This Week in Alternative Investments - June 30th, 2023

Investment giant BlackRock debuted a retail private credit fund


Bite sized market updates

Investment giant BlackRock debuted a retail private credit fund. The $9 trillion money manager’s Black Rock Private Credit Fund (or BDEBT) allows everyday investors access to the asset class.

A Gustav Klimt masterpiece set a European auction record. “Lady with a Fan” sold for over $108 million in London, well above expectations.

Over $11.5 billion was lost to crypto fraud in 2022. Of that, $7.8 billion was lost to pyramid and Ponzi schemes, with an additional $3.7 billion lost to hacks or exploits.

Kindred Ventures announced two new funds totaling $312 million. The funds will focus on pre-seed and seed stage startups.

Portfolio Spotlight

A weekly look behind the scenes of an investment in the Vincent portfolio.

1933 Goudey Babe Ruth Card: The color and surface of this card is impeccable. It has a sharpness that is shocking given the card’s age. The centering is near-perfect. Simply put, this is a legendary card from a legendary set of a legendary athlete.

Market Updates

BlackRock continued its private credit expansion by opening a fund aimed at retail investors. The new fund, dubbed “BDEBT”, already has $150 million of net assets, and is open to investors with a net worth of $250,000 or as low as $70,000 if they also have an annual income of over $70,000. This comes just weeks after the company acquired venture debt financing firm Kreos Capital, signaling a clear intention to expand in the asset class.

A new European auction record for artwork was set. Austrian painter Gustav Klimt’s 1918 work, “Dame mit Fächer (Lady with a Fan)” sold for over $108 million, exceeding its pre-sale estimate of $80 million. Believed to have been Klimt’s final painting, it also set an overall auction record for any of his artwork.

Crypto-related crime reached new levels in 2022. According to a blockbuster report from blockchain intelligence firm TRM Labs, $7.8 billion was lost in pyramid and Ponzi schemes, $3.7 billion was lost to hacks and exploits and an additional $1.5 billion was spent on darknet markets for illegal drugs. The report covers over 40 types of criminal activity across more than 20 blockchains.

Kindred Ventures announced their third core fund and first opportunity fund. The two funds will total $312 million and invest in pre-seed and seed stage companies. The San Francisco-based venture firm has previously invested in Uber, Postmates, Coinbase, Blue Bottle Coffee and numerous other companies.

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