The Morgan Creek Capital has announced that the Chapel Hill, North Carolina-based firm is seeking to raise up to $500 million to start a new hedge fund focused exclusively on cryptocurrencies and other blockchain-related investments, Bloomberg reported.
For that purpose, Morgan Creek has acquired Full Tilt Capital - a venture firm that recently launched a fund dedicated wholly to cryptoassets.
“Morgan Creek believes blockchain to be one of the most powerful and valuable technologies to have been developed in the digital age and also believes that the disruptive power of the application of blockchain technology across all asset classes will create enormous investment opportunities,” Mark Yusko, founder and chief investment officer at Morgan Creek, said.
If Morgan Creek succeeds in raising the full $500 million, it will constitute approximately 25 percent of the firm’s total assets under management and be the market’s single-largest cryptoasset hedge fund.
According to Anthony Pompliano, managing partner at Full Tilt, the new fund’s strategy will be to focus on transactions executed through blockchain technology.
Pompliano, who will remain at the firm after the takeover, says they’re “encouraged by the potential blockchain can bring to financial markets.”