Overview
General Description of Advisory Firm. The Adviser is an investment adviser with its principal place of
business in New York, NY. The Adviser commenced operations as an investment adviser on August 1,
2017 and is registering with the SEC as of the date of this brochure. The Adviser’s managing members
and principal owners are Joel Monegro and Christopher Burniske.
Description of Advisory Services (including any specializations). The Adviser is a venture capital firm
that invests primarily in open blockchain networks and web3 applications. The Adviser provides advisory
services on a discretionary basis to its clients, which include pooled investment vehicles intended for
sophisticated investors and institutional investors. The Adviser provides investment supervisory services
primarily with respect to cryptocurrencies, including Bitcoin and Ethereum, and other restricted and privately
issued securities.
The Adviser’s investment advice
focuses on investments in cryptoassets on blockchain networks (via
tokens) (“Digital Assets”) and early-stage web3 companies (via equity).
Availability of Tailored Services for Individual Clients. The Adviser’s Funds include:
• Placeholder Fund I, LP (“Placeholder Fund I”)
• Placeholder Fund II, LP (“Placeholder Fund II”)
• Placeholder Long Term LP (“Placeholder Long Term”)
The Adviser bases its advice to clients on the investment objectives and restrictions (if any) set forth in the
applicable offering memorandum, organizational documents, limited partnership agreement, investment
management agreement, and/or subscription agreements, as the case may be (each, and collectively, the
“Governing Documents”).
Client Assets Under Management. As of December 31, 2022, the Adviser had approximately
$439,759,068 client assets under management. All of the Adviser’s assets are managed on a discretionary
basis.