China-focused consumer and technology growth equity firm ClearVue Partners has entered into a partnership with NoLimit Holdings (NLH) to set up a new venture to invest in digital assets, the companies announced on Tuesday.
The venture, named CVP NoLimit Holdings, will invest in digital assets across seed, strategic, and private rounds of token projects from established founding teams that are building next-generation DeFi services and promoting the integration of Web 2.0 content with Web 3.0 operating models, according to a statement.
The team, which has already warehoused six investments as of date, plans to back over 50 projects globally over the next two years.
The venture has held the first closing of its maiden fund “CVP NoLimit Fund I” at $50 million, a source with direct information about the partnership told DealStreetAsia. The source, who declined to be named because the information is private, said that CVP NoLimit Holdings is targeting to raise a total of $100 million for its first fund.
ClearVue, which manages over $1 billion and has a portfolio of over 40 companies, has become the latest investment company to follow a rising trend of investments in digital assets and Web 3.0.
The “NoLimit” moniker is a nod to the 2010 poker game where the principals of ClearVue and NLH first met and began their crypto journey playing alongside several industry pioneers, according to the statement.
“This partnership leverages a 12-year history of friendship and professional achievement to deliver trust that investors and projects seek in their shared vision to build a world of enhanced transparency and governance through blockchain,” said the two companies.
The partnership has prioritised strategic investors from the sectors of consumer electronics, retail, fast-moving consumer goods (FMCG), social media, gaming, and real estate who are actively seeking to adopt blockchain technology, said the duo.
It also covers value-add investors from the crypto sector, including liquidity provider Mathrix and former Binance chief growth officer Ted Lin who will provide zero-to-one mentorship to portfolio projects.
CVP NoLimit Fund I is managed by NLP, a global blockchain asset investment firm founded in April 2022 by Malcolm Shu and Gin Chao. Chao is an independent board member of Binance.US and former strategy officer of Binance.com, the global blockchain ecosystem behind Binance – the world’s largest cryptocurrency exchange by trading volume.
During his tenure at Binance.com, Gin led the Binance Labs venture investment, Binance Launchpad initial exchange offering, and Binance X fellowship fund teams. He also led Binance’s acquisition of CoinMarketCap, one of the industry’s largest information aggregators, in a deal reportedly worth up to $400 million in 2020.