Pantera Capital plans to close the Pantera Blockchain Fund, its first blockchain fund, in the next three to four weeks with about $1.3 billion in committed capital, according to an investor conference call.
The amount is more than double the $600 million target when the company began fundraising last November. Pantera last month said commitments then had surpassed $1 billion.
The fund was launched during a record-setting period for crypto investment vehicles, including a $2.5 billion fund from Paradigm that also begun in November.
Pantera also outlined its near-term road map, including plans for a second blockchain fund in 2023. Franklin Bi, director of portfolio development at Pantera, said the follow-up will have essentially the same objectives as the initial fund – new deals in early-stage, private tokens and venture capital.
“We will come back with a larger and more diversified and probably longer-investment-period growth-stage fund, say in 2024,” Bi added, speaking about the firm's plans beyond the second blockchain fund.
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The investor call was for the new Pantera Select Fund announced last week with a $200 million commitment to invest in “more mature, revenue generating companies,” according to a client letter.
The Select Fund was Pantera’s fifth, joining the Bitcoin Fund, Early-Stage Token Fund, Liquid Token Fund and Blockchain Fund. Select is “smaller, more targeted and therefore more concentrated than a typical growth fund,” Pantera said. The deadline for limited partners to get in on the Select Fund is May 1.