Crypto-centered venture capital and giant private equity pantera capital reorganized its leadership with the departure of joey krug co-director of investments and the formation of an executive management committee, as per a letter sent to Sponsor Partners on Friday.
Krug joined the pantera in 2017 to assist with the management of the cash chip fund. On a recent investor call, he revealed that the fund had lost 80% during 2022, taking a 23% hit in November alone in the aftermath of collapsed crypto exchange FTX. The letter was silent as to why Krug was going.
"while Joey is a friend and we're understandably sad that he's leaving, We look forward to a seamless transition," wrote Dan Morehead, founder and CEO of Pantera. Her responsibilities will be carried out by the Executive Committee and our 65 senior investment and operational specialists."
The committee, which will oversee the firm's management, includes longtime partner Morehead Paul Veradittakit and Jasper Lewitton, who joined Pantera last summer as president. Lewitton's history of work includes a decade in the partnership of Ray Dalio.
Morehead also used the letter to announce two new hires: Katrina Paglia as General Counsel and CCO and Marc Selfon as CFO. Paglia has joined COINBASE where she worked as Assistant General Counsel supporting digital assets and exchange products. Selfon, who will join Pantera in April, has spent over 13 years with Private Equity Giant Apollo Global Management as Managing Director in Credit and Private Equity.
Morehead revealed in the letter that Pantera’s near-term road map includes launching a successor to its Blockchain Fund in the second half of 2023, reiterating plans laid out last year as the initial fund prepared to close with $1.3 billion in committed capital. The new fund will be referred to as the Pantera v fund because it will be the fifth venture capital fund of the enterprise.