Pantera Has Already Raised $125 Million for Its Third Crypto Fund

Crypto-focused venture firm Pantera Capital has secured the bulk of its new $175 million fund ahead of an expected March closing, CoinDesk has learned.

According to a slide deck obtained by CoinDesk, $125 million is currently committed to the fund, which will be the firm's third.

Only $25 million has been secured since last August, when Pantera told CNBC that $100 million had already been raised.

"We're in a bear market and fundraising has slowed for the entire industry, whether you're an entrepreneur or a fund," Pantera partner Paul Veradittikit told CoinDesk.

The new fund will "Invest in later stage rounds to support the more mature companies" than past startup funds from the firm, according to the slide deck.

Half the capital in the fund will be reserved for follow-on funding, with the goal of making investments of $3 million to $8 million for equity stakes of as much as 15 percent.

At the seed stage, the fund will target investments of $1 million to $3 million for equity stakes of 10-20 percent.

The new fund is projected to support 30 to 50 companies, according to the Pantera pitch deck.

Pantera made an initial close on the fund last June, in order to make its investment in Bakkt, the regulated exchange currently being built by the owners of the New York Stock Exchange.

The slides indicate that Pantera expects to finalize the fund in March.