Pompliano discusses $40m venture fund: "product of a lot of work."

13 Feb, 2019
Pompliano discusses $40m venture fund: product of a lot of work.

Following the recent news that Morgan Creek Digital will be launching a new crypto-focused venture fund with $40 million, Founder Anthony Pompliano took to twitter to expand on their big news. 

Pompliano announced yesterday that the $40 million crypto-focused venture fund will entail two investors, namely the Virginia Police Officers Retirement System and Employees' Retirement System.

Read More: Morgan Creek's new $40 million venture fund anchored by two public pensions

The news was a major step forward for the company who have secured a venture fund with public pensions.

Pompliano took to twitter to further elaborate on the news, stating initially that the new fund was a "product of a lot of work."

Pompliano admit that the company was initially setting out to find institutional investors for the new fund, saying "It took hundreds of hours of educating folks on why this was important and worth doing."

Pompliano further credits the CIOs at both public pensions for being "forward thinking, intelligent and courageous". Pompliano also celebrated the fact that one of the CIOs was a women, defining her as a "trailblazer"

While the big news is the fact that two public pensions have climbed on board the fund, Pompliano reminded everyone that Morgan Creek Digital currently also has a hospital system, a university endowment, and insurance company, and a private foundation already on board with them. "We chose to focus on investing in the equity of companies because it gave the institutions exposure to the crypto industry, while being less risky than simply buying liquid crypto assets."

Pompliano reiterates that all funds should have direct exposure to Bitcoin, with both public pensions having small exposure.

Pompliano concluded his twitter thread by stating that the announcement was delayed, "Sometimes it is better to share your body of work, rather than your plans. Further thanking his partners at Morgan Creek for their hard work during "the toughest fundraising environments".

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Subscribe to us on Feedly  follow us in feedly

Read more about: Anthony Pompliano

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage