BY CNA team - October 6, 2018
Yale’s endowment an investor in crypto funds
Yale University’s US$29.4bil endowment fund has recently invested in two venture funds focusing on cryptocurrencies and the underlying blockchain technology.
Bloomberg and CNBC reported on Oct 5 quoting sources that the endowment, led by David Swensen, invested in Andreessen Horowitz’s inaugural US$300mil crypto fund, which was closed in late June.
The endowment also earlier invested in a new US$400mil fund managed by Paradigm, founded by former executives from Coinbase, Pantera Capital and Sequoia Capital.
Yale’s endowment is the second-largest among US tertiary education institutions, behind Harvard University’s. According to Bloomberg, US colleges and universities hold about US$550bil in assets.
The news wire says Yale is a long-time investor in Andreesen Horowitz, the Menlo Park-based venture capital fund manager.
According to the university’s latest endowment report, for the financial year ended June 30, 2017, allocation to venture capital funds comprised 17.1% of the portfolio, while leverage buyouts another 14.2%.
The report says over the longer-term, the endowment is seeking to allocate approximately half of the portfolio to the illiquid asset classes of leveraged buyouts, venture capital, real estate and natural resources.