China's ClearVue closes debut blockchain fund on $50m
ClearVue Partners (CVP), a China-focused investor in consumer and technology, has announced a final close of USD 50m on its blockchain technology fund - without adding any capital to the first close 12 months ago.
The fund was launched in conjunction with blockchain-focused investment firm No Limit Holdings (NLH). The target was set at USD 100m and a first close on half that amount came in late July 2022.
NLH was established by Gin Chao, formerly strategy officer at Binance.com, operator of the world’s largest cryptocurrency exchange by trading volume. The principals of ClearVue and NLH first met at a poker game in 2010 that featured several crypto industry pioneers. The NoLimit moniker is a reference to that game.
The fund, known as CVP NoLimit Holdings, focuses on early-stage blockchain and web 3.0 projects globally. It covers the entire ecosystem from infrastructure to financial services and content.
At the time of the first close, the team had already warehoused six investments. It has since backed more than 20 projects, including two that have been listed on multiple exchanges. The plan is to invest in an additional 20 projects over the next 12 months, according to a statement.
“We are grateful for the confidence and trust that our partners have placed in us for this first fund, particularly given the breadth of industries our LP base represents and the challenging macroeconomic conditions during this period,” said Chao. “At the same time, this has created an ideal window to deploy capital into the exciting opportunities that the current market presents.”
Numerous traditional GPs have moved into the space by establishing dedicated crypto and blockchain technology-related funds or strategies. A drop in bitcoin prices followed by the collapse of cryptocurrency exchange FTX forced investors to hit pause, but most said they remained confident about the long-term outlook.
ClearVue was founded in 2012 and now has more than USD 1bn in assets under management across three funds.
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