Travis Kling who worked as a equities portfolio manager for the billionaire Steven Cohen’s Point72 Asset Management has withdrawn the rank with an aim to launch his own digital assets fund.
Point72 is an asset management firm founded in 2014 as the successor of investment company SAC Capital Advisors.
After leaving the billionaire Steven Cohen’s shelter where he worked as an executive, Travis decided to concentrate his vision to start his own crypto-focused fund. The past months, since January, has seen the downfall in the price value when compared to its peak in January for almost all the cryptocurrencies but majorly Bitcoin. However, even after the damage in the crypto world, Kling has never given up on this project, and it seems that he will finally be ready to launch the new hedge fund over the next month. The dates for the launch are not announced yet and it is quite possible that the fund’s launch will within two weeks.
Rumours have it the name of the fund will supposedly be “Ikigai”. There is no confirmation on the launch dates yet the fund, for now, will be backed by a certain amount of capital that Kling’s unnamed partners have invested, further Kling plans to search for additional investors. Kling hopes that the fund will grow and expand to around $100 million by the mid-2019 and stated that he expects this to become a multi-trillion asset class that will expand to touch everyday life.
Kling in an interview stated:
It’s still very early, but the development and growth of this technology will be exponential.
The fund will professedly follow the regulations executed by the Delaware government and the firm will be located in Los Angeles with a 13-person team. Due to the fact that investors are still trying to find a reliable way into the crypto world, it is expected that Ikigai’s launch will come on October 1st and that most of the allocated capital will remain in cash, at least at first.