Yale's endowment invests in Andreessen Horowitz and Paradigm crypto funds

In October 2018, David Swensen, the legendary CIO of Yale's roughly $30 billion endowment, committed capital to two dedicated crypto venture funds: Andreessen Horowitz's $300 million debut crypto fund and Paradigm, the $400 million fund co-founded by Coinbase's Fred Ehrsam and ex-Sequoia partner Matt Huang. Coming from the man whose playbook most large endowments slavishly copy, the tiny allocation was less about the dollars than about the signal that crypto had become a respectable line item for institutional money.