POP Report: Anemoy Liquid Treasury Fund 1

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Anemoy Liquid Treasury Fund 1 [Anemoy LTF] Credit Report


The Anemoy Liquid Treasury Fund 1 [Anemoy LTF] represents an opportunity to generate interest income backed by the full faith and credit of the U.S. government via the purchase of treasury bills. The probability of default for the U.S. government is extremely low given the dollar’s role as the global reserve currency. The Pool Onboarding Proposal [POP] can be found here from the public Centrifuge forum.

Report Author: Mark Hergenroeder, Facilitator of the Centrifuge Credit Group

Asset Details

  • Collateral: N/A – full faith and credit of U.S. government
  • Average Duration: 4-52 weeks
  • Default Rate: 0%
  • Advance Rate: N/A
  • Payment Structure: Repayment of principal and interest on redemption
  • Type of Financing: U.S. government treasury

Offering Details

  • The Fund: Liquid Treasury Fund 1
  • Investment Strategy: Fund will invest 100% of its total assets in cash and U.S. Treasury Bills guaranteed as to principal and interest by the U.S. Treasury. The Fund’s investments will encompass T-Bill strips across 1 month, 3 month, and 6 month maturities, which will be rolled into new issuances purchased on the primary or secondary markets as assets come due.
  • Target Launch Size: 1,000,000 USDC
  • Term: 4-52 weeks
  • Number of tranches: 1
  • Minimum Senior tranche investment: 20,000 USDC
  • Minimum junior tranche investment: N/A
  • Senior tranche APR: Variable ~5.4% APR, subject to market pricing U.S. Treasury Bill Rates
  • Junior tranche APR: N/A
  • Distribution Flow: Pro rata upon redemption
  • First Loss % / TIN Ratio: 0%
  • Management Fee: 15bps annually
  • Redemption period: 7 business days
  • Investor Eligibility: Sophisticated Private Investors who are not U.S. persons
  • Custodian / Legal Advisors: Celadon Financial / Ogier
  • Banking Services / Exchange Agent: Silicon Valley Bank / Circle

Issuer Details

  • Business Name: Anemoy (BVI) Management Ltd.
  • Location: British Virgin Islands
  • Team Size: 2
  • Years in Operation: < 1 yr

Strengths & Weaknesses:


  • Yield generated from treasury bills is backed by the U.S. government; probability of default is extremely low and has no recent historical precedent
  • Fully regulated and registered fund in the BVI (subject to approval from the BVI Financial Services Commission)
  • Reasonable management fee at 15bps


  • 7-day legal lock up period; albeit with expected average processing times between 8 and 48 hours
  • Key person risk and limited operational history

Opportunity Details

Treasury Bills:

A treasury bill (T-bill) is a short-term debt obligation backed by the U.S. treasury department with maturities ranging from 4 to 52 weeks. T-bills are issued at a discount from the par value of the bill and interest is paid upon maturity. The U.S. government has never defaulted on any interest-bearing obligations in modern history and is largely considered to be risk-free given the dollar’s role as the global reserve currency. Public U.S. government credit worthiness can be tracked through well-known rating agencies (U.S. Credit Rating).

Key Counterparties:

Fund Manager: Anemoy Limited

  • Anemoy Limited is a recently formed asset management company launching its inaugural product, the Anemoy Liquid Treasury Fund 1 through its BVI wholly-owned subsidiary Anemoy (BVI) Management Ltd.
  • Anemoy Directors, Martin Quensel and Jason Meads, have a combined 50+ years of finance, crypto, fintech and startup experience.

Custodian and Broker: Celadon Financial

  • Celadon Financial is a regulated provider of a broad range of broker-dealer services for hedge funds, public/private companies and high net worth/family offices across the globe.
  • Celadon operates in 47 international markets and has ~$925mm of assets under custody.

Exchange Agent: Circle

Bank: Silicon Valley Bank

Structural Considerations:

  • The Fund will be a regulated investment fund approved by the British Virgin Islands Financial Services Commission, for which the shares of the fund are issued in tokenized form under BVI law.
  • The proposed pool pertains to the Fund, representing a tokenized and fully regulated and registered fund in the British Virgin Islands.
  • The Fund is open to eligible non-US investors only.
  • Investors need to pass know your customer (“KYC”) and anti-money laundering (“AML”) requirements of the BVI.
  • An exchange agent, bank, broker and custodian act as independent service providers making sure that the fund cannot repurpose funds or assets. There may be circumstances where these intermediaries are unable to perform their obligations which can result in delayed receipt of funds upon redemption.
  • Further detail on structural considerations can be found here.