Permian Capital Management
Crossover fundSan Francisco Β· 3 people tracked
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.
Team Β· 3 people
from the firm's website & curated
What they invest in
from 4 of 7 portfolio companiesCrypto & Web3 Γ4Fintech Γ3Data & Infrastructure Γ1
HQs:United StatesΓ1
Investments Β· 7 tracked
founders shown can be your intro path
Aave Labs is the original author and contributor to Aave, a decentralized finance (DeFi) protocol for lending and borrowing crypto assets.
Crypto & Web3Fintech
Co-investorsAegis VentuesArkStream CapitalBig Candle CapitalBlockchain CapitalDeFiance CapitalDraft Ventures Llc+12 more
Oracle network connecting on-chain protocols to real-world data, with SWIFT and DTCC partnerships.
Settlement layer for the on-chain financial system, running the majority of stablecoin transactions.
Morpho is an open-source lending protocol that provides enterprise-grade infrastructure for building yield and lending products across multiple risk profiles and assets.
Crypto & Web3Data & InfrastructureFintech
Paul Frambot(Founder & CEO)
Co-investorsa16z cryptoAndreessen HorowitzHack VCLauren StephanianMirana VenturesNascent+3 more
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)in
BoardPaul Veradittakit(Director)in
Co-investorsBitDAOChapter OneCoalition OperatorsCoinbase VenturesCoinFundDigital Currency Group+7 more
DeFi protocol; early and continued significant holding.
Portfolio news
latest coverage across their companies
Ondo Finance Β· coinfomania.com Β· Jul 17, 2026
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, Standard Crypto, a16z crypto, among 25 tracked co-investors.
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