The University of Michigan, which has an endowment valued at about $12 billion, is considering further investing in Andreessen Horowitzâs cryptocurrency fund.
According to a board of regents meeting agenda published on Tuesday, the university previously committed $3 million to Horowitzâs $300 million âa16z Cryptoâ fund in June 2018 and is now looking at follow-up investments. However, it did not disclose an exact amount.
The meeting agenda further added that âas 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.â
Andreessen Horowitz launched a16z Crypto last year to focus on investing in cryptocurrency-related technology companies at different stages. The fund also reportedly attracted participation from Yale University.
Chris Dixon, Andreessen Horowitzâs general partner, said at the time of the launch that it âplans to invest consistently over time, regardless of market conditions,â adding: âIf there is another âcrypto winter,â weâll keep investing aggressively.â
Michiganâs endowment value climbed to about $12 billion last October. Its chief investment officer Erik Lundberg said at the time that the performance was âsufficient to sustain and grow the endowment in real terms, net of spending.â
Endowment and pension funds are increasingly starting to invest in the blockchain and crypto space. Just last week, two public pension funds â Fairfax County, Virginiaâs Police Officerâs Retirement System, and Employeesâ Retirement System â backed Morgan Creek Capitalâs crypto-focused venture fund that raised $40 million.
Morgan Creekâs new fund also includes investments from a university endowment, a hospital system, an insurance company, and a private foundation, CoinDesk learned at the time.
Last week, Cambridge Associates, a pensions and endowments consultant, reportedly said that itâs time for institutional investors to consider getting into cryptocurrencies.
Michigan stadium image via Shutterstock
