Quick take:
- C Capital is co-founded by Hong Kong billionaire and real estate tycoon Adrian Cheng.
- The firm’s portfolio includes Animoca Brands, RTFKT Studios and Matrixport.
- Cheng said the firm’s existing crypto investments increased by 40% in the first half of the year.
C Capital, a recently rebranded venture firm co-founded by Hong Kong real estate tycoon Adrian Cheng, plans to launch a $200 million fund to invest in blockchain assets over the next 18 months, according to a Bloomberg report.
The firm is also co-founded by ex-Bank of America Merrill Lynch banker Ben Cheng. Besides the $200 million crypto fund, C Capital planning to raise another $300 million to invest in private equity and private credit strategies next year, people familiar with the matter told Bloomberg.
The firm is taking advantage of the current bear market to bet on digital assets and private companies at bottomed-out prices.
“When people are on defense, we’re on the offense,” Ben Cheng, C Capital’s CEO and president, said in an interview with Bloomberg. He added that this type of environment historically “will yield the best result. After another 6 to 9 months, it will come back.”
The new funds will be an addition to the $1 billion that C Capital has already poured into private companies, digital assets and credits. The firm’s current portfolio includes Animoca Brands, RTFKT Studios and Matrixport.
Cheng said that the firm’s existing crypto investments increased by 40% in the first half of the year after doubling last year. When it comes to Web3 investments, Adrian Cheng has his fingers in the NFT and metaverse sectors.
In August, he acquired 101 Azuki NFTs and tweeted: “My latest acquisition of 101 Azukis to democratise and demystify #Web3 and #Metaverse for all. We will carve out a unique space in the Web3 world and bring our culture of creativity and community-based experiences to life.”
Investment and venture capital firms have been continuing to launch new funds despite the crypto winter. On Tuesday, DTCP announced the first closing of its Growth Equity III Fund at $300 million. Earlier this month, Hong Kong-based Animoca Brands raised another $110 million to add to its previous funding round of $75 million.
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