Key Takeaways
- • Fund Target: Mysten Labs CEO Evan Cheng is raising more than $100 million for a new web3-focused venture fund, with plans to continue serving as Mysten Labs CEO during the fundraising effort.
- • GP Appointments: Hashed co-founder Alex Shin and veteran hedge fund investor Sandeep Ramesh have been appointed as general partners in Cheng's fund, according to fundraising documents obtained by The Block.
- • Complementary Expertise: Shin brings 17 years of crypto venture experience, having co-founded Hashed in 2017 with $700,000 that grew to over $4 billion by mid-2022, while Ramesh contributes institutional hedge fund expertise from roles at Tiger cub hedge fund Valinor Management and his own $300 million AUM hedge fund, Meghalaya Partners.
- • Strategic Positioning: The fund reflects Cheng's stated intention to "improve the way web3 venture investing works," leveraging both Asian crypto market experience and traditional institutional capital management practices.
- • Recent Background: Shin departed Hashed in 2019 and held a VC in residence position at Samsung Next through January 2023, while Ramesh currently operates Panopticon Ventures as an investment and consulting vehicle.
Summary
Evan Cheng, CEO of Mysten Labs, is establishing a new web3 venture fund targeting raises exceeding $100 million, with Hashed co-founder Alex Shin and institutional hedge fund veteran Sandeep Ramesh joining as general partners. Fundraising documents obtained by The Block confirm both appointments, while Cheng stated on The Scoop podcast that he is working with "veteran investors that have an interest in doing something better" to reshape web3 venture capital practices. Notably, Cheng intends to maintain his operational role at Mysten Labs while pursuing the new fund initiative.
Shin's appointment reflects substantial crypto venture credentials. As co-founder of Hashed in 2017, he grew the firm from an initial $700,000 capital pool to a treasury exceeding $4 billion by mid-2022. However, the firm experienced significant losses following the Terra-Luna ecosystem collapse, with approximately $3 billion in proprietary capital lost on luna token positions. Shin departed Hashed in 2019 and subsequently served as a venture capital in residence at Samsung Next, a role he held through January 2023 according to his LinkedIn profile.
Ramesh brings a distinct institutional investment management background. Previously an investment professional at Valinor Management, a Tiger cub hedge fund, he co-founded Meghalaya Partners, which launched with $300 million in assets under management. He currently operates Panopticon Ventures as an investment and consulting platform. This combination of traditional hedge fund expertise with emerging web3 venture experience positions the fund to bridge institutional capital and crypto innovation.
The fund formation represents a strategic effort to combine Asian crypto market expertise with institutional-grade capital deployment practices. Neither Cheng, Shin, nor Ramesh responded to requests for additional comment at the time of reporting.
Shin's appointment reflects substantial crypto venture credentials. As co-founder of Hashed in 2017, he grew the firm from an initial $700,000 capital pool to a treasury exceeding $4 billion by mid-2022. However, the firm experienced significant losses following the Terra-Luna ecosystem collapse, with approximately $3 billion in proprietary capital lost on luna token positions. Shin departed Hashed in 2019 and subsequently served as a venture capital in residence at Samsung Next, a role he held through January 2023 according to his LinkedIn profile.
Ramesh brings a distinct institutional investment management background. Previously an investment professional at Valinor Management, a Tiger cub hedge fund, he co-founded Meghalaya Partners, which launched with $300 million in assets under management. He currently operates Panopticon Ventures as an investment and consulting platform. This combination of traditional hedge fund expertise with emerging web3 venture experience positions the fund to bridge institutional capital and crypto innovation.
The fund formation represents a strategic effort to combine Asian crypto market expertise with institutional-grade capital deployment practices. Neither Cheng, Shin, nor Ramesh responded to requests for additional comment at the time of reporting.
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