Global asset management giant Brevan Howard, had reportedly raised more than $1 billion from institutional investors to create the largest crypto hedge fund to date. Two latest filings with the SEC revealed the structure of this fund.
Brevan Howard has submitted a filing with the U.S. Securities and Exchange Commission (SEC) for the Digital Asset Multi-Strategy Fund Ltd hedge fund. The fund has raised $184.15 million from four investors since sales opened on April 1.
A $10 million minimum is set for any outside investments, while the firm indicated “Indefinite” for total offering amount.
Brevan Howard also updated its filing for Brevan Howard Digital Asset Multi-Strategy Fund, L.P. The update shows that this fund has raised $29.71 million raised from six investors. This first filing for this fund was done back in January when it had raised $3 million.
A source familiar with the firm’s funds disclosed that these filings represent the first two of several sub-entities of the broader crypto hedge fund. These sub-entities were created to satisfy different tax jurisdictions.
The total assets under the management of these sub-entities will add up to more than $1 billion raised overall. The open-ended nature of the funds means that the sub-entities can keep raising money indefinitely.
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According to the firm’s website the BH Digital division was created to provide institutional investors with “access to the wide range of diverse opportunities presented by the structural disruption and innovation of blockchain technology.”
