Alexander Pack, managing partner of Dragonfly Capital Partners, has stepped down from the crypto investment firm, according to a letter obtained by CoinDesk. The move was confirmed by Dragonfly Managing Partner Haseeb Qureshi.
The unsigned letter to the fund’s limited partners, dated April 27, says the decision is “due to a difference in vision on the direction of the firm.” Pack will continue to serve in a part-time capacity as a venture partner, stewarding one of the company’s first funds.
“The split could not be more amicable,” Qureshi told CoinDesk via email. “Alex is a great investor and thinker in crypto, and he’ll continue supporting our ecosystem of portfolio companies as a Venture Partner. We remain on great terms with him and we hope to continue to work together down the road.”
Dragonfly has been a large but quiet firm in the space, announcing itself in October 2018 with $100 million under management. The firm’s objective has always been to bridge investments between the U.S. and Asia. It invests in cryptocurrencies, new protocols and startups, including Compound, Coda, dYdX and Celo, according to the company’s website. It took a large stake in MKR tokens late last year.
Pack was an alumnus of Bain Capital Ventures. The other managing partners include Bo Feng, previously a founding partner of Ceyuan Ventures, and Haseeb Qureshi, previously a general partner at MetaStable Capital.
“We remain on great terms with Alexander and look forward to collaborating with him in his future endeavors for many years to come,” the letter states.
Pack did not reply to a request for comment as of press time.