This is an excellent strategy for raising institutional capital, one that has worked for firms like Wave Digital Assets and 3iQ when I was there.
As long as it’s in the proper “wrapper” (off-shore, Reg S / Reg D, disclosures, etc), both 1) interested investment managers and 2) distribution partners / placement agents (PJT Park, Triago for example) should be able to get their compliance on board.
There are certainly more details and nuances to satisfy, but this gets you in the conversation.