Crypto hedge fund giant Pantera Capital is set to shut down a blockchain fund backed by about $1.3 billion next month.
The Pantera Blockchain Fund was announced in May last year, with plans to raise $600 million to invest in startup tokens, venture capital, Web3 projects and highly liquid tokens. It has since gone far beyond that goal, with the company revealing last month that the fund has Overcoming 1 billion dollars.
The last figure of 1.3 billion dollars was pointed During a conference call with investors on April 12 about the company’s new $200 million Pantera Select Fund, which will support “growth-stage” crypto companies that are ready to generate revenue, as opposed to companies in early stage funding that are being sought through the Blockchain fund.
Although no specific closing date has been set for the fund, CEO of Pantera Capital Dan Morehead suggested it might be early May:
“We are in the process of closing the Blockchain fund, I think it will be about $1.3 billion and over the next three or four weeks, and since some large institutions with very detailed due diligence procedures are ending, we are with this fund.”
Going forward, Moorehead also noted that the company will then focus on closing Blockchain Fund II in 2023, which will be “essentially the same” as the fund’s legacy alternative, and will seek other agreements in the “early stage private sector.” A symbolic space and new offers in the first space of risk.
“We’re going to come back with a bigger, more diversified fund and maybe a longer growth phase, say 2024,” Moorhead added.
The Pantera Select Fund is also expected to close in early May with a capital of nearly $200 million. The company said the fund will be used to support and expand businesses already open for business:
The fund is expected to invest in approximately 10 companies over approximately the next 18 months. We will primarily focus on more mature and revenue-generating businesses than our typical venture capital and venture capital investments.”
Pantera said the fund will invest in companies across multiple crypto sectors such as blockchain infrastructure, Non-fungible Token Platforms (NFT)Web3 Games, Metaverse, Exchanges, and Decentralized Finance (DeFi).
In the Cabinet Newsletter on April 5, it was CEO of Pantera also announce That the funds would be “smaller, more focused, and therefore more focused than a typical growth fund,” he reiterated his optimism about having multiple deals already:
For the first time in nine years, we’ve done three exciting growth stage deals simultaneously. This prompted us to introduce a special fund to help limited partners gain exposure to these growth stage transactions, as well as seven to nine others that we will invest in over the next year.
We are now 56% below our 11-year accelerated growth trend. The markets have rarely been so cheap compared to the trend.
Cryptocurrency is undervalued in my opinion.
– Dan Morehead (@dan_pantera) April 6 2022