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Permian Capital Management

Crossover fund

San Francisco · 3 people tracked

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Investment thesis

The firm pursues a long-hold thesis focused on non-Bitcoin crypto infrastructure: settlement layers, lending protocols, and tokenization rails that the on-chain financial system runs on. It argues that traditional finance is migrating on-chain and that the value of the underlying protocol infrastructure rises with adoption, citing growth in stablecoin market cap, DeFi total value locked, and institutional entrants. Rather than trading cycles or chasing narratives, it identifies protocols expected to become load-bearing financial infrastructure and holds them with conviction through volatility. It has held core positions such as Aave and Synthetix since around 2018, emphasizing that usage growth eventually translates into price appreciation.

Source: firm website, verified Aug 7, 2026.

HQ
San Francisco, CA, US
Instruments
Equity
Founded
2018
Tracked investments
7

Team · 3 people

from the firm's website & curated

What they invest in

from 5 of 7 portfolio companies

Crypto & Web3 ×5Fintech ×4Data & Infrastructure ×2

HQs:United States×1

Investments · 7 tracked

founders shown can be your intro path
Aaveaave.comin𝕏

Aave Labs is the original author and contributor to Aave, a decentralized finance (DeFi) protocol for lending and borrowing crypto assets.

Crypto & Web3Fintech

Stani Kulechov(Founder)in

Co-investorsAegis VentuesArkStream CapitalBig Candle CapitalBlockchain CapitalBlockchain CoinvestorsCoinIx Capital+16 more

Chainlinkchain.linkin𝕏

Chainlink is an oracle platform that connects onchain applications with offchain data and external systems, serving major financial institutions and DeFi protocols with standards for data, interoperability, compliance, and privacy.

Crypto & Web3Data & InfrastructureFintech

Sergey Nazarov(Founder)inSteve Ellis(Founder)

Co-investorsAZDAGBig Candle CapitalBitDAOBlack DragonBlock InfinityBlock54 Capital+17 more

Morphomorpho.orgin𝕏

Morpho is a decentralized lending protocol that provides enterprise-grade infrastructure for launching lending products.

Crypto & Web3Data & InfrastructureFintech

Paul Frambot(Founder)inJulien Thomas(Founder)Mathis Gontier Delaunay(Founder)Merlin Egalite(Founder)Merline Egalite(Founder)

Co-investorsa16z cryptoAndreessen HorowitzCathay InnovationEntropy Industrial CapitalFaculty GroupFlowdesk+34 more

Ondo Financeondo.financein𝕏Jan 2022

Ondo builds institutional-grade platforms, assets, and infrastructure for bringing traditional financial markets onchain, including tokenized public securities and US Treasuries usable in DeFi.

Crypto & Web3FintechNew York, US

Nathan Allman(Founder)inBrendan FlorezinPinku Surana(Founder)

BoardPaul Veradittakit(Director)in

Co-investorsBitDAOChapter OneCoalition OperatorsCoinbase VenturesCoinFundCoinList+12 more

Solanasolanalabs.comin𝕏

Solana Labs builds products and companies that support growth of the Solana blockchain ecosystem, and provides capital to web3 teams.

Crypto & Web3

Co-investorsAndreessen Horowitz

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

EthereumSynthetix

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Permian Capital Management made?
Permian Capital Management has 7 tracked investments.
What sectors does Permian Capital Management focus on?
Permian Capital Management focuses on Crypto & Web3, Fintech.
Where is Permian Capital Management located?
Permian Capital Management is headquartered in San Francisco, US.
Who does Permian Capital Management co-invest with?
Permian Capital Management most often shares deals with Pantera Capital, Big Candle Capital, Multicoin Capital, among 66 tracked co-investors.

Images

Permian Capital Management photo

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