarded investors.
Secondary-transfer enablement
Listing on permissioned venue, OTC desk integration, compliance-gated secondary transfer. Designed for compliant secondary transferability; no guarantee of a buyer at any time or price.
Ongoing administration
Quarterly distributions, investor reporting, compliance monitoring, audit coordination, corporate-action processing — for the full tenor.
All deliverables are coordinated through one mandate scope. Third-party requirements — legal counsel, auditors, valuation firms, marketing, liquidity provision — are scoped, sequenced, and managed under the mandate, with cost treatment defined in the engagement letter.
Every asset class. Every stage. One desk.
Select an asset class to see how the deal lifecycle runs from origination through exit, and which side of the desk owns each stage. The structure is consistent across instruments — only the inputs change.
Asset Origination
JointAsset selection from issuer pipeline, eligibility screening against the Asset Eligibility Matrix, GDV appraisal scope agreed.
Structuring & Compliance
T3RRASPV formation, ComplianceModule clauses encoded into L3RS-1, distribution waterfall written into the vault, KYC/KYB/AML rails configured.
Primary Issuance
T3RRAMint under L3RS-1, escrow release against independent certification, T+0 settlement to onboarded investors.
Income Distribution
T3RRAQuarterly distributions executed through the vault waterfall, Agent Mesh runs the operational layer, exceptions surface to humans.
Secondary transfer
T3RRAListing on Flow, route admissibility live across the eight launch chains, transfers rebalanced cross-chain. Market depth depends on participation and conditions — no guarantee of a buyer at any time or price.
Exit / Recap
JointAsset disposal, redemption mechanics, token burn, capital return waterfall executed end-to-end.
The lifecycle is consistent across instruments. Only the inputs change. T3RRA owns every stage marked Structuring, Compliance, and Settlement; the issuer and its counsel own the legal and operational stages; investor-facing stages are run jointly. One desk, one mandate, end-to-end.
Already have a fund or REIT in place? T3RRA Vault → tokenizes existing vehicles at the unit level and replaces quarterly NAV with on-demand price discovery where market conditions permit.
What we onboard.
Real estate
Residential, commercial, industrial, infrastructure. Includes the rental, the income stream, and the fractional title structure. Profile F supports income-token-bearing structures and lockup-bearing structures.
Private credit
Direct lending, mezzanine, asset-backed, trade finance, receivables. Cashflow events tokenized as second-class L3RS-1 instruments under the parent.
Fund interests
PE, VC, hedge fund LP units. Profile F supports drawdown commitments, capital calls, and waterfall distributions.
Infrastructure debt
Project finance, public-private partnership debt, green-bond-style structures. Long-dated, jurisdiction-bound, audit-ready.
Carbon credits
Verified, retired, traceable. Cross-registry compatibility with VCS, Gold Standard, ART. Retirement events are cryptographically certified.
Commodity warehouse receipts
Physical commodities held by audited custodians, vaulted and serial-numbered. Includes precious metals, agricultural staples, industrial metals.
If your asset class is not on this list, the first call is the one where we figure out whether Profile F covers it. Most of the time it does.
What we onboard
Real assets with real custodians, real legal wrappers, and real audit trails. Issuers who can survive a regulator's audit on day one. Issuers willing to commit to the L3RS-1 Profile F compliance envelope. Issuers who are building for the long-term — five years and out — not the next twelve months.
What we do not
Anonymous synthetic exposure. Yield-promise tokens. Anything that exists primarily to escape an existing regulatory perimeter. Anything whose underlying cashflow we cannot trace to an audited source. Anything that requires us to redefine "compliance" to make the mint work.
What a mandate includes, and what it costs.
For USD 50M–500M regulated tokenized issuances, T3RRA coordinates the functions historically split across the investment bank, legal stack, transfer agent, compliance vendor, fund administrator, trustee, custody provider, and listing venue. Six sequenced stages. Two published rate cards. One rulebook. One settlement layer. One invoice.
The cost of conventional finance is not in the fees — it is in the friction. Traditional private-market assets trade 15–30% below NAV in secondary markets, a discount driven by operational friction, not credit risk. Every distribution runs through a transfer agent. Every covenant runs through a trustee. Every corporate action runs through an administrator. Every stress event adds months of workout to the legal path. T3RRA runs the operational layer deterministically, on-chain, inside a policy-gated envelope — and the friction above the legal layer is where most of the cost actually is.
The six-stage mandate flow
Asset Review
Asset reviewed. Jurisdiction mapped. Structure proposed.
Legal Structuring
SPV formed. Legal opinions. Investor eligibility and transfer rules defined.
Instrument Creation
Digital instrument created under L3RS-1. Policy and identity bound at the protocol.
Primary Issuance
Compliance-gated matching. Eligibility verified. Settled.
Secondary Transfer
Multi-chain settlement. Travel Rule continuity at every hop.
Lifecycle Servicing
Distributions, reporting, corporate actions on-chain.
Card A — Equity & Hybrid
Revenue participation notes, equity tokens, REIT units, fund LP interests, hybrid capital.
| Stage | Fee | Rate |
|---|---|---|
| 01 | Structuring & Legal | 2.00% |
| 02 | Primary Issuance | 1.00% |
| 03 | Servicing | 0.25% p.a. |
| 04 | Secondary / Trade | 0.50% |
| 05 | Exit / Recap | 0.75% |
| 06 | Performance (tiered) | 0–20% |
Card B — Debt & Fixed Income
Senior secured notes, bonds, perpetual notes, private credit tranches, asset-backed notes.
| Stage | Fee | Rate |
|---|---|---|
| 01 | Structuring & Legal | 1.50% |
| 02 | Primary Issuance | 0.75% |
| 03 | Servicing | 0.20% p.a. |
| 04 | Secondary / Trade | 0.30% |
| 05 | Maturity / Redemption | 0.25% |
| — | No performance fee | — |
USD 100M · 5-year hold · 2 jurisdictions · jurisdiction multiplier applied.
In this worked example, approximately 2.6× cheaper than the IB-plus-fund-admin equivalent on equity; 40% cheaper than underwriting-plus-trustee on debt. End-to-end, one invoice.
Benchmark basis — comparative all-in cost of conventional structuring, placement, transfer agency, fund administration, trustee and paying-agent services, compliance operations, reporting, and lifecycle servicing for USD 50M–500M private-market issuances across multi-jurisdiction structures.
What each option would mean for you.
Asset owners considering tokenization face a maturing market of options. Each has real adoption, real partnerships, and real technology. The question is not which is best in absolute terms — it is what each would mean structurally for your instrument: where it lives, who you depend on, and what happens if your provider changes course.
The Comparative LandscapeERC-3643
The widely-used Ethereum standard for compliant tokens. $32B+ tokenized; DTCC and SEC engagement.
→ Your instrument is typically deployed through an Ethereum-based platform or implementation.
Canton Network
A private blockchain network run by major banks. $6T+ tokenized; Goldman, JPMorgan, DTCC, Visa.
→ Your instrument operates inside a bank-led network, under that network's rules.
Provenance
A single public blockchain owned by Figure, the U.S. lender. $20B+ loans originated.
→ Your instrument operates on a single-chain infrastructure associated with Figure's lending ecosystem.
Securitize
The leading regulated tokenization platform. $4B+ tokenized; BlackRock BUIDL partnership; NYSE design partner.
→ You sign with Securitize as your operator and depend on their platform.
L3RS-1 / T3RRA
An open standard governed by an independent foundation — an industry rulebook owned by no single company.
→ Your instrument works across eight blockchains under one rulebook. No platform lock-in.
Each conventional option ties the instrument to a specific chain (Ethereum), a specific bank network (Canton), a specific operator's chain (Provenance), or a specific platform vendor (Securitize). L3RS-1 is designed differently: the rulebook is foundation-governed, the instrument is not tied to one platform operator, and T3RRA Flow is built to route compliant liquidity across approved markets.
What if T3RRA fails?
T3RRA is the operator of L3RS-1, not its owner. The standard is owned and stewarded by the L3RS Foundation, a separately governed body. Your instrument is configured on-chain under that standard — its compliance rules, transfer permissions, identity attestations, and lifecycle behavior live in the ComplianceModule, PolicyRegistry, and IdentityAttestation contracts, which are designed to continue operating independently of T3RRA's day-to-day operational status, subject to the governing legal documents, smart-contract configuration, and applicable regulatory requirements.
Operator negligence is insured. T3RRA carries Financial Institutions Professional Indemnity cover with Relm Ins UK Ltd, an FCA-regulated specialty insurer, with worldwide territorial scope and English law.
Operator continuity risk is structurally separated.The standard is Foundation-owned. Certified Built-on-L3RS-1 technologies are already in production with operators other than T3RRA. The configuration is on-chain, and the instrument is designed to remain operable independently of T3RRA's day-to-day operational status, subject to the governing legal documents, smart-contract configuration, and applicable regulatory requirements.
Asset review
Founder-led working session. We review the asset, the jurisdiction, the existing capital structure, and the target raise. NDA. No script.
Structuring proposal
A bespoke structuring proposal: SPV design, ComplianceModule architecture, instrument terms, jurisdiction mapping, investor eligibility profile. Delivered as a working document for your counsel.
Mandate live · Issuance scheduled
Engagement letter executed. Stage 1 underway. SPV formed, legal opinions delivered. Primary issuance window scheduled subject to investor documentation and regulatory clearance.
If your asset is valuable but illiquid, T3RRA is built to turn it into a regulated capital-raising instrument without forcing you to surrender control.
Zurab Ashvil
Founder & Chief Executive Officer, T3RRA Ltd
Original author of L3RS-1 · PhD Cybernetics & Applied Mathematics, Tbilisi State University, 1992 · Founder of TICEX (Tbilisi Interbank Currency Exchange), Georgia's first interbank FX market.
owners@t3rra.co · t3rra.co/issuers · 5 Stratford Place, London W1C 1AX
An active 2026 mandate pipeline exceeding USD 2 billion in aggregate notional, central-bank-level regulatory dialogue in Georgia, and a Phase One reference implementation under external review.
L3RS Foundation governance is live with three certified Built-on-L3RS-1 technologies in production, and Financial Institutions PI cover in place with Relm Ins UK Ltd.
See the full proof →