10T raises USD750m for Digital asset ecosystem investments
10T Holdings (10T), a mid-to-late-stage private equity firm focused on companies operating in the digital asset ecosystem, has closed its inaugural growth equity funds, 10T Fund, LP and 10T DAE Expansion Fund, LP (the “Funds”), with nearly USD389 million in capital commitments.
Together with co-investment and sub-advised vehicles, 10T raised approximately USD750 million for the strategy, much of which has already been deployed. The Funds’ investors comprise a diverse set of asset allocators, including public pension plans, endowments, foundations, and family offices, in addition to high net worth individuals.
Founded in 2020, 10T is focused on building a diversified portfolio of blue-chip private companies in the digital asset ecosystem. The funds invest in proven companies operating at scale through primary funding rounds and secondary market purchases. Existing portfolio companies include Kraken, Ledger, Figure, Deribit, Bitfury, Huobi, eToro, Figment, Animoca Brands, and Helium, among others.
10T is led by Chief Executive Officer and Managing Partner Dan Tapiero, who has 25 years of experience in macro and commodity investing and trading, research and economics. He is a seasoned entrepreneur, having launched several businesses over the course of his career. Tapiero was the managing partner of DTAP Capital Advisors, a global macro investment firm, and previously served as a macro-focused portfolio manager and analyst at some of the world’s largest and most successful hedge funds, including Tiger Management, Duquesne Capital Management, Steinhardt Management Co, and SAC Capital Advisors. He is also a co-founder of Gold Bullion International (GBI), a physical precious metals and cryptocurrency platform for the wealth management industry, and the Agricultural Company of America (AGCoA), one of the largest farmland REITs in the United States at the time of sale in 2013.
Tapiero says: “We are now at the dawn of a new era – bitcoin and blockchain technology are historic inventions akin to the invention of the combustion engine and will have a similar transformative impact on our world. As adoption of digital assets by governments, banks, companies, and consumers continues to progress, we remain in the early stages of a generational opportunity to participate in the value being created by distributed computing and decentralised networks.”
10T’s team includes Partner & Vice Chairman Michael Dubilier and Partner Stan Miroshnik. Dubilier, founder of Dubilier & Co, brings over 35 years of experience in private equity and direct investing in industrial, consumer, and technology companies. Miroshnik brings a depth of global relationships in the digital asset ecosystem and nearly 20 years of experience in investment banking, corporate finance, and venture capital.
Miroshnik says: “10T, through our distinctive focus, institutional process, and proprietary, flexible investment framework, is uniquely positioned to support pioneering companies building bridges from the old to the new economy.”
Dubilier says: “We are grateful for the trust and confidence of our investors and look forward to continuing to execute on a robust pipeline of opportunities.”