Cryptocurrency Asset Management firm Morgan Creek Digitals’ second venture capital fund has raised $61 million from 11 investors till date. The fund aims to invest in start-ups in blockchain technology.
Morgan Creek had filed with SEC an application for its second blockchain fund on October 18.
Morgan Creek’s Co-founder, Anthony Pompliano, has stated that the firm planned to raise $250 million for its second fund and has planned a new funding round in December and a final round at the end of the first quarter of 2020.
Public pension funds who invested in Crypto’s first fund reposed their faith in the firm with Fairfax County Police Pension and Fairfax County Employee Retirement Pensions doubling their investment to a combined $40 million in the second fund, up from $21 million in the first fund.
We also have what we believe is the first hospital system in the United States to participate in a dedicated blockchain fund called WakeMed.
WakeMed Health and Hospitals, and others, including an insurance firm and university endowment fund make up the remaining amount.
In its first fund, Morgan Creek had set a target of raising $25 million, but higher investor demand helped it to raise $40 million. The amount raised in the first fund was invested in companies like Bitwise and BlockFi. To learn more about the platform you can read out review. Blockfi loans are fast, secure, and easy to borrow cash by using your crypto as collateral, you can also apply for it.
Pompliano clarified that the firm would look for investing in blockchain-based companies that are in the initial stages of development but have the potential for growth.
Pompliano also said,
We raised the first fund for specific requirements, (while the second fund) is more institutionally sized.
Morgan Creek now has more than $100 million assets under management, which includes Bitwise, Digital Asset Index Fund.