Altcoin News: The University of Michigan to Increase Investment in a16z’s Cryptocurrency Fund
The University of Michigan Donations Fund, currently valued at approximately $12 billion, plans further investments in the Andreessen Horowitz’s crypto fund, a16z.
According to the agenda of the meeting of trustees of the fund, published this week, the university has already invested $3 million to Horowitz’s $300 million crypto fund in June 2018 and is now considering the possibility of further investments. At this moment, the exact planned amount of investment was not disclosed.
The meeting’s agenda also states that “as opportunities related to crypto networks transition from being undefined to becoming more visible and sharply defined, the need for a separate thematic fund may recede.”
Last year, Andreessen Horowitz founded a $300 million fund to focus on investing in technology companies related to cryptocurrency at different stages of startup development. It is also reported that the fund received investments from the Yale University endowment fund. Last October, the University of Michigan fund size reached $12 billion. Its Chief Investment Officer, Erik Lundberg, said at the time that the dynamics were “sufficient to maintain the size and growth of the fund.”
Accumulation and pension funds are beginning to actively invest in the blockchain industry and cryptocurrency. Just last week, two state pension funds in the United States invested in Morgan Creek blockchain fund with a capital of $40 million. In addition, representatives of Cambridge Associates, a major consulting firm focused on working with pension funds and trust funds, recently said that investors should pay attention to cryptocurrency assets.
Author: Marko Vidrih