Pantera Capital has announced plans to close its first Blockchain Fund in the next three to four weeks with around $1.3 billion in committed capital. That is more than double the $600 million target the firm set when it started fundraising last November.
The company announced last month that pledges had reached $1 billion. The fund was launched in November, which was a record-breaking month for crypto investment vehicles, including a $2.5 billion fund from Paradigm.
Pantera also laid out its short-term strategy, which includes the launch of a second Blockchain Fund in 2023. The follow-up fund, according to Director of Portfolio Development Franklin Bi, will have essentially the same goals as the original fund: new early-stage deals, private tokens, and venture capital.
Following that, “We will come back with a larger and more diversified and probably longer-investment-period growth-stage fund, say in 2024,” Bi added.
According to a client letter, the investor call was for the company Select Fund, which was established last week with a $200 million commitment to invest in “more mature, revenue-generating companies.”
Pantera’s Select Fund joined the Bitcoin Fund, Early-Stage Token Fund, Liquid Token Fund, and Blockchain Fund as the company’s fifth fund. Pantera describes Select as “smaller, more targeted, and more concentrated than a typical growth fund.” The deadline to join the Select Fund as a limited partner is May 1.
