Quick take:
- The fund is backed by investors from Mirana, FJ Labs and Serafund.
- Inception Capital said the fund plans to invest in five new institutional managers and funds every year.
- Instead of investing in specific projects, protocols or startups, the OP Fund of Funds I LP will target institutional managers.
Inception Capital, formerly OP Crypto has closed its first Web3 fund at $30 million. The early-stage-focused web3 firm said the OP Fund of Funds I LP will target family offices and high-net-worth individuals looking to invest in diversified early-stage crypto projects.
“Instead of family offices trying to make the best investments themselves, this vehicle is a good hedge and risk-adjusted downside vehicle to get crypto exposure,” David Gan, founder and general partner of Inception Capital told TechCrunch.
According to the announcement, the OP Fund of Funds I LP is backed by investors including Mirana Ventures, FJ Labs and Serafund.
OP Fund of Funds I LP plans to invest in five institutional managers and funds every year over backing specific projects, protocols and startups. “We’re putting our money in the hands of other institutional managers and getting a fairly diversified portfolio that these funds are invested into,” said Gan.
Explaining the profiles of individuals the fund is targeting, Gan said the fund is particularly targeting “up and coming” crypto managers, who at “hungry” and looking for early-stage startups.
According to Gan, the fund has already invested in five managers, deploying 30% and plans to continue its focus on early-stage crypto ventures. Among those already backed by Inception Capital’s OP Fund of Funds I LP are Syncracy Capital, Escape Velocity, Alliance, OrangeDAO and Everyrealm.
Inception Capital has also co-invested alongside notable Web3 investors including Bain Capital Ventures, ParaFi Capital, Multicoin Capital, and a16z’s Marc Andreessen and Chris Dixon.
According to information on Inception Capital’s website, the firm’s portfolio is comprised of projects involved in blockchain gaming, non-fungible tokens (NFTs), Web3 infrastructure, artificial intelligence, and decentralised finance (DeFi), among others.
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