Revealed: the Alameda venture capital portfolio
Summary
Heres where it went:The screenshot above and all those below are taken from an Excel spreadsheet dated early November, when SBF was seeking rescue funding amid a run on FTX customer deposits. Mobile and app users are advised to click the magnifying glass below each image for more detail.According to a person familiar with the rescue effort, the document shows an Alameda Research private equity portfolio with some FTX bets mixed in that was being offered as collateral in an attempt to secure a new credit line for the stricken group.The disparate bundle of nearly 500 illiquid investments is split across 10 holding companies. The total investment value is given on the spreadsheet as in excess of $5.4bn.As well as forming a central plank in efforts to maximise recoveries from FTXs bankruptcy, the portfolio might offer regulators insight into whether the groups trading and exchange businesses were ever operationally separate as claimed.Bankman-Fried conceded in an interview with the Financial Times that he was involved in Alamedas venture capital activities but has so far ducked questions around the misuse of FTX customer funds.Going by the spreadsheet, boundaries between SBFs companies were blurred. Two of Alamedas biggest holdings, the crypto miner Genesis and the artificial intelligence research group Anthropic, are also listed on the draft FTX balance sheet published last month by FTAV. But the list also includes numerous start-up video game studios and betting platforms, online banks, publishers, a fertility clinic, a military drone maker and a vertical farming company,Some entries have no clear link to an active business, suggesting they may be misspelt or mislabeled.Note that FT Alphaville has excluded entries where an investment type is not given, which removes approximately a dozen names with a total stated investment of about $100mn.
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