Liquidity for fund holdings
Ledger One lets investors sell part of a fund holding or borrow against it, under the manager’s control, in the workspace where the fund already runs.
The problem
Selling a stake
Finding a fund, committing capital and tracking the investment got easier, but selling a stake still means finding a buyer, agreeing a price and clearing the transfer with the administrator, one sale at a time.
Ledger One puts buyers’ capital, approved holdings and their records in one place. Investors get a standing way to sell, and managers decide who takes part and see every unit that changes hands.
Selling today
- 1Find a buyer
- 2Negotiate a price
- 3Clear the transfer
With Ledger One
- 1Review a quote
- 2Approve the sale
- 3Receive payment
How liquidity works
Sell into a shared pool
Liquidity providers supply a shared pool, and eligible holders check its price and decide whether to sell, with no new buyer search each time.
Fund tokens
Represent approved holdings
USDC
Capital available to trade
A permissioned pool
A smart contract prices and settles every eligible trade.
Sell a holding
Exchange fund tokens for USDC.
Provide liquidity
Supply both assets and receive a pool share.
- See the price before you approve
- The price depends on the capital in the pool and the size of your sale. You see it before you approve, and larger sales get a lower price per unit.
- Providers earn on sales they fill
- Providers earn 0.25% of every sale they help fill. They take investment risk, and returns are not guaranteed.
- Not a withdrawal from the fund
- Selling transfers your holding to the pool. It is not a withdrawal from the fund, and the fund’s own terms don’t change.
Your holdings
- Northwind Ventures II21,582 units
- Halvard Seed II25,000 units
- Kestrel Deeptech SPV23,000 units
Turn a holding into tokens
Ledger One confirms title to units already on the record, then issues tokens for exactly the units approved.
Deep tech venture funds
120,000 HSD2
1,200,000 USDC
Add liquidity
Pools to sell into
A pool holds fund tokens against USDC for a strategy, such as deep-tech venture funds, and its curve sets the price.
Example terms
Borrow USDC against a holding
Pledge part of a tokenized holding and borrow USDC against it, keeping the units and repaying whenever you choose.
The quote
A quote before you sell
Choose an amount and see what you’d receive, after the trading fee and your sale’s effect on the price.
6,000HSD2
You receive approximately
$56,979.57USDC
- Value at spot (10.00 USDC)
- 60,000.00
- Trading fee (0.30%)
- 180.00
- Below spot value, fee included
- 5.03%
Pool reserves: 120,000 HSD2 and 1,200,000 USDC. Example pool. A market price can differ from the fund’s reported value. Network costs are not included.
Who it’s for
For investors and managers
Each page covers what Ledger One does for one kind of participant.
GP dashboard
Control trading in your fund
Approve holdings for tokenization, watch pool activity and decide who can take part, with ownership checks and transfer permissions in view.
For managersLP portfolio
Sell or borrow from one portfolio view
See holdings, cash, loans and pool positions together. Sell part of a holding or borrow against it, and keep a receipt of exactly what changed.
For investorsLiquidity
Supply the capital
Supply the capital investors sell into and earn 0.25% of every sale it fills.
For liquidity providers
Every sale reconciled
Ledger One runs on Ledger, so every sale reconciles to the books with its documents, approvals and link to the original holding.
- Title confirmed before any token
- The fund’s administrator or ownership register confirms title and transfer authority before a single token is issued.
- Defined rights in a holding
- Each token represents defined rights in an approved holding, nothing more. The fund’s documents still govern what those rights are.
- Tokens move only between verified wallets
- Tokens are permissioned. They move only between wallets whose owners have passed KYC and the fund’s transfer rules.
- Quotes move with the pool’s reserves
- Pools price every trade on x · y = k, so a quote moves with the reserves and you see its effect before you confirm.
- Only the units you select
- A sale approves only the units you selected for it, never an open-ended allowance over the rest of your holding.
- Every transaction posts back to Ledger
- Issuance, deposits, sales and withdrawals settle on an Ethereum layer 2 and post back to Ledger with their receipts.
Why Infra One and Allocator One
Liquidity in your fund’s workspace
Allocator One helps managers start funds, Infra One helps them run them, and Ledger One adds liquidity in the same place.
01Capital
Capital from the Ledger One liquidity fund
The Ledger One liquidity fund supplies the capital in every pool and behind every loan. Allocator One anchors it alongside other qualified investors, and existing fund commitments are never used.
02Software
Records in the workspace managers already use
Holdings, permissions and transaction records sit in the workspace managers already use, with Ledger keeping the accounts.
03Controls
The same checks as running a fund
Every pool runs on the same ownership checks, eligibility rules and legal review that Infra One already applies to running a fund.
Works with
Products that run on the same login and record.
Common questions
You can sell whenever you’re eligible and there is a pool for your holding with capital in it. The price depends on that capital and the size of your sale, and you see it before you approve.
Not necessarily. The pool’s price comes from its reserves, so it can sit above or below the fund’s reported value. Your quote shows exactly what you’d receive, fee included.
Liquidity providers, led by the Ledger One liquidity fund. Allocator One anchors the fund alongside other qualified investors. Existing fund commitments are never used to fill a pool.
Yes, at any time and with no lock-up. A provider withdraws their share of both reserves as they stand at that moment.
Holdings that the fund’s administrator has approved for tokenization, and investors who have passed Infra One’s KYC and the fund’s transfer rules. Managers can see and change who takes part.
Yes, if the manager has enabled borrowing for the fund. Pledge some of your tokenized units and borrow USDC up to the fund’s loan-to-value limit. The units stay yours, and you can repay at any time.
Your loan is valued at the pool’s price. If it nears the fund’s limit you hear first, so you can repay or pledge more. Past the sell-down point, just enough pledged units are sold into the pool to bring the loan back within its limit.
A 0.30% trading fee: 0.25% goes to the pool’s liquidity providers and 0.05% to Infra One. Network costs on an Ethereum layer 2 are a few cents.
Sell when you’re ready
You can sell whenever you’re eligible and a pool for your holding has capital in it.