Pantera to Close Blockchain Fund Shortly After Raising $1.3 Billion – Double Target

Crypto hedge fund giant Pantera Capital is set to shut down a blockchain fund backed by around $1.3 billion in capital next month. The P...



Crypto hedge fund giant Pantera Capital is set to shut down a blockchain fund backed by around $1.3 billion in capital 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 ventures, and high-liquidity tokens. It has since far exceeded that target, with the company revealing last month that the fund had overcome $1 billion.

The latest figure of $1.3 billion was Noted during an April 12 investor conference call regarding the company’s new $200 million Pantera Select Fund, which will support “growth-stage” crypto companies ready to generate revenue, as opposed to companies in early stage funding that are being sought through the Blockchain Fund.

Although a specific closing date for the fund has not been specified, CEO of Pantera Capital Dan Morehead suggested it could be early May:

“We’re closing the Blockchain Fund, I think it’s going to be around $1.3 billion and over the next three or four weeks, and as some of the big institutions that have very detailed due diligence processes come to an end, we we’ll be done with that fund.”

Going forward, Morehead also noted that the company will next focus on closing Blockchain Fund II 2023, which will “essentially be the same” as the old variant of the fund and will seek to obtain other agreements in the “sector private at an early stage”. a symbolic space and new offers in the first space of risk.

“We will come back with a bigger and more diversified and probably longer growth phase fund, say in 2024,” Morehead added.

The Pantera Select Fund is also expected to close in early May with approximately $200 million in capital. The company said the fund will be used to support and scale businesses that are already open for business:

“The Fund is expected to invest in approximately 10 companies over the next approximately 18 months. We will primarily focus on more mature, revenue-generating businesses than our typical seed and Series A venture capital investments.”

Pantera said the fund will invest in companies across multiple crypto sectors such as blockchain infrastructure, non-fungible token (NFT) platformsWeb3 gaming, the Metaverse, exchanges and decentralized finance (DeFi).

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In the April 5 cabinet newsletter, the Pantera CEO also declared that the funds will be “smaller, more focused and therefore more concentrated than a typical growth fund”, as he underlined his optimism about having multiple deals already in place:

“For the first time in nine years, we have entered into three exciting growth-stage deals simultaneously. This prompted us to offer a special fund to help limited partners gain exposure to these growth-stage transactions, as well as seven to nine others we will be investing in over the next year.