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The Middle East's largest alternative asset manager, Investcorp Holdings, has begun fundraising for a new fund focused on blockchain technology firms.
According to a release, the eLydian Lion fund will be domiciled in Abu Dhabi. It will invest in companies that operate blockchain infrastructure, platforms and exchanges, decentralized finance, and data analytics. Investcorp made no statement on the amount of capital it intended to seek for the fund.
"We believe that blockchain technology and the ecosystem around it will transform every facet of our economy much as the Internet did in the 2000s," said Gilbert Kamieniecky, head of Investcorp's technology private equity company.
A blockchain is a decentralized digital database or ledger used to collaboratively record information and transactions. It serves as the technical foundation for digital currencies such as Bitcoin.
Bahrain-based Investcorp is also soliciting capital for five other vehicles, funded by Abu Dhabi’s Mubadala Investment Co. It presently manages more than $40 billion in assets and has begun expanding in Asia as part of a strategy to more than quadruple its size.
Investcorp delisted from the Bahrain stock exchange last year after nearly four decades, claiming the move would enable them to develop more quickly. Mubadala purchased a 20% interest in Investcorp in 2017, which previously supported Tiffany & Co. and Gucci Ltd.
