1508 ET - Private markets investment manager Accolade Partners has boosted its strategy of buying secondary interests in crypto venture funds, as well as taking stakes in the management companies of crypto venture firms. "The primary driver behind investing in both is potential for returns given the valuation environment," said Managing Partner Atul Rustgi. Accolade dedicated about 15% of its new $202 million blockchain fund of funds to secondary deals. It has been buying into crypto venture funds at discounts of about 30% to 70% to fair market value. Rustgi said the deals were bargains, calling them "just beautiful secondaries." (yuliya.chernova@wsj.com)
(END) Dow Jones Newswires
November 20, 2024 15:08 ET (20:08 GMT)
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