Virginia, USA-Based Pension Funds Invest in Crypto

Virginia, USA-Based Pension Funds Invest in Crypto

Morgan Creek Digital, a subsidiary of hedge fund Morgan Creek, racks up $40 mln new venture capital funding anchored by two public pension plans and a university endowment fund, a hospital system, a private foundation, and an insurance company, according to one of the firm’s founders Anthony Pompliano

Pompliano mentions to CoinDesk that, to his knowledge, ‘nobody has raised money from a public pension.’ The Fairfax County Retirement System oversees three independent benefit plans. Two out of the three invested in Morgan Creek Digital. These two pension funds became anchor investors in the firm’s venture capital fund of $40 mln. Both funds are managing over $5 bln worth of assets, which is to say, the Morgan Creek Digital investment only represents a fraction of their overall assets.

Aside from the pension funds, different institutions also took part in the crypto investing VC fund. One of the institutions is Yale University. Others include a hospital system, a private foundation, and an insurance company. Except for these, no further details were provided by Pompliano.

Investing in Innovation

There’s a belief in the institutional world that if the industry will be around for a long time, it will be very valuable… smart money is not distracted by price but looks at long-term trends… they’re betting on innovation as a great way to deliver risk-mitigated returns.

Anthony Pompliano tells Bloomberg

The fund is formulated similarly to a conventional VC fund. Seed equity-based investments will be made through this $40 mln fund to incubate blockchain startups. Besides that, the fund will invest in security tokens and liquid cryptocurrencies, namely bitcoin. Before, the firm invested in Bakkt, Coinbase, and Harbor.

Katherine Molnar, the Chief Investment Officer of Fairfax County Police Officer’s Retirement System, made a statement it is becoming apparent that the bitcoin’s underlying technology presents an ‘attractive asymmetric return profile.’

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