Dear Partners and Friends,
As we close 2025, I write to you with gratitude for your continued trust and partnership in navigating one of the most transformative—and uncertain—periods in global capital markets.
A Year of Strategic Positioning
This year marked a decisive inflection point in the convergence of traditional finance and digital assets, even as global macro uncertainty and geopolitical tensions reshaped the investment landscape. The passage of the GENIUS Act and evolving regulatory frameworks have created unprecedented clarity for institutional participation in stablecoin infrastructure and real-world asset tokenization. At CLNM Capital, we've positioned ourselves at the forefront of these developments, advancing our licensing pathways and building the compliance frameworks that will define our competitive advantage in 2026 and beyond.
Our cross-border investment thesis—connecting Asia's innovation velocity with U.S. institutional capital—has proven increasingly relevant in a world of shifting alliances and economic realignments. From AI infrastructure to quantum computing applications, from renewable energy tokenization to defense technology, we've maintained disciplined focus on sectors where regulatory clarity meets genuine innovation and strategic importance.
Navigating Uncertainty
The geopolitical tensions that defined much of 2025—from trade realignments to technology sovereignty concerns—have reinforced our conviction in sectors that sit at the intersection of national security and technological advancement. Our engagement with the NVIDIA GTC 2025 ecosystem and ongoing dialogue with defense and space technology leaders have sharpened our understanding of where capital deployment will be most strategic in the coming years.
In an era of macro uncertainty, we've focused on fundamental value creation rather than speculative positioning. Our work on RWA tokenization projects, including strategic partnerships in renewable energy and biopharmaceutical sectors, demonstrates our commitment to real economic value that can weather market volatility.
Key Sectors for 2026
As we look ahead, three interconnected themes will guide our investment focus:
Defense & Dual-Use Technology: The convergence of commercial innovation and defense applications represents a structural shift in how critical technologies are developed and deployed. We're seeing unprecedented opportunities at the intersection of AI, autonomous systems, and strategic infrastructure.
Space & Critical Infrastructure: From satellite communications to space-based computing, the commercialization of space represents not just technological advancement but strategic necessity. Our networks in both Asia and the U.S. position us uniquely to identify opportunities in this rapidly evolving sector.
AI Infrastructure & Sovereign Technology: As nations prioritize technological independence, the infrastructure layer supporting AI development—from specialized chips to secure computing environments—becomes increasingly strategic. Our insights from NVIDIA GTC 2025 and ongoing ecosystem engagement inform our approach to this critical domain.
Looking Forward
2026 will be a year of execution. With regulatory frameworks maturing, institutional adoption accelerating, and geopolitical realities creating new strategic imperatives, we're moving from preparation to deployment. Our stablecoin licensing initiatives, tokenization platform partnerships, and LP network expansion position us to capture significant opportunities in the year ahead.
The challenges ahead—whether regulatory, geopolitical, or macroeconomic—require not just capital but conviction, strategic patience, and the ability to navigate complexity. This is where our cross-border perspective and deep sector expertise create genuine advantage.
We're also excited about the broader mission—through initiatives like Project Musea Foundation, we're investing not just in companies but in the next generation of leaders who will navigate the AI era with wisdom and purpose.
Gratitude
None of this would be possible without your partnership, patience, and shared vision. Whether you've been with us from the beginning or joined our journey more recently, your trust enables us to think long-term and build strategically, especially in times of uncertainty.
As we gather with family and reflect on the year behind us, I'm reminded that capital allocation is ultimately about people—supporting founders who are solving real problems, backing teams who execute with integrity in challenging environments, and building a community that elevates everyone involved.
Thank you for being part of the CLNM Capital journey. In a world of increasing complexity and change, I'm confident that our disciplined approach, strategic positioning, and shared commitment to long-term value creation will serve us well.
Here's to a purposeful and prosperous 2026.
With appreciation and optimism,
Mian Fan
Founder & Managing Partner
CLNM Capital