ParaFi Capital Raises $120 Million, to Buy Stakes in Other Crypto Funds

ParaFi Capital, a New York-based digital asset manager that includes KKR & Co. co-founder Henry Kravis among its backers, raised $120 million from investors including Theta Capital Management and Accolade Partners.

In a new strategy for ParaFi, the funding will be partly used to acquire general-partner stakes in other crypto funds that are focused on specific market segments, strategies or geographies. The firm plans to build a portfolio of 30 to 50 such stakes in the next three to five years, Ben Forman, founder of ParaFi, said in an interview.