Investcorp Holdings, Bahrain’s biggest asset manager, launched its first global institutional blockchain fund. The organisation aims to allocate funds among startups driven by blockchain technology. The firm, which was ranked by Forbes as the second-largest wealth manager in the Middle East, is now courting investors to raise funds for the new fund.
The Middle East is steadily becoming a cryptocurrency and related technologies hub. Regions such as Bahrain, Dubai and Abu Dhabi are all attempting to court crypto investors with friendly regulation.
Investcorp to fund blockchain startups
Investcorp Holdings named the tech fund eLydian Lion. The company said it will target early stage companies working on blockchain, decentralised finance, and data analytics. Meanwhile, it also added that funds will allow the investors to get early exposure to this growing blockchain industry.
Gilbert Kamieniecky, Chief of Investcorp’s Technology Private Equity business, believes that blockchain and related technologies can change the economy like the internet. Kamieniecky mentioned that this money will be utilized to help the innovative minds over the globe to develop the blockchain ecosystem.
The fund will act independently from Investcorp.
Indian startups in their crosshairs
According to Bloomberg, Investcorp is looking to raise more funds for other different projects. The company manages the assets worth more than $40 Billion. Investcorp is also looking to expand its footprints in Asia with a plan to double up its size.
Last year, Investcorp acquired MIR Limited which provides payment and e-wallet solutions. As per BusinessLine, a senior executive of the company said the company has invested around $600 million in Indian start-ups and other sectors. It is expected that AUM (assets under management) will cross $1 billion in valuation in the coming time.
It is been reported that Investcorp is raising more funds to invest in Indian early stage companies. It is expected the company is looking for another $500 Million.
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Source: https://coingape.com/bahrain-investcorp-launches-blockchain-fund/