Crypto Startup Gemini Valued at Over $7 Billion After Latest Fundraise (Euro News)
Gemini said on Thursday it had raised $400 million in a funding round led by hedge fund Morgan Creek Digital that valued the startup at $7.1 billion, becoming the latest crypto company to have raised money at high valuation in recent months. Led by Cameron and Tyler Winklevoss, Gemini was launched in 2015 as a platform for buying, selling, storing and earning cryptocurrencies including bitcoin and ether, and DeFi (Decentralized Finance) tokens.
The Selfishly Generous (The National Review)
William Ackman, a New York City hedge-fund manager, wants to renovate his penthouse. These being the dumbest of times, this is a local controversy in New York. And in the dumbest of times, the Times is at its dumbest: At the beginning of Ginia Bellafante’s column about the controversy, she counts Ackman among the city’s “selfishly rich” but then only a few paragraphs below notes that “Ackman has been an enormously generous donor” to the New York Historical Society, whose president has offered support to Ackman’s plans.
China’s Regulatory Crackdown has been Squeezing Hedge Fund Favorites Like Didi and JD.com. Here’s How Billionaire Investors Like Philippe Laffont are Playing the Chaos. (Business Insider)
When the Chinese government issued a flurry of new regulations aimed at domestic tech companies in July, US hedge funds — historically large holders of stocks like Didi, JD.com and Pinduoduo — had a tough decision to make. They could bet that the latest effort at reining in big business was, as Ray Dalio has suggested, a temporary bid for control by the Xi Jinping-led Chinese Communist Party, and buy more shares in hopes of a rebound. Or they could run for the hills and still recoup money from their investments, albeit at depressed prices. For many large hedge funds, like Chase Coleman‘s Tiger Global and Andreas Halvorsen‘s Viking Global, fast-growing Chinese tech stocks have helped to propel returns in recent years.
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Morning Coffee: 42-Year-Old Banker Already Spent Bonus in His Mind. Hedge Fund Agrees Not to Poach from Rival (eFinancialCareers.com)
Given that excitement about 2021 bonuses has already gone beyond, “they might be good,” to, “they’ll be the best they’ve been for 13 years,” it’s to be expected that their recipients will already be contemplating spending them. But on what? New York Magazine’s Intelligencer column has been asking precisely this question and has discovered that while a few big spenders still exist, the general notion is not that you should use your bonus for gratification and Ferraris, but for investments and the future.
Hedge Fund Fee Models in a Post-‘Two and Twenty’ World (Hedge Week)
With many hedge funds delivering long-only or beta-type returns over the past decade, downward pressure on fees has intensified in recent years, and the ways in which start-up managers can look to draw allocator money has been the focus of fierce debate as fee models have shifted. The traditional ‘Two and Twenty’ fee model – for years a cornerstone of the hedge fund industry – largely does not exist today for most managers, though that does not mean certain well-established managers aren’t still able to charge such fees, according to Stephane Berthet, founder of Hyphen Alternative Advisors, and moderator of the fees-focused panel at this year’s hedgeweekLIVE European Emerging Managers Summit.
