(Bloomberg) — Investcorp Holdings, the Middle East’s largest alternative asset manager, has started raising money for a new fund aimed at taking stakes in startups developing blockchain technology.
The eLydian Lion fund will be based in Abu Dhabi and plans to invest in companies operating blockchain infrastructure, platforms and exchanges, decentralized finance and data analytics, according to a statement. Investcorp did not comment on how much it expects to raise for the fund.
“We believe blockchain technology and the ecosystem around it will transform every facet of our economy, just as the internet did in the 2000s,” said Gilbert Kamieniecky, head of private equity business. technology from Investcorp.
A blockchain is a digital database, or ledger, used to record information and transactions in a collaborative way. It is the technological backbone of digital currencies like Bitcoin.
Bahrain-based Investcorp, backed by Abu Dhabi’s Mubadala Investment Co., is also currently raising funds for several other funds. It currently manages over $40 billion in assets and has recently begun expanding into Asia as part of the plan to more than double its size.
Investcorp pulled out of the Bahrain stock exchange last year after nearly four decades, which it said would give it the agility to grow faster. Mubadala in 2017 acquired a 20% stake in Investcorp, which previously backed companies such as Tiffany & Co. and Gucci Ltd.
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