Key Takeaways
- • Hervé François, former head of digital assets at ING after nearly eight years in the role, has joined Investcorp to lead the firm's inaugural blockchain-focused fund, eLydian Lion, based in Abu Dhabi.
- • eLydian Lion is positioned as the first dedicated institutional blockchain fund within Gulf Cooperation Council (GCC) countries, launched in April 2026 and operating independently from Investcorp Technology Partners.
- • The fund targets early-stage startups across blockchain segments including decentralized finance (DeFi), non-fungible tokens (NFTs), play-to-earn gaming, the metaverse, blockchain infrastructure, interoperability solutions, and Web3 transition technologies.
- • Investcorp manages $42.7 billion in assets under management as of June 30, 2025, positioning it as a major institutional player deploying capital into emerging blockchain ecosystems.
- • Gilbert Kamieniecky, head of Investcorp's technology private equity business, characterized blockchain technology as transformative on the scale of the internet revolution in the 2000s, signaling the firm's long-term conviction in the sector.
Summary
Investcorp, the Abu Dhabi-based alternative investment firm, has appointed Hervé François as head of its first dedicated blockchain fund, eLydian Lion. François departed ING in February 2026 after spending nearly eight years leading the digital bank's blockchain and digital assets division. His move to Investcorp marks a significant institutional commitment to blockchain investing, as eLydian Lion is positioned as the GCC's first institutional-grade fund exclusively dedicated to blockchain ecosystem development.
The fund operates from Investcorp's Abu Dhabi office as an independent strategy, complementary to but separate from Investcorp Technology Partners, the firm's existing lower mid-market technology investment platform. François will oversee investments across a broad spectrum of blockchain verticals, including decentralized finance, NFTs, play-to-earn gaming mechanics, metaverse infrastructure, blockchain scaling solutions, interoperability protocols, and Web3 ecosystem development. This thematic scope reflects institutional recognition of blockchain's application across multiple economic sectors rather than speculative cryptocurrency trading.
Investcorp's scale underscores the institutional legitimacy of this blockchain strategy. With $42.7 billion in assets under management as of mid-2025, the firm represents one of the region's largest alternative asset managers. Gilbert Kamieniecky, head of technology private equity at Investcorp, emphasized in April remarks that blockchain will "transform every facet of our economy much like the internet did in the 2000s," reflecting the firm's fundamental thesis on the technology's economic significance rather than cyclical market sentiment.
François's appointment signals strengthening conviction among major institutional investors to allocate capital to early-stage blockchain ventures at scale. His tenure at ING, a globally systemically important bank, provided deep expertise in digital assets regulation, institutional adoption pathways, and enterprise blockchain infrastructure—experience particularly valuable as institutional investors navigate blockchain investing's regulatory and operational complexities.
The fund operates from Investcorp's Abu Dhabi office as an independent strategy, complementary to but separate from Investcorp Technology Partners, the firm's existing lower mid-market technology investment platform. François will oversee investments across a broad spectrum of blockchain verticals, including decentralized finance, NFTs, play-to-earn gaming mechanics, metaverse infrastructure, blockchain scaling solutions, interoperability protocols, and Web3 ecosystem development. This thematic scope reflects institutional recognition of blockchain's application across multiple economic sectors rather than speculative cryptocurrency trading.
Investcorp's scale underscores the institutional legitimacy of this blockchain strategy. With $42.7 billion in assets under management as of mid-2025, the firm represents one of the region's largest alternative asset managers. Gilbert Kamieniecky, head of technology private equity at Investcorp, emphasized in April remarks that blockchain will "transform every facet of our economy much like the internet did in the 2000s," reflecting the firm's fundamental thesis on the technology's economic significance rather than cyclical market sentiment.
François's appointment signals strengthening conviction among major institutional investors to allocate capital to early-stage blockchain ventures at scale. His tenure at ING, a globally systemically important bank, provided deep expertise in digital assets regulation, institutional adoption pathways, and enterprise blockchain infrastructure—experience particularly valuable as institutional investors navigate blockchain investing's regulatory and operational complexities.
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