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Last week, I mentioned I was staying in Vietnam because the opportunity looked bigger than expected - "more on that another time."
This is that time.
Da Nang just detailed a plan to tokenise close to $4B in infrastructure, and it's one of the more interesting things I've come across in this market. More below.
Let's get into it.
Da Nang wants to tokenise almost $4B in real infrastructure - a 100km+ expressway linking Da Nang to Chu Lai airport, and a 100km metro line whose first phase alone is valued at around $3B. Under Vietnam's "one centre, two destinations" strategy, Da Nang is being built as the country's fintech and digital-asset sandbox, while Ho Chi Minh City continues to handle traditional capital mobilisation.
The mechanics: real infrastructure gets turned into digital tokens so global investors - including smaller ones who'd never touch a traditional infrastructure deal - can buy a piece of it directly. Da Nang has already signed partnerships for this: the World Bank Group, Swiss CAM Asia, Singularity Academy, and the Austrian Blockchain Centre. If the metro line financing works, it becomes a template for tokenised infrastructure funding across the rest of Vietnam - and potentially the wider ASEAN region.
Watch the breakdown: Da Nang Tokenises $4B of Infrastructure
Also this week:
Pax Silica keeps expanding. The US has now put $250M into a seed fund targeting $1T from allies, with SoftBank, Temasek, and Mubadala already investors, and 10 new members added at the June 2026 summit (24 countries total). At the same time, the New Clark City zone north of Manila is running into exactly the friction I flagged a few weeks back - the Wall Street Journal reported the US requested the zone operate rent-free, under US law, with diplomatic immunity for American companies. BCDA CEO Joshua Bingcang rejected it directly: "No special arrangement for the US." The $10B+ investment target still stands, but only under Philippine law.
Jeff Bezos’ Blue Origin is raising outside capital for the first time in its 25-year history - $10B at a $130B pre-money valuation. Coatue is leading with $4B, Bezos is putting in $2B personally, and the remaining $4B comes from institutions. The capital funds New Glenn, Blue Moon, in-house engine production, and a new satellite internet network. No disclosed IRR or governance terms yet - this lands right as SpaceX IPO'd around $1.75T, and Blue Origin is still working through New Glenn delays.
What's crossing my desk and my conversations this week:
A Family Office advisor in Hong Kong represents 12 family offices with a combined deployment capacity north of $1B - no asset restrictions, global mandate. The part that surprised me: when one of them likes a deal, they call each other and deploy as a unit, and the advisor expects to meet the principal or borrower in person before capital moves. Nothing gets done purely online.
A lawyer who advises sovereign wealth funds and PE institutions on $100M-$400M+ real asset and infrastructure deals - debt, equity, full stack - is now working on global deals with me directly. He brings the credentials, the tax structuring, and the GCC/EU network; I bring the reach. His line stuck with me: "If the deal makes sense, it makes sense. I'll have someone in my network who wants it."
On the private credit lender list: I've now packaged 12 months of conversations into a document covering 35+ lenders financing data centres and long-lead equipment, from $5M to $500M+ - geographies, asset types, deal structures, tenant profiles, and the actual contacts to reach. Before I make it public, I'm gauging real interest - just reply to this email or send me a message on LinkedIn.
Two deals I underwrote this week:
A $93M, 288-unit Class-A multifamily development in Columbia, South Carolina. Fully entitled with site plans approved, 65% debt / 30% equity, sponsor has 5% of their own capital in. Levered IRR of 25.7%, 2.40x equity multiple, $45.6M projected net profit. It sits across from the 181-acre BullStreet District, near a $300M USC medical school, with a Hilton opening nearby by 2027 - Columbia rents are up 24% since 2023, and South Carolina is currently the fastest-growing state in the country. Two signed tax breaks (including an Opportunity Zone) support the numbers, though profit still depends heavily on the eventual sale price. My verdict: strong fit for private credit and family offices, medium fit for institutions.
An $18M gold mining raise across Arizona and Montana. The pitch: reopen a historic Arizona mine (closed since 1935, 44,000 tons of documented historic production) and use it to fund development of an unmeasured Montana site, targeting a 15x return in 6 years. There's no independent NI 43-101 technical report, the resource figures are indicated/inferred rather than proven, and the case leans on an 80-ton pilot test. This is early-stage exploration data presented with production-ready language, and mines at this stage are notoriously hard to finance. My verdict: weak fit across private credit, family offices, and institutions. But if you have a contact who likes to finance exploration-stage projects, they may be interested.
I spoke to an accountant who sold his firm to private equity this week - he walked away with life-changing money, though he was candid that everything changed the moment PE came in (hourly rates jumped from £450 to £800, and some decades-long clients left). I asked him what PE actually looked for before buying:
Established SME client base
Strong team culture
Tech-compatible processes
Multiple service lines (audit, tax, etc.)
Clean books with recurring, predictable fee income
Same pattern as the roofing and equipment businesses I've flagged the last two weeks, just in a different wrapper: boring, recurring, and well-documented beats exciting every time. If you’re thinking about selling your business, please reach out to me on LinkedIn or reply to this email.
A snapshot of what's currently moving through Capital Arbitrage:
Note: For the best reading experience, open this on a desktop.
Deal | Asset Type | Geography | Structure | Size |
|---|---|---|---|---|
Miami Luxury Residential | Greenfield | USA | Equity | $40M |
South Carolina Multifamily | Greenfield | USA | Debt/Equity | $93M |
London Tunnels | Tourism | UK | Debt/Equity | £700M |
Pharmaceutical Cannabis | Life Sciences | UK | Debt | £20M+ |
This isn't the full pipeline - just a flavour of what's active. If you're an investor or lender active in any of these asset classes or geographies, reply to this email.
That's all for this week. See you next Friday.
— Jordon
P.S. I get 500,000+ monthly impressions on LinkedIn and a growing list of private capital readers right here. If you'd like to get your company, fund, or raise in front of this audience, just reply to this email.