Another University Endowment Invests in Crypto Fund: 2019 is the Year of Institutions
The University of Michigan’s $11.9 million endowment fund has plans to increase its stakes in a crypto fund managed by Andreessen Horowitz.
The public university said in its Regents Communication agenda that it was looking to make additional investments into the California-based venture capital firm’s CNK Fund I. Earlier, in June 2018, the endowment had committed $3 million to the same fund. However, this time, it didn’t reveal the number it plans to invest.
University of Michigan’s Endowment invested in a16z crypto back last year but has approved follow on investment recently. The rationale listed below I find interesting and bullish for the ecosystem: pic.twitter.com/H7cMLklew6 — David Nage???? (@DavidJN79) February 22, 2019
CNK invests in startups involved in the cryptocurrency technology at “seed, venture and growth stage” levels. Kevin Hegarty, the chief financial officer at the University of Michigan, wrote that crypto recently became “an important area of innovation and entrepreneurship” that explains converged attention. He said that the cryptocurrency technology was becoming more visible and understandable compared to earlier.
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