Introducing OP Funds of Funds I
In the ever-evolving landscape of cryptocurrency, a new player has entered the game—OP Crypto. Founded by David Gan, a former executive at Huobi, this venture capital firm is aiming to give emerging fund managers a leg-up with a freshly launched fund named “OP Funds of Funds I.” With a hefty $50 million already pledged from powerhouses like FTX’s investment branch LedgerPrime and FJ Labs, the firm is gunning for the fund’s hard cap of $100 million.
Big Plans for a Big World
Lucas He, the Chief Operating Officer of OP Crypto, has revealed plans for the fund to close by the end of Q3. Talk about a tight timeline! The OP FoF I aims to zero in on crypto fund managers who have unique expertise across various niches, including but not limited to:
- Infrastructure
- Decentralized Finance (DeFi)
- Non-fungible Tokens (NFTs)
- Metaverse and Gaming
While the primary focus is on the Asia-Pacific region, rest assured, the fund isn’t keeping its blinders on. Investors can expect global exposure, tapping into regions like Latin America, Africa, India, and Southeast Asia.
A Portfolio Within a Portfolio
Investing in OP FoF I is like gaining access to an exclusive club where you can casually rub shoulders with some of the brightest minds in the crypto space. Investors will have the unique opportunity to cherry-pick projects through co-investment opportunities, thanks to the diverse deal flow from all the associated fund managers. It’s like a buffet—but for crypto investments!
Building on Past Success
OP FoF I is not OP Crypto’s first rodeo. In June 2021, the firm kicked off the $50 million OP Ventures Fund I, designed for pre-seed and seed stage projects in the innovative Web 3.0 arena. Backed by high-profile firms and investors like Mike Novogratz’s Galaxy Digital and Bill Ackman, this earlier fund marked a successful foray into emerging crypto potentials.
Words from the Wise
“OP stands for open, operational, and opportunistic,” He notes. It’s catchy, right? Despite the current market’s fluctuations, demand for crypto exposure has been unexpectedly robust. “To our surprise, there is actually quite a lot of picked up demand due to people not knowing where exactly is best to park capital amidst the current bear market,” He remarked. Sounds like a dilemma many investors can relate to!
Leading the charge at OP FoF I, Lucas He isn’t just a pretty face; he’s been around the crypto block since 2013 and previously held key roles at Huobi Capital and State Street. Meanwhile, founder David Gan will step into the role of president and advisor. Together, they’re set to deploy capital wisely, drawing from their own fruitful investments in notable funds like Multicoin Capital and Dragonfly Capital—all before those funds skyrocketed to billion-dollar valuations. Now, that’s what we call foresight!
