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Paradigm seeks to raise up to $850M for new fund: Bloomberg

Paradigm is reportedly in talks to raise nearly a billion dollars for a new fund. 

Bloomberg first reported the news, citing sources familiar. The fund is seeking to raise $750 to $850 million. 

Paradigm’s fund, if it raises $750 million or more, would be the largest one since crypto crashed in 2022. Prior to the depegging of Terra’s stablecoin and the collapse of FTX, Paradigm raised a $2.5 billion fund in 2021.  

The new fund comes as Paradigm continues to invest in the crypto space. Late last month, Paradigm led a $55 million Series A seed round for Succinct. 

Last year, Fred Ehrsam announced that he was moving to a general partner role from managing partner. Ehrsam founded Paradigm alongside Matt Huang in 2018. Huang, in turn, took on more of a leadership role, the firm said at the time. 

Ehrsam founded Coinbase alongside Brian Armstrong. 

Huang was a notable witness in the trial of Sam Bankman-Fried back last year. Huang testified that Paradigm invested $278 million in FTX and FTX.US. Huang said he voiced concerns over the lack of a traditional corporate governance model but Bankman-Fried was “resistant” to name investors like Paradigm to board seats.

Outside of investments, Paradigm announced last September that it was launching a public policy arm focused on policymaking in the US. 

The Policy Lab was designed to provide research to “guide policy decisions,” the company’s special counsel, Rodrigo Seira, said at the time.

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