pantera capital: Pantera Capital to increase India focus as it closes crypto, blockchain funds

Mumbai: Crypto and blockchain-focused hedge fund Pantera Capital plans to increase its focus on Indian crypto and blockchain startups as it closes two funds.

in a blog post on TuesdayDan Morehead, former Head of Macro Trading at Tiger Global and Founder and CEO of Pantera Capital, announced that he is raising $200 million for Pantera Select Fund, a dedicated crypto growth fund. Pantera is also expected to close its $1.3 billion blockchain fund next month, more than double its $600 million goal.

Pantera Capital has closed about 10 deals in India, including one with crypto unicorn CoinDCX, Pantera Capital partner Paul Vereditkit told ET. “We plan to (invest) a lot in India,” he said, adding that the area has good developer talent, and “the macro factor is good for crypto adoption”.

Pantera Capital recently led a $135 million funding round from its blockchain fund to crypto unicorn CoinDCX. The fund’s portfolio includes a number of crypto unicorns and décacorns (private companies worth $1 billion and $10 billion, respectively), including Alchemy, Coinbase, Circle, and FTX.

Select Fund will focus on mature, revenue-generating companies and will deduct an average of $20 million in checks. It is expected to close in May, Morehead wrote, and plans to invest in seven to nine companies, including another round at CoinDCX.

“Institutional investors are in an uncomfortable moment. A few years ago, proposing an investment in blockchain would have been a huge career risk. A few years from now, not investing will be a huge fiduciary risk. We are in that uncomfortable hiatus period,” he wrote.

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He added that the industry has matured and has seen an increase in mid- and growth-stage deals since it started investing in digital assets in 2014.

“When we started investing, seed and Series A rounds were the only deals that existed. No company was old enough yet to raise a Series B. However, the industry has grown. [and] 27% of deals now predate Series A,” Morehead wrote. “We are launching a new fund that will be an entirely growth-stage investment. Pantera Select Fund seeks to capitalize on the industry’s transition into more growth-stage opportunities,” he said.

ET reported last July that international funds were looking for early winners in the Indian ecosystem and benefiting from blockchain startups founded by Indians.

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