Key Takeaways
- • ParaFi Capital, a New York-based digital asset manager, raised $120 million from investors including Theta Capital Management and Accolade Partners, according to Bloomberg.
- • The firm is using part of the proceeds to acquire general-partner stakes in other crypto funds focused on specific market segments, strategies or geographies.
- • ParaFi plans to build a portfolio of 30 to 50 GP stakes over the next three to five years, according to founder Ben Forman.
- • KKR & Co. co-founder Henry Kravis is among ParaFi's backers, per the original report.
Summary
ParaFi Capital, a New York-based digital asset manager, has raised $120 million from investors including Theta Capital Management and Accolade Partners, according to Bloomberg. The firm counts KKR & Co. co-founder Henry Kravis among its backers.
The capital will be partly deployed in a new strategy for the firm: acquiring general-partner stakes in other crypto funds. Those target funds focus on specific market segments, strategies or geographies. ParaFi plans to build a portfolio of 30 to 50 such stakes over the next three to five years, founder Ben Forman said in an interview with Bloomberg.
The move positions ParaFi as a GP-stake investor in the crypto fund ecosystem rather than solely a direct investor in digital assets. The source material does not specify the size of individual stakes, the expected allocation of the $120 million between GP stakes and other uses, or the fund vintages involved.
The capital will be partly deployed in a new strategy for the firm: acquiring general-partner stakes in other crypto funds. Those target funds focus on specific market segments, strategies or geographies. ParaFi plans to build a portfolio of 30 to 50 such stakes over the next three to five years, founder Ben Forman said in an interview with Bloomberg.
The move positions ParaFi as a GP-stake investor in the crypto fund ecosystem rather than solely a direct investor in digital assets. The source material does not specify the size of individual stakes, the expected allocation of the $120 million between GP stakes and other uses, or the fund vintages involved.
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