ParaFi Capital has completed a $120 million fundraising to acquire stakes in other crypto funds

ChainCatcher 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.

According to ParaFi's new strategy, part of this funding will be used to acquire stakes in other crypto funds that focus on specific niches, strategies, or regions. ParaFi founder Ben Forman stated in an interview that the company plans to build a portfolio over the next three to five years, investing in 30 to 50 such funds.

It is reported that ParaFi has invested in 9 different cryptocurrency management firms. As the number of crypto funds begins to grow again, the company is expanding this strategy to external investors. The firm 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.