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Morgan Creek Digital has been marketing its venture capital fundraising effort for months hoping to secure $250 million by the end of its indefinite run. So far, the cryptocurrency asset management firm has been quite successful in its endeavor.
During its first phase, Morgan Creek Digital managed to pull in $21 million. Fairfax County’s Virginia’s Police Officer’s Retirement System and Employees’ Retirement System were the two leading investors in the first tranche that made up the aforementioned figure.
Now, the firm told CoinDesk that the two investors have more than doubled its investment during the second tranche, upping its $21 million to $50 million. Wakemed Health and Hospitals, along with other institutional investors, contributed another $10 million, bringing the current funding to $60 million.
Morgan Creek Digital is likely going to hit its intended target
Of course, with a $250 million target, Morgan Creek Digital still needs more support from other investors. However, given how well the funding has gone so far, there’s no reason to doubt the firm’s success in the future. Again, the offering is categorized as indefinite, meaning it’ll be an ongoing funding round.
So far, the firm has yet to announce a final date for the funding. But Morgan Creek Capital partner Anthony Pompliano is confident about how everything has unfolded so far, citing the quality of investors that have joined the fold.
Pompliano boasts Morgan Creek Digital partners
“We hear folks saying institutions aren’t interested, but this initial close along with the conversations we’re having with tens of other institutions shows that there is no lack of interest. When you see the quality of the LPs in this fund, it speaks to the work that these infrastructure companies have done over the last 18 to 24 months,” Pompliano said.
Meanwhile, Jason A. Williams – Pompliano’s colleague, co-founder, and partner at Morgan Creek Digital – is massively optimistic that Bitcoin’s price will skyrocket next year as the leading cryptocurrency will be halving by that time. Williams believes that Bitcoin’s value will climb from its current $8,000 price to $55,000 after the event takes place. The first two halvings have certainly brought Bitcoin’s value up by ridiculous margins and if history is to repeat itself, then Williams’ prediction may be right on the money.
