Blockchain Capital is raising a fifth fund, targeting $250 million
Quick Take
- Crypto fund Blockchain Capital is looking to raise a $250 million new fund
- The new fund, named Fund V, will invest 75% in equity and 25% in crypto assets
- Details of Fund V and the firm’s previous four funds are revealed in two decks obtained by The Block
Blockchain Capital, a San Francisco-based crypto fund, is looking to raise $250 million for its fifth fund.
The firm expects the first close of this fund by the end of Q1, 2020 and plans to make 35 to 45 investments, according to an investment deck shared with The Block. In a separate deck reviewed by The Block, Blockchain Capital stated that Fund V aims to allocate 75% of the money to equity investments and 25% to crypto assets. For equity investments, the firm will invest at various stages with an emphasis on seed and Series A rounds.
In 2018, Blockchain Capital closed its Fund IV, raising $150 million. As of September 30, 2019, 57% of the fund has been invested, growing to a total of $184 million in assets under management. The net internal rate of return (IRR) to the fund’s limited partners (LP) is 17%, per the decks.
Founded in 2013, the investment firm has raised a total of $173 million with $295 million AUM across its four funds. The net IRRs for the first three funds are 49%, 53%, and 60%, respectively.
As of Q3 2019, Blockchain Capital has made over 80 investments with around $150 million of capital being deployed across the four funds, counting Kraken, Coinbase, Ripple, Bakkt, and MakerDAO as its portfolio companies. Existing LPs include Marc Andreessen and Chris Dixon from Andreessen Horowitz, Tim Draper from Draper Associates, Ripple, and others.
Blockchain Capital declined The Block's request for comments.
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