Could RWA Tokenization Actually Change How Private Markets Work?

I've been looking into the growth of real-world asset (RWA) tokenization and am curious how people in investment banking, private equity, real estate, and asset management view it.

The basic proposition seems straightforward: tokenize interests in assets such as real estate, private credit, funds, or other traditionally illiquid investments and use blockchain infrastructure to manage ownership, transfers, and settlement.

But I'm more interested in the practical investment-banking/PE implications.

Could tokenization eventually improve areas such as:

• Fractional access to private-market investments

• Secondary liquidity for traditionally illiquid assets

• Investor onboarding and ownership management

• Fund administration and reporting

• Distribution and settlement

• Cross-border investment

• Private credit servicing

• Real estate investment structures

At the same time, there seem to be significant hurdles around regulation, custody, liquidity, valuation, investor eligibility, legal ownership, and integration with existing financial infrastructure.

I'm particularly interested in whether the real value is actually tokenization itself, or whether the bigger opportunity is the infrastructure around it—faster settlement, programmable transactions, automated distributions, and better connectivity between investors, issuers, custodians, and financial institutions.

For those working in PE, IB, RE, private credit, or asset management:

Where do you see RWA tokenization creating genuine economic value, and where does it feel more like a technology looking for a use case?

Would be interested in hearing actual industry perspectives, especially from people who have evaluated or worked on tokenized assets or digital-asset infrastructure.