Meanwhile launched a Bitcoin private credit fund, aiming to raise 100 million dollars
ChainCatcher news, a cryptocurrency startup supported by Open AI founder Sam Altman, has launched a private Bitcoin credit fund through its investment management subsidiary Meanwhile Advisors, providing institutional investors with a Bitcoin investment channel.The fund seeks to raise $100 million and is expected to complete fundraising by the end of the first quarter of 2024. This is a closed-end fund that will generate returns by lending out Bitcoin, with a target yield of 5%. The minimum investment amount is $250,000, with no upper limit. The investment period is three years, with a harvest period of four years, for a total duration of seven years. Capital will be returned to investors during the harvest period, so most of the capital may be returned before the seven years are up. The fund will charge a 2% management fee and a 20% carried interest, payable in Bitcoin. Anchorage Digital will act as the fund's custodian.It is reported that on June 6, the Bitcoin-denominated life insurance provider Meanwhile announced the completion of $19 million in funding across two seed rounds, with the first round co-led by Sam Altman and former Stripe issuing head Lachy Groom, and the second round led by Gradient Ventures.
