Project Guardian is an international collaboration of financial services firms and regulators led by the Monetary Authority of Singapore (MAS). In November 2024, the Project Guardian Asset & Wealth Management Industry Group issued an Asset and Wealth Management Funds Framework (Report) for the use of distributed ledger technology (DLT), commonly known as blockchain, in the funds industry. The Report, which explores so-called “tokenization” and use of DLT in all aspects of fund creation and management, focuses on tokenization of investors’ fund interests. Creation of the Report was led by Schroder Investment Management Limited and Franklin Templeton, with contributions from the MAS, the U.K. Financial Conduct Authority and eight international banks and asset managers. This article discusses the portions of the Report most relevant to private fund managers. See “Benefits and Challenges Associated With Tokenization of Assets” (Apr. 25, 2024).