With an endowment value of about $12 billion, the University of Michigan considers investing in Andreessen Horowitz’s crypto fund, a16z, as per the board of regents meeting agenda published on Tuesday.
As per the published document, the university has had previously the committed $3 million to Horowitz’s $300 million crypto fund in June 2018 and now it has decided to follow-up its investments, however, the amount an exact amount. The meeting agenda further added:
“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.”
The said fund was launched by Andreessen Horowitz last year, focussed at investing in cryptocurrency-related technology companies at different stages. The $300 million fund, has reportedly attracted participation from Yale University.
Andreessen Horowitz’s general partner, Chris Dixon, said at the time of the launch the fund “plans to invest consistently over time, regardless of market conditions. If there is another ‘crypto winter,’ we’ll keep investing aggressively.”
Last October, Michigan’s endowment value climbed to about $12 billion, its CEO Erik Lundberg said at the time that the performance was “sufficient to sustain and grow the endowment in real terms, net of spending.”
The news follows another set of good news for the crypto ecosystem as other endowment and pension funds are increasingly starting to invest in the blockchain and crypto space. Just last week, two public pension funds – Fairfax County, Virginia’s Police Officer’s Retirement System, and Employees’ Retirement System, backed Morgan Creek Capital’s crypto-focused venture fund that raised $40 million.