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University of Michigan Endowment Ups Investment in Andreessen Horowitz Crypto Venture Fund



The University of Michigan’s $12 billion endowment plans to strengthen its investment in a “cryptonetwork technology fund” (CNK Fund I) controlled by means of American venture capital company Andreessen Horowitz. The construction used to be revealed within the schedule for the college’s Board of Regents assembly on Feb. 21.

According to the record, the endowment had already dedicated $three million to CNK Fund I in June 2018 and has now integrated it as an authorized partnership for a follow-on funding, quantity unspecified. The schedule states that the fund — created by means of the Menlo Park, CA-headquartered Andreessen Horowitz — “invest[s] in cryptonetwork technology companies across the spectrum of seed, venture, and growth stage opportunities.”

The record outlines the explanation at the back of backing the Andreessen Horowitz devoted crypto fund, noting that crypto “has become an important area of innovation and entrepreneurship that warrants focused attention” and that it is considered “a distinct type of technology by entrepreneurs, funding sources, and developers.”

The schedule continues:

“As opportunities related to cryptonetworks transition from being undefined to becoming more visible and sharply defined, the·need for a separate thematic fund may recede. In addition, the regulatory landscape for crypto-based investments is potentially more cumbersome than is the case with the sort of traditional IT investing that otherwise characterizes AH’s activities.”

As prior to now reported, a number of high-profile prestigious college endowments have began to again crypto-focused price range.

In October 2018, Ivy League faculty Yale — which has the second-largest endowment within the United States — used to be revealed to be probably the most traders that helped to lift $400 million for a big new crypto-focused fund created by means of veterans from Coinbase and stalwart crypto fund Pantera Capital.

That similar month, it used to be reported that fellow Ivy League titan Harvard — whose ~$39.2 billion endowment for the 2018 fiscal 12 months used to be the biggest of any college endowment globally — had invested capital into “at least one cryptocurrency fund.” The document made the similar declare for 4 additional prestigious U.S. colleges — Stanford University, Dartmouth College, the Massachusetts Institute of Technology (MIT) and the University of North Carolina.

In December 2018, Spencer Bogart — spouse at undertaking capital company Blockchain Capitalnoted that the doorway of primary college endowments into the crypto house demonstrates the greater institutionalization of the asset elegance.

This month, primary pension and endowment consultancy company Cambridge Associates published a analysis notice arguing that crypto represents a profitable funding for establishments “with an eye toward the long term.”

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