The University of Michigan has decided to expand the amount of investments in the CNK Fund I operated by the US venture company Andreessen Horowitz.
"The University may commit to follow-on investments in a new fund sponsored by a previously approved partnership provided the fund has the same investment strategy and core investment personnel as the prior fund," the released board meeting agenda reads.
The university published the agenda of the board meeting fund earlier this week saying that it would invest more in the a16z fund along with already placed $12 billion. At the same time, the exact volume is yet to be unveiled.
"As opportunities related to crypto networks transition from being undefined to becoming more visible and sharply defined, the need for a separate thematic fund may recede,” according to the document.
In June 2018, the fund allocated $3 million for the above mentioned crypto fund.
Several large educational institutions have recently started financing digital assets funds. In October last year, Yale University, which owns the second largest fund among US universities, became one of the investors of the $400 million crypto fund Paradigm. In the same time, Harvard University, which holds the largest fund of $39.2 billion, has also reportedly invested in at least one crypto fund. Stanford University, Dartmouth College, Massachusetts Institute of Technology, and the University of North Carolina have also allegedly followed suit.
Andreessen Horowitz opened its crypto fund in 2018, aiming to invest in fintech companies at different stages of their life cycles. Andreessen Horowitz partner Chris Dixon said they were planning to systematically fund such companies regardless of the market conditions.