Two Fairfax County Pension Funds, Virginia, Invested $ 55 Million in October in Second Focused cryptocurrency fund from Morgan Creek Capital. It is reported by CoinDesk.
To date, the share of investment funds of money management funds of police and other government officials in Morgan Creek has reached 1% (previously this figure did not exceed 0.5%).
New investments arrived after preliminaryestimates of indicators of the first fund, whose assets have grown by 15% since the beginning of this year. Most of the funds of Morgan Creek Digital are directed to blockchain-related infrastructure companies, and about 15% of the company invests in crypto assets.
Police Pension Fund Allocated This Time$ 22 million (1.5% of their total assets), and the civil servants fund - $ 33 million (0.8%). The remaining $ 5 million was jointly directed to an unnamed project managed by Morgan Creek.
According to the chief investment directorof the Andy Spellar police fund, in an environment of low interest rates and low returns on traditional investments, the attractiveness of venture capital investments is significantly increasing.
“So far, we are seeing uncorrelated dynamics with respect to other asset classes”- added Spellar.
Recall that in February of this year, Fairfax County pension funds first invested $ 40 million in crypto and blockchain space through Morgan Creek.