What happened to ikigai asset management?

California-based hedge fund Ikigai Asset Management had a "large majority" of its assets on defunct crypto exchange FTX, according to the firm's founder and chief investment officer Travis Kling. "Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund’s total assets on FTX," Kling said on Twitter on Monday.

What is ikigai?

Ikigai is a combination of the words “iki” (to life) and “gai” (reason), which is used to describe finding joy through purpose. There is no exact translation, but there are many rough translations of ikigai, such as a life worth living or something to live for.

How much did ikigai raise?

Ikigai was founded in 2018 and raised $30 million from its existing investors to start a new venture fund in May. According to a press release about the raise, Ikigai had more than 275 investors around the world.