# kaal:claim:3002908-029

**Claim.** A competing explanation for the transatlantic size gap is compositional: American blockchain funds are mostly newly created ad hoc vehicles focused exclusively on blockchain, while European ones are more established and older financial institutions.

**Type.** mechanism  **Support.** argued

**Source quote.**

> American private investment funds investing in blockchain are mostly newly and ad hoc created investment vehicles, focused exclusively on blockchain. Whereas the vast majority of European private funds are more established and older financial

**From.** Wulf A. Kaal, Marco Dell'Erba, *Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and* (2017), V. Data, page 31

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908

**Verify.** sha256 of source PDF `06a7b61e75f905ee07e422e875d83a65c5033a248a6e05a213523b034e5db534` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Blockchain%20Innovation%20in%20Private%20Investment%20Funds%20-%20A%20Comparative%20Analysis%20of%20the%20United%20States%20and.pdf

**Topics.** systemic-risk

**Keywords.** fund-vintage, fund-size, comparative-analysis, diversification

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