Michigan’s endowment fund is to expand its contribution to Andreessen Horowitz’s cryptocurrency fund, which launched in last June.
University of Michigan’s endowment is to increase its contribution to a $300m cryptocurrency-focused venture fund called CNK Fund I managed by VC firm Andreessen Horowitz.
The endowment had previously put up $3m for the fund in June 2018, according to a technical document published by the university’s board of regents. CNK Fund I’s co-lead investors are Kathryn Haun and Chris Dixon, who also act as its general partners.
CNK Fund I participates in seed through to growth-stage rounds.
The fund, also known as a16z crypto, was established as a thematic vehicle for Andreessen Horowitz’s cryptocurrency investments, separating them from its wider IT-orientated activities in reflection of the technology’s growing importance in innovation and entrepreneurship.
Andreessen Horowitz believes a separate cryptocurrency fund is desirable given the “potentially more cumbersome” regulatory landscape that is likely to emerge for crypto-based investments.
