Mideast asset manager Investcorp seeks cash for blockchain fund
Now Reading
Mideast asset manager Investcorp seeks cash for blockchain fund

Mideast asset manager Investcorp seeks cash for blockchain fund

The eLydian Lion fund will be based in Abu Dhabi

Avatar

Investcorp Holdings, the biggest alternative asset manager in the Middle East, 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 firms operating blockchain infrastructure, platforms and exchanges, decentralised finance and data analytics, according to a statement.

Investcorp didn’t comment on how much it planned to raise for the fund.

“We believe that blockchain technology and the ecosystem around it will transform every facet of our economy much like the Internet did in the 2000s,” said Gilbert Kamieniecky, head of Investcorp’s technology private equity business.

A blockchain is a digital database, or ledger, used to record information and transactions in a collaborative manner. It’s the technological backbone of digital currencies like Bitcoin.

Bahrain-based Investcorp, backed by Abu Dhabi’s Mubadala Investment Co., is also currently raising money for several other funds. It currently manages over $40bn of assets and recently started expanding in Asia as part of the plan to more than double the size.

Investcorp delisted from the Bahrain stock exchange last year after almost four decades, in a move it said would give it the agility to expand faster. Mubadala in 2017 acquired a 20 per cent stake in Investcorp, which previously backed companies including Tiffany & Co. and Gucci Ltd.

You might also like


© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top