Varys Capital (“Varys”) has announced a strategic collaboration with FundRock Investment Management Services (ME) Ltd (“FundRock”), a fund management firm licensed by the FSRA. Together, they will oversee the management of Varys Capital Ventures (CEIC) Limited, a feeder fund operating within the Abu Dhabi Global Market (ADGM).
This feeder fund will allocate its assets into a Master Fund initially established as an early-stage venture fund with a primary focus on equity within the realms of blockchain innovation, Web3, and related infrastructure. The Master Fund has outlined commitments across various sectors including DeFi, GameFi/Web3, Infrastructure, and Emerging Technologies, all revolving around blockchain.
Varys Capital’s decision to invest in the UAE stems from the supportive directives of the local government, coupled with the region’s high innovation quotient, robust infrastructure, and forward-thinking community. Following the initial investment from notable family offices, institutions, and high-net-worth investors, Varys has swiftly progressed towards achieving its $75 million funding target.
FundRock, Al Tamimi, Apex Fund Services (AD) Limited, and Crowe Mak LLP have been appointed as the feeder fund’s investment manager, legal counsel, fund administrator, and auditor respectively.
Darius Askaripour, Director of Varys Capital, expressed gratitude towards the visionary leadership of the government of Abu Dhabi, highlighting ADGM’s role in attracting top talent within the digital asset space. He emphasized Varys Capital’s commitment to contribute significantly to the region’s growth by deploying funds strategically and expanding its high-performing portfolio.
Matthew Pykstra from FundRock expressed excitement about the collaboration and the diverse opportunities the fund brings to the region.
Arvind Ramamurthy, Chief of Market Development at ADGM, lauded the collaboration as it aligns with ADGM’s growth strategies for the digital assets space. He emphasized the importance of bridging the investment gap for domestic companies in the new-age finance sector, foreseeing significant growth and enhanced industry development as a result.
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