2018-9-26 13:49 |
Travis Kling, former manager of Steven Cohen’s Point72 hedge fund, is launching his own hedge fund in October. He left Point72 in December 2017 at the height of the cryptocurrency bull market. Since then, the size of the cryptocurrency market has shrunk by over 70 percent, and the overall price sentiment is bearish even though a lot of work is being done worldwide to enhance crypto adoption.
The Fund Was Planned in DecemberThe initial plan of the fund came in December when Kling decided to say goodbye to his managerial position at Cohen’s hedge fund and go out on his own. The new fund will be launched on October 1 with the name Ikigai. This fund will start with partners’ capital in the beginning, but the Kling intends to raise about $15 million by Nov. 1 through outside sources. The fund currently plans to have a $33-million venture fund portfolio and a $100 million token portfolio by mid-2019.
Though the fund will be based in Delaware, it will have a Cayman Islands based vehicle to allow foreign investors to participate in the fund.
Growing Crypto Hedge Fund IndustryAbout 100 cryptocurrency-related funds were started in 2018. This is happening despite the market’s bearish price phase. The sell-off that happened after the coins hit all-time highs made several people believe that crypto was a bubble. However, there is no denying that the markets are slowly maturing and organizations, as well as governments around the world, are finding new ways to adopt virtual coins.
Kling stated that it would be easier to raise funds if cryptos were in a bull market again this year as well. He said that he is “more confident than ever” that interest in the crypto markets will continue despite the massive sell-off.
Kling, who previously managed a $200 million long/short commodity stocks portfolio at Point72, explained further:
“This will be a multi-trillion-dollar asset class. It will be part of our everyday lives. It’s still very early, but the development and growth of this technology will be exponential.”
Ikigai will begin with a 13-person team at launch, and most of the initial funds will be in cash. Kling is currently bearish on digital currencies for the short term, and he will decide whether to long or short the market later. The actively managed fund will come with two-percent fees, plus custody costs and a minimum investment bracket of $250,000.
Travis Kling Is Launching a Cryptocurrency Hedge Fund – Aiming for $100,000,000 Token Portfolio was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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