Singapore-based investment firm Spartan Group has launched a $110M venture fund to support DeFi applications. The general partner Jason Choi told about this.
According to Choi, the Spartan Group initially expected the fund to be $ 30 million.
The framework will place particular emphasis on the DeFi application layer by investing in applications on various blockchains, including Ethereum and Solana.
The company did not disclose the names of the investors in the new fund but noted that they are high net worth individuals and family offices that have recently entered the market.
The Spartan Group already has DeFi projects such as dYdX and Arbitrum in its portfolio. The firm entered its capital through its own fund, which became part of the new structure. The latter plans to invest in about 50 applications over the next five years.
Choi stressed that Asian investors have maintained an interest in private deals despite the market correction.
“Most of the investors are based in Asia, but [funds of funds] from Europe and the US are also present. I think Asian retail investors are price-conscious, but institutions tend to take longer-term strategies. So it was easier to raise funds for a venture fund rather than a hedge fund,” Choi added.
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In February 2021, the Spartan Group announced the creation of a $ 50 million fund that is also focused on DeFi projects.