TechFlow news — According to Bloomberg, New York-based digital asset management firm ParaFi Capital has raised $120 million from investors including Theta Capital Management and Accolade Partners. Henry Kravis, co-founder of KKR & Co., is also among the company's backers. Under a new strategy at ParaFi, the capital will be partially used to acquire stakes in other crypto funds focused on specific niches, strategies, or regions.
Ben Forman, founder of ParaFi, said in an interview that the firm plans to build a portfolio investing in stakes of 30 to 50 such funds over the next three to five years. In recent years, ParaFi has already invested in nine different cryptocurrency management firms. As the number of crypto funds begins growing again, the company is now extending this strategy to include external investors. ParaFi is one of the largest crypto fund managers. It has run hedge fund and venture capital strategies for about six years and operates with a 22-person team. Besides KKR and Kravis, ParaFi’s investors also include Bain Capital Ventures.
