Lennertz plans to raise $165 million for its cryptocurrency-focused fund and has now completed its first round of fundraising
ChainCatcher news, according to Fortune, German investment firm Lennertz & Co. is preparing to become one of the largest funds in the blockchain space, planning to raise $165 million for its third fund focused on cryptocurrency. Oksana Tiedt, head of fund investments at Lennertz, stated that the fund has completed its first round of fundraising but did not disclose the specific amount.Lennertz is a multi-family office established in 2015, investing in various asset classes, including private equity and traditional venture capital. The firm began its foray into the blockchain space around 2016, initially making private investments in a fund, and launched a $35 million fund in 2020, followed by a second fund of $65 million in 2022.Lennertz does not directly invest in portfolio companies or token trading but invests in other firms, including well-known crypto venture capital firms like Multicoin, Polychain, and Hack VC. The second fund primarily invests in diversified funds with crypto strategies, including Bain Capital, Lightspeed, and Andreessen Horowitz.In its third fund, Lennertz plans to invest in 8 to 10 venture capital funds focused on blockchain, some of which are in Europe, but most are in the United States. Tiedt stated that Lennertz has raised enough capital to invest in two funds, namely the crypto funds of Polychain and Bain Capital.