Patrick Horsman, CFA
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Hey Patrick — we both ended up in PE-adjacent worlds from different angles. been thinking a lot about origination in niche/esoteric asset classes lately. would be good to connect.
Hey Patrick, we share a similar-ish alternative assets background, though I was in London doing growth equity deals at Treis not building out niche vehicles around intangible assets and digital treasuries like you. origination was always the same story for me — clear thesis, decent relationships, but no proprietary system of record. the people, tools and ideas were never really connected. every deal virtually sourced from scratch, nothing compounding over time. curious if that's still how most funds operate or if I'm behind the times? — Russ
Hey Patrick, interesting background — we both ended up in alternative assets, though I came through IB at CS & Greenhill in London into growth equity rather than building out institutional capital raising and launching vehicles around esoteric niches like you've done. the pattern I keep seeing with most funds is weirdly consistent — strong thesis, solid network, but no proprietary system of record. the people, tools and ideas are never really connected. every deal is virtually sourced from scratch, nothing compounds on itself. curious if that resonates with how Cashmere operates or if you've built something different given the esoteric nature of what you're hunting for? — Russ
hey Patrick — no worries if the timing's off. most funds I talk to have tried some version of building origination in-house — analyst pulling from databases, maybe using AI to help qualify, dumping it into a spreadsheet. each piece kind of works, but there's no system of record tying it together. the people, tools and ideas are all disconnected, so there's tonnes of wasted energy and everything ends up out of sync. been helping a few funds like Mentmore work through that. curious if you've run into the same thing at Cashmere? — Russ
totally get it if origination infrastructure isn't top of mind right now — most funds have 10 things ahead of it on the priority list. the funds I've seen crack it early just tend to compound deal flow in a way that's hard to replicate later. if it ever moves up the list, I'm easy to find. — Russ
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Patrick — hope you're having a good Tuesday. wanted to reach out for two reasons: a) jealous of what you've built across Cashmere and your portfolio of ventures. though we share an investing background, I hope to one day launch my own fund and buy a great niche business with a sustainable competitive advantage. b) in the meantime I've been building highly bespoke deal origination engines for investors like you — just finished one for Backer Group in the UK also sourcing undervalued, founder-owned businesses in niche verticals. It takes your thesis, maps targets across various data sources, and runs the full engagement cycle (email/linkedin/whatsapp) — connected live to the crm. Given we've already built this out, I wondered if you wanted to jump on a quick call and take a look under the hood? very best, Russell searchloop.ai linkedin.com/in/russellt23 PS: caught your DAT 2.0 panel at Consensus Hong Kong — the pure play BNB yield mandate is a sharp approach.
Prospect Research
## PROSPECT INFORMATION: Name: Patrick Horsman, CFA Title: Managing Partner Fund: Cashmere Capital Background: Patrick Horsman, CFA, is an accomplished serial entrepreneur and institutional investor currently serving as the Chief Investment Officer at BNB Plus (Nasdaq: BNBX). Based in San Juan, Puerto Rico, his primary focus is managing the BNBX Digital Asset Treasury, where he oversees a strategy built on long BNB exposure coupled with non-directional yield strategies designed to outperform simple buy-and-hold approaches. He is a prominent figure in the "Digital Asset Treasury 2.0" movement, advocating for public vehicles that hold ecosystem tokens and generate native yields. His extensive background includes co-founding Blue Sand Securities, which raised over $15B for alternative investment funds, and serving as COO of Merion Investment Management, a litigation finance fund with $1.2B in peak AUM. He has a history of identifying niche, esoteric investments across diverse sectors including Agriculture (Integrated Ag), CBD (Integrated CBD), Fin-tech (Cypress Settlements, acquired by FRT), and DeFi (Coral Capital). He also co-founded Innovation Shares, which launched early Blockchain (KOIN) and Cannabis (THCX) ETFs. Key Skills: Digital Asset Treasury management, DeFi yield strategies, alternative asset management, entrepreneurship, and institutional capital raising. Recent LinkedIn Activity: On February 18, 2026, he promoted a deep dive into ecosystem opportunities: "Great podcast diving deep into BNB and the yield opportunities available on the 3rd largest blockchain in the world." On February 10, 2026, while attending Consensus Hong Kong, he highlighted the institutional shift in crypto: "Looking forward to our roundtable at Hong Kong Institutional Summit (CoinDesk x SALT collab) 'DAT 2.0 Yield Strategies' $BNBX #BNB." On December 11, 2025, he shared a video clip from the Odyssey podcast outlining his investment discipline: "It’s not our mandate to go speculate on other tokens. We’re a pure play BNB DAT giving you 1x long exposure to BNB... So generally we get the airdrops, we sell them, and we buy more BNB, and that’s the mandate of our business." On December 9, 2025, he explicitly defined the value proposition of his current venture: "The only reason to own a DAT is because over time, with a good team and with a productive asset like BNB, you’ll end up owning more BNB tokens over time with the DAT than you would if you just bought those tokens directly." On October 30, 2025, he provided a contrarian view to Bloomberg regarding crypto corporate actions: "Stock buybacks below NAV may be accretive on paper, but they signal vulnerability rather than strength. They risk depleting treasury reserves under sustained short-selling pressure, eroding long-term capital and leaving the company structurally impaired." On October 30, 2025, he announced his move to BNB Plus: "I’m excited to join BNB Plus - Nasdaq: BNBX as Chief Investment Officer managing our BNB Digital Asset Treasury strategy... targeting potential yields of 9-12%." On September 23, 2025, he was quoted by Bloomberg regarding market volatility: "Regulatory developments in the US likely to benefit Binance were one factor that helped lift BNB to a record... Rumors of CZ’s possible pardon fuel further speculation." Fund details: - Description: Cashmere Capital is a private equity firm focused on the development of brands, copyrights and other intangible assets. We conduct rigorous research to identify and create value from cast off and forgotten assets. - Website: https://www.cashmere.capital/ - Location: Miami Beach, Florida, United States - Lead qualification: Research: - Query: =Cashmere Capital Patrick Horsman, CFA recent investments fund thesis - Answer: Patrick Horsman, CFA, focuses on niche, undervalued investments with sustainable competitive advantages, including private equity and alternative assets. His recent investments emphasize distressed assets and value-add opportunities.