Genesis owes over $3.5 billion to its top 50 creditors – and one of the creditors has ties to a $6.8 billion pension fund system in Fairfax County, Virginia.
The list of creditors in the bankruptcy filing included the New Finance Income Fund from global asset manager VanEck with a $53 million claim against Genesis. The fund launched in December 2021 with a strategy of forming short-term lending arrangements with digital-asset entities to achieve high yields, according to VanEck’s website.
Last July, VanEck made headlines when two of the funds in the $6.8 billion Fairfax pension system – the Fairfax County Employees’ Retirement System and the Fairfax County Police Officers Retirement System – invested a combined $35 million in the VanEck fund as part of a then-new yield strategy, which also included an investment in Parataxis Capital.
‘Enforcement 40’ for 2020
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