China Fund News reporter Yao Bo
Source: China Fund News
Blockchain-related technology venture capital funds have become the focus of many pensions and investment targets. In the US, a pension fund will allocate about 1% of its assets to a blockchain fund, and since the first investment in February this year, the amount of investment has doubled.
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It is understood that the private equity venture capital fund in the pension fund is called Morgan Creek Fund, which mainly invests in crypto assets such as Bitcoin and related blockchain assets, which are used to replace small and medium-cap stock investment in portfolios such as pensions. The investment target that the pension fund usually chooses when configuring the high-risk part. Most of the fund's positions are blockchain-related infrastructure companies, with approximately 15% investing in digital currencies.
After the Morgan Creek Fund received investment, the investment performance was considerable. For this reason, the two pensions were additionally allocated more funds. Among them, the police pension fund provided $22 million in investment, while the county employee fund provided $33 million. Morna, chief investment officer of the police pension fund, said that this accounted for about 1.5% of the total assets of the police fund in 2018, accounting for 0.8% of the total assets of the county employee fund.
Morner said that it is easier to convince the board to reinvest than the initial shareholding. Now there is no need to do too much extra explanation or discussion. People usually feel satisfied with the show.
Despite the good performance of Morgan Creek's encrypted digital currency, pensions are most interested in some of the fund's blockchain base investment of 85%. Spira, chief investment officer of the employee fund, said that its main purpose is to blockchain assets, not to invest in bitcoin. Spira pointed out that the fund is looking for disruptive innovation – anything that is negatively related to its existing investments could lead to a higher return on portfolio investment. If its managed pension holds multiple banking stocks, then the investment blockchain is a hedge against the bank's large and slow operations. But Spira pointed out that the investment is still in the early stages of the life cycle, and I don't know if it can persist. In general, Spira believes that any disruptive technology is a hedge against traditional investment.