A recent SEC filing shows Franklin Templeton is launching a private placement of a second blockchain fund after creating its first one in 2021, which had a relatively modest upper limit of $20 million.
Both funds are issued under rule Rule 506(b), which is a private placement primarily targeting accredited investors, with up to 35 non-accredited. The major differences are the 2021 fund positioned itself as a venture capital fund, whereas the 2023 one is classed as private equity.
The new fund has a minimum investment of $100,000 compared to $1 million for the previous fund.
While these funds look to invest in blockchain firms, the asset manager has embraced the technology as well. The CEO recently hailed it as disruptive for the asset management sector.
Franklin Templeton hit the headlines for tokenizing funds onchain. Its tokenized money market fund on the Stellar blockchain surpassed $270 million in assets under management and it expanded its reach to the Polygon blockchain.
In other asset management news, UK headquartered fund distribution platform Calastone is focusing on tokenizing the assets within funds rather than the units, and is conducting trials with major global asset managers.
