Crypto-focused venture firm Pantera Capital has secured the bulk of its new $175 million fund ahead of an expected March closing, CoinDesk has learned.
According to a slide deck obtained by CoinDesk, $125 million is currently committed to the fund, which will be the firm’s third. However, only $25 million has been secured since last August, when Pantera told CNBC that $100 million had already been raised.
“We’re in a bear market and fundraising has slowed for the entire industry, whether you’re an entrepreneur or a fund,” Pantera partner Paul Veradittikit told CoinDesk. He said Pantera’s initial fundraising had come from high net-worth individuals, family offices and others that could money move quickly.
Still, Veradittikit is optimistic about the closing. Pantera, he said, is “taking a lot of meetings” with a new category of funders: institutional investors, such as endowments and even pension funds. He expects larger checks ahead, though ones that take longer to secure than those from the firm’s traditional supporters.
The new fund will “invest in later stage rounds to support the more mature companies” than past startup funds from the firm, according to the slide deck.
Veradittakit says that approach will allow the firm to take a more active role in growing companies, including taking board seats. “That’s kind of where we want to fit in,” he said.
Half the capital in the fund will be reserved for follow-on funding, with the goal of making investments of $3 million to $8 million for equity stakes of as much as 15 percent. At the seed stage, the fund will target investments of $1 million to $3 million for equity stakes of 10–20 percent.