The University of Michigan is contemplating to extend its funding stake within the Andreessen Horowitz-managed crypto fund a16z.
The college has already invested $three million within the Horowitz-operated $300 million fund in final June and, in response to the publically launched board of regents assembly agenda, the college is contemplating to observe up its investments.
Asia Trading Summit – The Leading Investment Event in China
The assembly agenda defined that “as alternatives associated to crypto networks transition from being undefined to changing into extra seen and sharply outlined, the necessity for a separate thematic fund might recede.”
However, the agenda didn’t disclose any quantity for the follow-up funding.
Invest When the Market is Bleeding
Andreessen Horowitz’s $300 million crypto fund attracted a whole lot of consideration from US universities as, reportedly, Yale University additionally invested within the corpus. Launched final 12 months, the fund has centered its funding in blockchain companies at numerous ranges.
The crypto market goes by way of a droop since a 12 months, nevertheless, the Menlo Park-based fund has already strategized for such market conditions. At the launch of the fund, Andreessen Horowitz’s normal accomplice Chris Dixon stated: “[The fund] plans to take a position constantly over time, no matter market situations. If there may be one other ‘crypto winter,’ we’ll hold investing aggressively.”
$12 Billion Endowment Fund
The college’s endowment fund is estimated to be round $12 billion. Last October, the Erik Lundberg, chief funding officer of the college, stated that the efficiency of the fund was “adequate to maintain and develop the endowment in actual phrases, internet of spending.”
Other than Andreessen Horowitz, just a few notable funds by which the college has invested are Zell Equity International Fund VI, Kuramo Africa Opportunity Fund Ill, TCV X, Carmel Partners Fund VII, Mosaic Ventures, and KHP Fund V.
Though the worth of Bitcoin has gone down by greater than 80 p.c from its peak, the cryptocurrency funds didn’t cease backing sustainable blockchain companies. Yesterday, Finance Magnates reported that Pantera Capital has secured a big chunk of its $175 million fund to spend money on cryptocurrency developments.