Travis Kling is all set to launch his own hedge fund named Ikigai on October 1, 2018, with the funding of partner. Kling plans to mobilize $15 Million by November 1, 2018, through external sources. The fund will be located in Delaware. However, he will make an option for the foreign investors through a vehicle based in the Cayman Islands. He will employ 13 persons in his team to manage the fund. Travis will charge a 2% fee for the investors.
He is targeting to raise $33 million in the venture fund. The token portfolio will raise $100 million by mid-2019.
Kling, who was with Point72 hedge fund of Steven Cohen, left the fund in December 2017 when the crypto was at its peak to start his own hedge fund. He visualized a plan to start the fund in December 2017. The crypto currency market has declined sharply by almost 70% since its peak in December 2017. Despite putting in considerable efforts worldwide, the trend for crypto remains bearish.
Flourishing Crypto Hedge Fund Industry
Around hundred crypto currency related hedge funds started in 2018 despite the prevailing bearish trend. With the governments and organizations across the world finding innovative ways to adopt the virtual coins, the crypto currency market is slowly recovering.
Raising funds is very easy when the market is bullish. Kling is confident of raising funds despite the recent sell-off as the investor interest in crypto stays intact.
Morgan Creek Unveils a Cryptocurrency Fund
Morgan Creek has unveiled a cryptocurrency fund as family offices, pension funds, and endowments are looking for innovative ways to park their surplus funds. A long time bull in cryptocurrency and CIO, Mark Yusko launched the fund with a minimum investment of $50,000.
Bitwise Asset Management and Morgan Creek Digital joined hands to launch Digital Asset Index Fund for institutional investors. The downturn of Bitcoin is providing an opportunity to evaluate the digital currencies.
The Bitcoin (BTC) was trading at $7,048 on Tuesday Morning. Mark Yusko has set the target price of $0.5 million for the Bitcoin in future.