Fairfax County discloses details about investments in Morgan Creek crypto fund

Posted 15 February, 2019

Fairfax County Retirement Systems from Virginia has unveiled some details about the investments made by two local public pension funds in the new Morgan Creek's $40 million fund that is designed to deal with the blockchain and cryptocurrencies.

According to the information on the local administration website, the investments came from Employees’ Retirement System and Police Officer’s Retirement Systems reaching $10 million and $11 million (0.3% and 0.8% of their available assets) respectively. 

"These investments were deliberately sized to be a small portion of each system’s assets, given that the blockchain technology industry is still in its early stages,” the official notification reads.

The entities understand that the technology is generally used to create and maintain cryptocurrency markets operations, so its clients can be concerned about the fact that these investments are in Bitcoin or other cryptos. They, however, reassure that the blockchain allows for many applications outside of bitcoin, and less than 15% of the assets will be invested directly in cryptos, while the remaining 85% will be allocated for blockchain technology companies. As a result, these investments are very similar to those into private capital.

As it was reported earlier, Morgan Creek managed to get $40 million for its fund enjoying the support of the public pension funds. The initial target was $25 million, though the final sum showed almost 2-fold increase thanks to the investors' interest in the fund.

Notably, the representatives of both funds met with Morgan Creek to discuss the issue in detail. The Fairfax investment team came up with a decision that the expected profits correspond to the risk level, and this determined the size of the investment.

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15 February, 2019 17:11

← Canadian court: issue of QuadrigaCX customers representation rescheduled by judge

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Canadian court: issue of QuadrigaCX customers representation rescheduled by judge

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