[Case study]
Meridian Fund Units
Transfer agent & dealing at NAV
An infrastructure fund added one tokenized share class next to its others. Subscriptions and redemptions at NAV settle against cash on the dealing day.
$62,500,000
Share class B, NAV-based
ISSUANCE SUMMARY
Amount
$62,500,000
Instrument
Share class B, NAV-based
Yield
NAV 104.62
Standard
ERC-1400
Holders
517
Days to close
18
Issuer
Meridale Infrastructure Partners
Closing
The challenge
Meridale’s wealth-manager clients wanted units they could hold and pledge alongside their other tokenized securities. The fund did not want to change its other share classes or its administrator.
What we did
A board resolution and a prospectus addendum added Class B, issued as the ERC-1400 token MFU-B on Polygon, the standard its distributors’ custody tooling already reads; the same four rules are mapped onto it. Aldane Fund Services still strikes the NAV; we keep the register of the class, apply its eligibility rules and run dealing: cash from subscribers and units from the fund change hands in the same transaction, or neither does.
The result
Nine monthly dealing days without a failed settlement or a manual reconciliation. Class B pays a quarterly dividend, the last $286,250 to 517 holders. Three holders have pledged units to an eligible lender; the pledge is on the register and those units cannot move until it is released.
Timeline
08 Jan 2026 Board resolution adding Class B. Day 1.
15 Jan Prospectus addendum filed.
22 Jan MFU-B deployed, register linked to the administrator.
26 Jan First holder. Day 18.
30 Sep Quarterly dividend: $286,250 to 517 holders.
We didn't want a new fund. We wanted a new share class with a better register, and the old classes didn't notice.
Ana Lucía Ferrer
Head of Distribution, Meridale Infrastructure Partners
18 days
resolution to first holder
9
dealing days, none failed
NAV 104.62
published on-chain each day
MORE ISSUANCES