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Virginia Public Pensions Seek To Invest $50 Million In Crypto Fund
Summary: According to a report from Bloomberg, two public pension funds in Virginia--Fairfax County Police Officer Retirement System (PORS) and Fairfax County Employee Retirement System (ERS)--are seeking to invest $50 million in Parataxis Capital Management LLC’s crypto fund, which purchases a series of digital tokens and cryptocurrency derivatives. Both of Fairfax's retirement systems made headlines in ...
According to a report from Bloomberg, two public pension funds in Virginia--Fairfax County Police Officer Retirement System (PORS) and Fairfax County Employee Retirement System (ERS)--are seeking to invest $50 million in Parataxis Capital Management LLC’s crypto fund, which purchases a series of digital tokens and cryptocurrency derivatives.
Both of Fairfax's retirement systems made headlines in 2018 due to their investment in blockchain technology. At that time, ERS invested 0.3% ($10 million) of its holdings in Morgan Creek Blockchain Opportunities Fund, and PORS invested 0.8% ($11 million). In the second year, they added another $52 million, but most of Morgan Creek's fund invested in crypto-related companies with only 15% invested in the cryptocurrency itself.
The latest move represents a larger bet by PORS and ERS on the cryptocurrency. The two pension funds are currently waiting for the approval of the board of directors.
By Mary Liu
Tags: Cryptocurrency,Pension Fund,PORS,Virginia
Link: Virginia Public Pensions Seek To Invest $50 Million In Crypto Fund [Copy]
