Crypto investment firm Pantera Capital has raised $600 million for its fourth fund with approximately 75% of the capital coming from institutional investors, such as endowments, according to The Information.
- The institutional backing is a change from the firm’s $175 million fund in 2018, which was largely funded by wealthy crypto investors, the report said.
- Pantera declined to comment when contacted by CoinDesk.
- Pantera expects the fund to reach $1 billion when it closes in March, the story said, citing an unnamed source. The fund will invest in venture equity, crypto tokens that have launched and tokens in development.
- Pantera was founded by Tiger Management alum Dan Morehead in 2003 as a global hedge fund before switching its focus a decade later to digital currencies. The firm has currently backed more than 80 blockchain companies and 65 early-stage token deals across a portfolio that includes Circle, Coinbase and Ripple.
- In September, Pantera raised $369 million for its then new blockchain fund. The firm had $4.7 billion in assets under management as of August.
Read More: Pantera CEO Says Bitcoin ETF May Fail to Spark Rally
