LedgerPrime, a digital-asset hedge fund that was a part of the collapsed FTX empire, is back under a new name, Bloomberg News reported. Now MNNC Group, the Cayman Islands-registered, multi-strategy hedge fund has raised an undisclosed amount of money from backers, including those who invested in LedgerPrime, a subsidiary of Ledger Holdings, which was acquired by FTX US in 2021. While MNNC Group was not able to attract all of LedgerPrime’s previous investors, it raised an amount in the “mid-eight-figures,” said Shiliang Tang, general partner and special advisor to MNNC Group. He declined to disclose the exact number because the capital isn’t fully deployed to its existing market neutral strategy fund and its upcoming directional fund yet. MNNC Group’s flagship quantitative market neutral strategy fund was launched in January and closed the month with roughly 4% in returns, said Laura Vidiella del Blanco, head of business development and strategy. Its new directional fund is expected to launch in March. “What’s helping us is obviously the track record,” said Ayesha Kiani, chief operating officer at MNNC Group. “The other thing obviously worked in our favor is that we weren’t at fault with FTX. We have returned outside capitals in September 2022.” LedgerPrime was converted into a family office for FTX’s sister trading firm Alameda Research in September 2022. After FTX and Alameda declared bankruptcy, LedgerPrime was forced to wind down.
