The University of Michigan Endowment Increase Its Investment in a Crypto Venture Capital Fund
According to a recent report, the financial endowment fund for one of the oldest and well-known academic institutions in the U.S—the University of Michigan, is the latest institutional investor to take increase it stakes in the cryptocurrency market and its endowment is supporting a crypto venture capital fund which is under the management of Andreessen Horowitz.
The University of Michigan to Add More
Based on the Board of Regents meeting which took place on the 21st of February, it was decided that the university’s endowment should increase its investment through a crypto venture fund as it already earmarked 3 million dollars to the crypto network fund in June, 2018.
CNK Fund I, L.P
Andreessen Horowitz is the head of the crypto network fund, CNK Fund I, L.P., also known as a 16z and its headquarter is based in the Menlo Park. The fund was established in the fund’s bid to invest in crypto technology exchanges across the spectrum of seed, venture, and growth stage opportunities.
Other reasons for raising the crypto-focused fund is that the regulations guarding crypto-based companies are more well-managed compared to Andreessen Horowitz’s traditional technology investing and that having a separate fund for the crypto industry might be better placed within the prominent cryptocurrency ecosystem rather than a general information technology investment fund.
The financial endowment of the University consisting of a collection of thousands of individual endowments is being managed like a large mutual fund, and as of October of 2018 was worth 11.9 billion dollars. Funds generated from it pays for
Other institutional Investment
Similarly, two American public sector pension funds are now backing a crypto industry venture capital fund with a combined 40 million dollars investment. Also, the Fairfax County Police and the Fairfax County Employees’ pension plans provided major support for the Morgan Creek Blockchain Opportunities Fund.
