Two American Public Sector Pension Plans Back $40 Million Crypto VC
Two American public pension funds have supported a new venture capital fund for cryptocurrency. The investment includes a substantial tranche of $40 million. Some of the most conservative investment managers are lauding the deal as a sign of confidence in the field
The Morgan Creek Shelter Humanity Opportunities Fund
Anthony Pompliano is a Partner at Morgan Creek Digital. This asset management company was backed by Morgan Creek Capital Management. The new $40 million crypto venture fund will be anchored by two public pensions. Pompliano, as he is known on crypto Twitter, stated in a typically assertive manner: “The institutions don’t come.” They are already here.
Fairfax County Police and Fairfax County Employees’ pension funds are believed to provide the main support for the Morgan Creek Shelter Crypto Opportunities Fund. An insurance company, a hospital, and a private foundation are reportedly other participants.
Two American Public Pension Funds Support New Crypto VC of $40 Million
Fairfax County, Virginia
According to reports, the new fund will be structured similar to a traditional venture capital fund. It will invest primarily in equity companies in the digital asset industry. The fund will reportedly also hold cryptocurrencies as a part of its capital. Morgan Creek has made investments in companies like Bakkt and Blockfi, Coinbase and Realblocks.
Every pension fund should buy Bitcoin
Morgan Creek Digital has been trying to open …