INTERNATIONAL - Yale University, the Ivy League school that has invested in everything from Puerto Rican bonds to timber in New Hampshire, is getting into the market for cryptocurrencies.
The second-largest endowment in higher education is among investors that helped a new fund focused on digital assets raise $400 million (R5.9 billion), according to a person with knowledge of the matter, who asked not to be identified because the information is private.
The fund, called Paradigm, was recently started by Coinbase Inc. co-founder Fred Ehrsam, former Sequoia Capital partner Matt Huang, and Charles Noyes, an ex-employee of crypto fund Pantera Capital.
Yale, whose nearly $30bn endowment is headed by David Swensen, is among the few large institutions to invest in the cryptocurrency market, which has tumbled this year after a stunning rally in 2017.
The size of its investment in the Paradigm fund could not be ascertained, and the New Haven, Connecticut-based school, didn’t immediately respond to a message seeking comment.