Morgan Creek Digital Is Pleased To Announce The First Close Of Its Third Venture Capital Fund, Morgan Creek Digital Fund III
Morgan Creek Digital, the digital asset investment business of Morgan Creek Capital Management, LLC, is pleased to announce the $80 million first close for Morgan Creek Digital Fund III, its third venture fund focused on Blockchain technology and digital assets, which has a $400 million target size.
Morgan Creek Capital Management launched Morgan Creek Digital (“MCD”) in 2018 to focus primarily on venture capital investments in Blockchain technology and digital assets. MCD has successfully deployed approximately $150 million across previous funds and has earned a reputation as a thought leader in the digital assets space. Some notable past portfolio investments include BlockFi, Figure Technologies, Coinbase, Bitcoin, Avanti Bank, and eToro. Lead by General Partners, Mark Yusko, Sachin Jaitly, and Xavier Segura, the Morgan Creek Digital team brings decades of experience as entrepreneurs, executives, and investors in technology companies, with a focus on Blockchain technology, Artificial Intelligence, and Big Data. Morgan Creek Digital will deploy capital through an inclusive strategy that seeks to back a diverse group of founders.
MCD III will focus on investing in Blockchain Intelligence, which brings together both Blockchain technology and AI, across Digital Assets, DeFi (Decentralized Finance), and Data infrastructure companies. “We believe that the combination of Blockchain with AI is the next evolution for these technologies, and will result in significant opportunities for our investors” stated Xavier Segura, “We are particularly excited to have MCD III’s first investment be as a lead investor in Figure Technologies. Figure is a prime example of harnessing the power of Blockchain and AI to solve real-world problems in the financial services sector.” Sachin Jaitly, who has recently joined Figure’s board stated, “We believe Figure has not only built a world-class lending business, but CEO Mike Cagney and his team have also built a powerful Blockchain platform to help power the future of finance.”
MCD III’s first close was anchored by a $66 million commitment from Fairfax Employees’ Retirement System and Fairfax County Police Officers Retirement System. “We are honored to have earned the trust of the CIOs and Boards of the Fairfax System to help them with their fiduciary role of providing strong returns for their beneficiaries,” said Mark Yusko, Managing Partner of MCD and CEO and Chief Investment Officer of Morgan Creek, “We are grateful for the support and partnership of our investors and we value the close working relationships with our LPs.”
“One of our strategic objectives at Fairfax County is to capitalize on the illiquidity premium available to long-term investors willing to commit to venture capital. We have been impressed with Morgan Creek Digital’s focus on investing in the critical infrastructure necessary for building out the Blockchain technology ecosystem” commented Katherine Molnar, CIO of the Fairfax County Police Officers Retirement System. “We share Morgan Creek Digital’s core belief that innovation as an asset class should be a significant portion of institutional portfolios. As fiduciaries, integrating venture capital strategies focused on innovation have helped Fairfax County deliver value for our beneficiaries over the long term” said Andrew Spellar, CIO of the Fairfax County Employees’ Retirement System.