According to TechFlow, Meanwhile Group, backed by Sam Altman, announced that its investment management subsidiary, Meanwhile Advisors, has launched a Bitcoin private credit fund, providing institutional investors with a new Bitcoin investment channel.
The fund plans to complete fundraising of US$100 million in the first quarter of 2024. Its main source of income will come from Bitcoin lending, with an expected target return of 5%.
The minimum investment amount is US$250,000, the investment period is three years, the harvest period is four years, and the total period is seven years. Capital will be gradually returned to investors over the harvest period, with the majority expected to be recovered within seven years.
The fund charges in Bitcoin, with a management fee of 2% and a carried interest of 20%. Anchorage Digital will serve as the custodian of the fund.
