Fund history and returns
The table below sets out commitments, net asset value and net annual return for each financial year since the fund's first close in June 2019. Returns are shown net of management fees, carried interest and fund expenses.
| Year | Commitments (€m) | Net asset value (€m) | Net return |
|---|---|---|---|
| 2019 | 120 | 138 | +21.4% |
| 2020 | 160 | 279 | +74.6% |
| 2021 | 300 | 520 | +118.2% |
| 2022 | 300 | 241 | -58.3% |
| 2023 | 300 | 470 | +92.7% |
| 2024 | 420 | 788 | +61.5% |
Cumulative net return since inception to 31 December 2024 was +505%, equivalent to a net IRR of 38.9% and a net multiple of 3.1x invested capital.
Year by year
- 2019 – First close in June with €120m of commitments. Capital was deployed gradually over the second half of the year into Bitcoin and Ethereum, closing at €138m of net asset value.
- 2020 – A full year of deployment alongside the broad recovery in digital assets. Commitments rose to €160m and net asset value reached €279m.
- 2021 – The strongest year in the fund's history. A third close took commitments to €300m and net asset value peaked at €520m at year end.
- 2022 – A severe market drawdown. The fund reduced leverage to zero, exited all lending counterparties and ended the year at €241m of net asset value.
- 2023 – Recovery led by the core Bitcoin and Ethereum positions and by staking income, with net asset value returning to €470m.
- 2024 – A fourth close added €120m of new commitments. Net asset value closed the year at €788m, the highest level since inception.
Past performance is not a guide to future returns. The value of digital assets can fall as well as rise and investors may not recover the amount invested. This page is provided for information only and does not constitute an offer to invest.