🌎 Pantera Capital to Launch Fifth Crypto Fund with $25M Co-Investment

Pantera Capital is gearing up to launch its fifth venture-style fund in 2025, offering co-investment options to LPs with commitments of $25 million or more.

Californian crypto venture giant Pantera Capital is set to launch its fifth venture-style fund in 2025, granting $25 million limited partners co-investment rights in key blockchain deals.

In an email announcement, the Menlo Park-headquartered venture capital firm revealed that its new Pantera Fund V will provide investors with exposure to a broad spectrum of blockchain assets. This move continues the firm’s decade-long strategy of allocating capital across venture equity, early-stage private tokens, and locked-up treasury tokens.

Co-Investment Opportunities

Pantera Capital stated that LPs committing $25 million or more will gain co-investment rights, allowing them to participate in at least 10% of each venture equity, private token, and special opportunity deal valued over $10 million. This co-investment option comes without management fees or carried interest. Additionally, Pantera has indicated it will strive to offer co-investment opportunities, on a capacity-available basis, to other LPs, albeit with a 1/10% fee.

Investment Options

The venture capital giant added that LPs could choose between investing solely in venture deals or diversifying into more illiquid assets, including private tokens and treasury tokens.

Fund V and Its Predecessor

Pantera positions Fund V as a continuation of its Pantera Blockchain Fund IV, launched in 2021, which served as a comprehensive wrapper for the entire blockchain asset class. The firm, renowned for its pioneering role in crypto investments, aims to raise $1 billion for the new fund, with the first closing expected in April 2025.