Hedge fund titan Tapiero focuses on a new crypto PE venture and suspends 10T fundraising

10T Holdings, formed by hedge fund veteran Dan Tapiero, will not conduct any more financing.

Tapiero will instead seek capital via his new private equity firm 1RoundTable (1RT) Partners as he prepares for a surge in crypto IPOs in late 2024 and early 2025.

10T Holdings, the crypto investment business led by hedge fund billionaire Dan Tapiero since early 2021, will not do any more fundraising as he shifts his focus to 1RoundTable (1RT) Partners.

In an interview, Tapiero confirmed the debut of 1RT by stating, “10T has three funds and there will be no further 10T funds.” He said that the new enterprise marks the ultimate progression of 10T Holdings.

“Tapiero said that when 10T first started out, it was “truly an aggregating company,” and that he started it “basically just for me personally and then a few of my friends and network.” “The fund developed rapidly, and I never imagined at its beginning that we would be constructing an organization to assist our firms in going public today. I was therefore really interested in the rebranding.”

Last week, Blockworks first reported that Tapiero is looking to raise $1 billion by the end of the third quarter for 1RT’s flagship fund.

Tapiero will continue to serve as CEO, CIO, and managing partner of 10T, directing its $1.2 billion in assets under management and 27 investments, including Kraken, Ledger, and Gemini, among the three current funds. According to financing documents obtained by The Block, he will take on a similar job at 1RT with a number of his colleagues who will have parallel duties at both 1RT and 10T.

There will also be new employees at 1RT with operational skills to help the maturation of portfolio firms. According to the records, they include Tad Smith, the former CEO of auction company Sothebys, as an advising partner, and Joe Majocha, the former CFO of private equity firm Two Sigma, as CFO.

“As Tapiero examined the firms in the firm’s portfolio last summer, he realised that “they will require leadership and will need to be shepherded to the next level towards IPO or realisations.” “And I did not see any companies that were doing this. Goldman Sachs and Morgan Stanley are not actually associated with cryptocurrency operations.”

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