A fine art collector is organizing the NFT fund for institutional investors, which is backed by Accretion Capital, a Miami-based family office.
Accretion was founded by Edward Burillo in 2013 with plans to launch NFT-focused vehicles in the second quarter for institutional investors who desire exposure to space. The fund will include investments in purchases of NFT (Non-fungible token) mints, as well as other tokenomic projects, and an approach that focuses on trading based on marketing inefficiencies.
Sources had access to information about sensitive business dealings in anonymity, but Burillo refused to comment.
Accretion focuses on venture capital investments, which range from Series B rounds, as well as pre-seed rounds. The new NFT fund has been set up as a separate entity from the family office. There are also undisclosed investment partners working on the launch.
The fundraiser comes at a time when more crypto asset managers are meeting the interests of institutional investors in digital collectibles, especially in this sector of crypto. Liquidity is one of the issues, since most portfolio managers prefer private-equity style periods, such as traditional fine art funds, and hedge funds.
“There are a lot of opportunities to make money in this right now. Pricing is all over the place, and not a lot of traders actually know what they’re doing,” one source said.
Burillo is raising a founder’s share class with a lockup period, and preferred fees. After the lockup period expires, investors will be able to redeem on a quarterly basis. However, it is unclear how much capital he is raising overall.
‘Miami Family Office Backing NFT Fund Launch Helmed by Fine Art Collector‘- Blockworks
