{"id":1272,"date":"2018-10-10T14:30:00","date_gmt":"2018-10-10T18:30:00","guid":{"rendered":"https:\/\/www.nepc.com\/private-wealth\/newsroom\/bloomberg-yale-invests-in-crypto-fund-that-raised-400-million\/"},"modified":"2021-11-02T19:09:56","modified_gmt":"2021-11-02T23:09:56","slug":"bloomberg-yale-invests-in-crypto-fund-that-raised-400-million","status":"publish","type":"newsroom","link":"https:\/\/www.nepc.com\/private-wealth\/newsroom\/bloomberg-yale-invests-in-crypto-fund-that-raised-400-million\/","title":{"rendered":"Bloomberg: Yale Invests in Crypto Fund That Raised $400 Million"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column width=&#8221;1\/1&#8243;][vc_column_text uncode_shortcode_id=&#8221;920460&#8243;]Yale University, the Ivy League school that has invested in everything from Puerto Rican bonds to timber in New Hampshire, is getting into the market for cryptocurrencies.<\/p>\n<p><!--more-->The second-largest endowment in higher education is among investors that helped a new fund focused on digital assets raise $400 million, according to a person with knowledge of the matter, who asked not to be identified because the information is private. The fund, called Paradigm, was recently started by Coinbase Inc. co-founder Fred Ehrsam, former Sequoia Capital partner Matt Huang, and Charles Noyes, an ex-employee of crypto fund Pantera Capital.<\/p>\n<p>Yale, whose nearly $30 billion endowment is headed by David Swensen, is among the few large institutions to invest in the cryptocurrency market, which has tumbled this year after a stunning rally in 2017. The size of its investment in the Paradigm fund couldn&#8217;t be ascertained, and the New Haven, Connecticut-based school, didn&#8217;t immediately respond to a message seeking comment.<\/p>\n<p>While a wave of institutional capital could reverse the crypto slump, new entrants are being deterred by market manipulation and a lack of regulation. Ninety-six percent of endowments and foundations responding to a survey by consulting firm NEPC in February said they don&#8217;t invest in digital currencies.<\/p>\n<p><strong>Investment Model<\/strong><\/p>\n<p>Swensen&#8217;s endorsement of crypto assets is significant because he&#8217;s considered a pioneer in institutional investing, having managed one of the most-watched and best-performing college endowments for three decades. Many other endowments have sought to replicate his investment model, which favors a longer time horizon and committing capital to more illiquid assets, including private equity.<\/p>\n<p>U.S. college endowments hold about $550 billion in assets, and Yale has the second largest in higher education, behind Harvard. Under Swensen&#8217;s leadership, Yale has returned 11.8 percent on average for the past 20 years.<\/p>\n<p>Almost 60 percent of Yale&#8217;s assets in fiscal 2019 are targeted for alternative investments including venture capital, hedge funds and leveraged buyouts, according to the school.<\/p>\n<p><strong>Early Stage<\/strong><\/p>\n<p>Paradigm, which counts venture-capital firm Sequoia Capital as an investor, plans to invest in early-stage projects focused on cryptocurrencies, new blockchains and exchanges, Noyes told Bloomberg News in June. The firm declined to comment for this story.<\/p>\n<p>In addition to investing directly in digital coins, a number of crypto funds also invest in other funds and buy stakes in blockchain companies.<\/p>\n<p>Yale is a longtime investor in Andreessen Horowitz, which recently launched a $300 million crypto fund. Yale also has invested in this fund, CNBC earlier reported, citing unidentified sources.<\/p>\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-10-05\/yale-is-said-to-invest-in-crypto-fund-that-raised-400-million\" target=\"_blank\" rel=\"noopener\">Read the article on Bloomberg&#8217;s website here.<\/a>[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column width=&#8221;1\/1&#8243;][vc_column_text uncode_shortcode_id=&#8221;920460&#8243;]Yale University, the Ivy League school that has invested in everything from Puerto Rican bonds to timber in [&hellip;]<\/p>\n","protected":false},"author":95,"featured_media":1273,"template":"","meta":{"content-type":"","footnotes":""},"newsroom_categories":[81],"newsroom_tags":[91,83],"class_list":["post-1272","newsroom","type-newsroom","status-publish","has-post-thumbnail","hentry","newsroom_categories-in-the-news","newsroom_tags-endowments-foundations","newsroom_tags-press-coverage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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