Three Division I quarterbacks, LaNorris Sellers, Kevin Jennings, and Avery Johnson, have joined The Cashmere Fund as investors, marking a new era of college athletes entering the venture capital space.
Why it matters: The inclusion of these college quarterbacks in a VC fund signifies a shift in how athletes can leverage their name, image, and likeness (NIL) rights to make strategic financial moves early in their careers.
The details:
- The Cashmere Fund is a Nasdaq-listed venture capital fund that allows non-accredited investors to invest in VC-backed startups with a minimum investment of $500.
- Sellers, Jennings, and Johnson are not part of a typical NIL deal but are investors in the fund, just like any other person would invest.
- The fund also boasts NFL MVP Josh Allen and Bills safety Damar Hamlin as investors.
- As of the end of March, the fund had about $16 million in assets under management and aims to attract 100,000 individual investors.
The deals are mutually beneficial, with the athletes helping Cashmere gain new visibility and Cashmere providing them with real-world experience as venture capital investors.
What they’re saying:
- “There was some business savvy in all of them,” Elia Infascelli, CEO of Cashmere, said. “Avery Johnson is a business major, for example. They didn’t need to do this, but they wanted to.”
- “Part of investing in venture capital is pursuing things that have never been done before. Completing Cashmere’s first-ever NIL deal is consistent with that legacy,” Infascelli added.
The big picture: Athletes are increasingly getting involved in the venture capital and private equity community, with big names such as Lindsey Vonn agreeing to serve on Athena Capital’s advisory board.
What’s next: The potential for additional athlete and celebrity investors in The Cashmere Fund remains, though no specific names are on the horizon. Infascelli is optimistic about the fund’s future, especially with the addition of Sellers, Jennings, and Johnson.