Guernsey · Bailiwick of Guernsey · Est. 2026
A Bailiwick venue
for institutional
real assets.
A regulated venue for institutional real assets.
The regulated venue institutional capital hires to access hard-to-reach real assets. A Guernsey Protected Cell Company, under GFSC oversight. Tokenization handles issuance, permissions, servicing, and eventual secondary transfers — not the product.
Real-asset verticals
AUM ambition by 2030
EU UCITS · REITs · PCC market (EFAMA)
Guernsey protected cell co.
On building instruments that last.
Private real-asset markets are deep, slow-moving, and structurally underserved. Perelle concentrates on five verticals where fragmentation, illiquidity, development capital need, operating yield, and ESG or strategic scarcity converge—sectors large enough to support a US$5 billion AUM ambition without inventing demand.
The platform exists to translate sponsor-side opportunity into institutional-grade allocations: ring-fenced cells under Guernsey’s PCC regime, defined cash waterfalls, custody and transfer restrictions, and investor-grade reporting—administered with the discipline private markets expect.
Tokenization is the operating layer. It does not replace law or custody. It removes the operational drag that has historically kept these assets out of reach.
— Prologue, platform walkthrough. Read in full.
Four constituencies. One regulated venue.
Private markets are won by being precise about what each stakeholder needs. The platform is built around four conversations, not one.
Deploy into real assets with the protections of private markets.
Defined exposure to a named asset pool. Cell segregation, transfer restrictions, and reporting standards aligned to private-market expectations. Subscription, distribution, and reconciliation on one regulated platform.
Reach qualified capital without rebuilding distribution.
An origination route into eight markets, with shared issuance, servicing, and secondary-transfer rails. Lower cost of capital, less dilution, faster execution—so sponsors can focus on the asset.
Oversee a venue where compliance is built in, not bolted on.
Guernsey domicile, GFSC oversight, Part III VASP positioning, and a documented audit trail. Each cell maintains its own assets, liabilities, investors, and waterfall—creditors of one cell have no recourse to another.
Distribute a regulated real-asset product to private clients.
Sector-specific origination, institutional-grade collateral, and a regulated venue. Designed to plug into existing wealth-adviser workflows and Guernsey’s ecosystem.
A regulated venue first. A tokenization platform second.
Every operational decision is anchored in private-markets practice—cash waterfalls, custody, transfer restrictions, suitability, reporting—then accelerated with programmable infrastructure.
Cell segregation by design.
Each strategy lives in a legally ring-fenced cell within a Guernsey Protected Cell Company. Investors take exposure to a defined asset pool with its own waterfall—not undifferentiated platform credit.
Tokenization as operating rails.
Issuance, whitelist, transfer restrictions, distributions, and eventual secondary transfers run as programmable workflows. The legal artefact (PPM, subscription, KYC record) and the on-chain artefact stay in lockstep.
Investor servicing as a product.
Onboarding, suitability, reporting, distributions, and reconciliation are handled in one regulated environment. Status is visible at every stage to investors, sponsors, and administrators.
Guernsey PCC. GFSC oversight. On-chain audit trail.
§ Domicile & regulation
Guernsey-domiciled Protected Cell Company within the GFSC framework. Part III VASP positioning under the LCF Law, 2022, with visibility into the Digital Asset Sandbox and Private Investment Fund rules.
§ Guernsey Green Fund eligibility
Guernsey was the first jurisdiction to launch a regulated green-fund product. Where cell strategies meet the GFSC's Guernsey Green Fund framework — at least 75% of NAV invested against the green criteria — Perelle will pursue Green Fund designation. Eco-resorts, smart-city infrastructure, and agrifood are the natural candidates.
§ Cell structure & cash waterfall
Each cell maintains its own assets, liabilities, investor base, and waterfall. Creditors of one cell have no recourse to another. Distributions flow per the cell's PPM and are reconciled against on-chain records.
§ Custody, transfers, reporting
Operational custody via Gnosis Safe multisig on Polygon. Whitelist and transfer constraints aligned to each offering. Reporting parallels the on-chain record so investors, regulators, and service providers can verify the same facts from different vantage points.
Where fragmentation, yield, and scarcity converge.
Each vertical sits inside a deep, slow-moving private market. Each cell carries its own thesis, sponsor relationships, cash waterfall, and offering terms.
Fractional positions, re-issued as a regulated security.
A large share of private real-estate leisure sits in informal fractional ownership today. Re-issuing those positions out of a Guernsey PCC, tokenized on day one, turns brochure-grade exposure into a regulated security with cell-level reporting and a defined liquidity path.
Fractional, the traditional way
Resort and leisure assets are typically pre-sold week-by-week to retail buyers. The buyer-pool is narrow, transferability is informal, reporting is light, and the operator carries a heavy back-office for life.
Re-issued through a PCC
The same fractional position is issued out of a Guernsey Protected Cell. The cell holds the underlying asset; investors hold ring-fenced economic interests with cell-level reporting and a governance framework regulators recognise.
Tokenized inside the cell
The cell's economic interest is represented as a security token. Whitelisting, transfer constraints, and distributions are encoded — not emailed. The position becomes investor-grade rather than brochure-grade.
What investors gain
A regulated, repeatable holding with cell-level reporting and a path to secondary liquidity. Operating-cost discipline at the asset level — historically c. 50% of fractional revenue went on sales and marketing; under a PCC issuance that drops to roughly 20%, and the saving accrues to the investor.
Asset-owner conversations are handled directly by the partnership and do not appear on the marketing surface. Investor-facing offerings will be confirmed in each cell’s offering documents.
A €14T European market — UCITS, REITs, PCC.
The EFAMA Fact Book sizes Europe’s regulated fund industry — UCITS, AIFs, REITs, and PCC-style vehicles — in the order of €14 trillion. Perelle’s contribution is to migrate the real-estate leisure category into that institutional plumbing.
Sales & marketing burden
50% → 20%
Traditional fractional-resort distribution carries a fifty-percent sales-and-marketing load. Re-issued through a regulated PCC, that burden falls to roughly twenty.
UCITS
Europe's retail-eligible regulated funds — the institutional reference standard.
REITs
Listed and unlisted real-estate trusts — the playbook for migrating private real estate to investor-grade vehicles.
PCC / cell companies
Ring-fenced compartments within one corporate entity — the Guernsey-native structure Perelle operates from.
Source: European Fund and Asset Management Association (EFAMA) Fact Book, latest edition. Figures are aggregate industry size for context only and not a forecast of any cell outcome.
Foundation to US$5B AUM by 2030.
Five phases over five years. Each compounds on the last.
- Foundation — legal architecture and platform deployment
- Pilot issuance — first cells in eco-resorts and senior living
- Scale-up — eight to ten live cells across verticals
- Market infrastructure — secondary liquidity, US$2.2B AUM by 2029
- Institutional sleeves — US$5B AUM by 2030
Strategic growth roadmap
Foundation to US$5B AUM by 2030
2026
Seed close & legal architecture
May–Aug 2026
Guernsey service-provider appointments
Jun–Sep 2026
White-label platform deployment
Jul–Sep 2026
Compliance & reporting stack
Jul–Nov 2026
2027
Resort development or AgriFood vertically integrated project
Sep–Dec 2026
Senior living
Oct 2026 – Feb 2027
U.S. accredited & offshore distribution
Oct 2026 – Mar 2027
2028
Series A & sector teams
Apr–Oct 2027
8–10 live cells
Jun 2027 – Jun 2028
U.S. feeder & additional jurisdictions
Sep 2027 – Jul 2028
Warehouse lines
Oct 2027 – Jun 2028
2029
Secondary liquidity via partner venues
Jan 2028 – Jan 2030
Venue economics & RIEO feasibility review
Jan – Dec 2029
2030
Institutional sleeves & managed accounts
Jul 2028 – Dec 2030
Reach US$2.2B AUM
Target 31 Dec 2029
Reach US$5.0B AUM
Target 31 Dec 2030
Illustrative timeline — subject to board, regulatory, and market conditions.
Tokenization is the operating layer, not the product.
Issuance, permissions, investor servicing, and eventual secondary transfers—expressed as code rather than email attachments.
Security tokens
ERC-1400 style: whitelist-gated, transfer-restricted, and aligned to each cell’s PPM. The permission, transfer, and reporting logic that private markets already require — expressed as code rather than as a chain of email attachments.
Utility tokens
ERC-20 instruments encoding usage rights tied to the underlying asset—resort access, hospitality services, and member benefits. A complementary value layer that can broaden the investor base where the economics support it.
Private banks, family offices, adviser networks.
Distribution runs through licensed intermediaries in each jurisdiction — private banks, family-office circles, independent wealth-adviser networks, sector conferences, and co-branded events with service providers and Guernsey’s ecosystem partners. European distribution will be opened by PCC-based passporting routes once confirmed by Guernsey counsel; until then, channels are jurisdiction-by-jurisdiction.
Audience · Stage one
Security tokens are promoted only to qualified investors in stage one — professional, accredited, and institutional clients introduced by regulated channels. Retail access, where ever permitted, follows the cell’s offering documents.
Backing · 100 %
Each cell’s security tokens are backed one-for-one by the underlying real estate (or, in operating verticals, by the contracted asset position). The token is the legal interest — not a derivative of it.
Issuance · White-label
Issuance runs on a white-label deployment of an established tokenization platform that has already supported in excess of US$500m in tokenization volume. Perelle does not build the rails — it issues into them under its own brand.
Target jurisdictions
Channel mix and jurisdictions are indicative. Regulatory approvals and marketing restrictions vary per cell and are confirmed in each cell’s offering documents.
An established stack. Not a new one.
Perelle issues into a tokenization stack that already exists. Each layer is delivered by counterparties with regulated track record — broker-dealers, ATSs, custodians, oracles, networks, and ratings. The integration work is where institutional buyers stop having to take new risks.
Indicative reach
> US$1B
in combined U.S. tokenization-distribution capacity across Perelle’s issuance partner and the regulated U.S. digital ATS reachable through it.
Primary & secondary
Regulated distribution
FINRA-registered broker-dealers for U.S. primary placement under Reg D and Reg A+, a regulated U.S. digital ATS for secondary transfer, and a European distribution route opened by the PCC's passporting framework. Distribution is not built from scratch — it is plugged into.
Custody & wallets
Institutional MPC
Operational custody and embedded wallets via institutional-grade MPC infrastructure. Cell wallets are Gnosis Safe multisigs on Polygon; signer ceremonies and transfer permissions are encoded, not emailed.
Connectivity
Oracles & messaging
Enterprise oracle feeds for price, identity, and proof-of-reserve, with cross-chain messaging for transfers that need to clear across two networks. The wiring the institutional buyer assumes is there.
Networks
RWA-native L2 + institutional ledger
An RWA-native Layer 2 for retail-adjacent throughput, paired with an institutional ledger whose participants already include global investment banks. Different surfaces for different counterparties; the same security token.
Identity & compliance
KYC, AML, policy posture
Independent KYC and identity-verification providers, dedicated UAE and EU digital-asset counsel, and active membership in EU policy bodies. Compliance posture is continuous, not a sign-off.
Risk & analytics
Independent ratings + registry
Independent risk ratings from teams formerly at the major ratings agencies, tokenized-asset registry and discovery, and stablecoin/RWA-specific rating frameworks. Allocators see what they would expect to see in any private market.
Counterparty names are confirmed in partner-level conversations and in each cell’s offering documents. The categorical picture above is what holds at the platform level.
Guernsey, Channel Islands · Regulated by the GFSC.
Regulated access to real assets,
from Guernsey to the world.
Guernsey · Bailiwick of Guernsey · Channel Islands
Perelle Assets PCC Limited is domiciled in Guernsey, Channel Islands. Regulated by the Guernsey Financial Services Commission. Illustrative materials only—not an offer or solicitation.