ParaFi Capital raises $120 million, part of which will be used to acquire other crypto fund GP shares

New York digital asset management company ParaFi Capital raised $120 million, with participation from Theta Capital Management, Accolade Partners, Accolade Partners KKR & Co. co-founder Henry Kravis. Under a new strategy from ParaFi, the funds will be used in part to acquire general partner shares in other crypto funds that focus on specific market segments, strategies or regions. ParaFi founder Ben Forman said in an interview that the company plans to build a portfolio of 30 to 50 such shares in the next three to five years. In recent years, ParaFi has invested in nine cryptocurrency management companies. As the number of crypto funds begins to grow again, the company is expanding this strategy to external investors. ParaFi is one of the largest crypto funds. The company has been operating hedge fund and venture capital strategies for about six years and has a team of 22 people. In addition to KKR and Kravis, ParaFi's investors also include Bain Capital Ventures. (Bloomberg)