Key Takeaways
- • Lewis Fellas, former portfolio manager at Harvard University's $35.7 billion endowment, is launching Bletchley Park Asset Management, a digital-currency hedge fund registered in the Cayman Islands, with a September 1, 2017 launch date.
- • The fund is targeting $200 million in initial capital raise, according to sources familiar with the matter.
- • Fellas departed Harvard Management Co. in Boston the previous year to pursue the cryptocurrency investment opportunity, reflecting growing institutional interest in digital assets.
- • The launch represents a trend of senior endowment managers transitioning to alternative investment vehicles, particularly in emerging asset classes like cryptocurrencies.
Summary
Lewis Fellas, a portfolio manager from Harvard University's $35.7 billion endowment, is establishing a hedge fund focused on digital-currency investments, marking another departure of senior talent from one of the world's largest institutional investors to capitalize on emerging asset classes.
Bletchley Park Asset Management, which will be domiciled in the Cayman Islands, is scheduled to launch on September 1, 2017, with a target fund size of $200 million. Fellas left his position at Harvard Management Co. in Boston during the previous year to pursue this venture. The fund will invest in digital currencies, including bitcoin and related cryptocurrency assets.
The move reflects a broader pattern among Harvard endowment portfolio managers who have departed to establish independent hedge funds across various investment disciplines. Harvard's endowment has historically been a talent pipeline for alternative asset managers, with multiple senior-level departures occurring across different investment strategies and asset classes.
Fellas' initiative arrives amid rising institutional appetite for cryptocurrency exposure, as traditional asset managers and endowments explore allocation strategies in digital assets. The timing of the launch coincides with increased mainstream attention to bitcoin and blockchain technology, though cryptocurrency remains a niche allocation within most institutional portfolios.
Bletchley Park Asset Management, which will be domiciled in the Cayman Islands, is scheduled to launch on September 1, 2017, with a target fund size of $200 million. Fellas left his position at Harvard Management Co. in Boston during the previous year to pursue this venture. The fund will invest in digital currencies, including bitcoin and related cryptocurrency assets.
The move reflects a broader pattern among Harvard endowment portfolio managers who have departed to establish independent hedge funds across various investment disciplines. Harvard's endowment has historically been a talent pipeline for alternative asset managers, with multiple senior-level departures occurring across different investment strategies and asset classes.
Fellas' initiative arrives amid rising institutional appetite for cryptocurrency exposure, as traditional asset managers and endowments explore allocation strategies in digital assets. The timing of the launch coincides with increased mainstream attention to bitcoin and blockchain technology, though cryptocurrency remains a niche allocation within most institutional portfolios.
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