Billionaire hedge fund manager Paul Tudor Jones and rapper LL Cool J are part of an elite club of limited partners investing in a $72 million venture capital fund
A crypto-focused venture fund
The new venture fund, North Island Ventures, is headed by Glenn Hutchins, the co-founder of Silver Lake Partners, a private equity firm with $75 billion in assets under management.
Other backers of the fund include Apollo Group co-founder Josh Harris and former Pepsi CEO Indra Nooyi.
The VC fund was founded by Hutchins alongside his son, James Hutchins and former Digitial Currency Group investor Travis Scher. The fund has also been making investments in the crypto space since last year.
Hutchins has been involved in crypto since 2015, something that differentiated him from his peers at the time.
In an interview with an industry site, Travis Scher said:
“Some people might see this story and think Glenn Hutchins is jumping on the bandwagon.”
“The truth is that Glenn was one of the earliest very established leaders from the finance community to get behind this technology.”
Rappers got involved in crypto during the ICO boom
A few rappers and celebrities got involved in cryptocurrencies during the 2017 ICO boom.
Some of the rappers only got involved because they were paid to promote the projects, and had nothing to do with the technology.
However, the landscape has changed and they are now taking a more measured approach.
“I would say that pitching LL Cool J about our fund was a surreal experience,” said Scher. "I think people across a variety of industries, including entertainment, are curious about what opportunities this technology presents for them,” he explained.
Institutions onboard
Institutions are joining the cryptocurrency bandwagon in their droves, and some of them have changed their tune over the past few months.
Tudor Jones called bitcoin a “great speculation” in May last year, and revealed that over 1% of his assets were in bitcoin.
In October, he became more bullish on bitcoin, saying “I think we are in the first inning of bitcoin and it’s got a long way to go.”
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