C Ventures, which is backed by Hong Kong real estate tycoon Adrian Cheng, announced on Wednesday its rebranding as “C Capital”, alongside the launch of two new funds as the company grows into a multi-asset investment firm.
C Capital, co-founded by media sector financer Clive Ng and ex-Bank of America Merrill Lynch banker Ben Cheng, introduced a new blockchain hedge fund and a new credit fund.
Its rebranding and launch of the two funds marked the company’s “transition from a venture capital firm to a mature multi-asset investment firm”, C Capital said in a statement.
While the company did not reveal more details on its fundraising plans, C Capital is said to be looking to raise $200 million for the blockchain fund and about $300 million to invest in private equity (PE) and private credit strategies next year, Bloomberg reported on Wednesday, citing people familiar with the matter.
Cheng, now the chief executive officer and president of C Capital, told Bloomberg that he expected their investments across digital assets, credit and private equity to “yield the best result. After another six to nine months, it [the market] will come back”.
The new funds will add to approximately $1 billion that C Capital has already invested in its portfolio of largely growth-stage companies such as blockchain gaming firm Animoca Brands, artificial intelligence (AI) company SenseTime, phone case maker CASETiFY and digital fashion brand RTFKT.
Its blockchain hedge fund targets to offer limited partners (LPs) exposure to all facets of the blockchain market, including Web 3.0, according to the statement. The hedge fund strategy focuses on crypto trading and it has turned down approaches from angel funds or firms at a seed stage because Cheng believes they have high valuations and limited upsides.
With the new moves, C Capital now manages a PE fund, a blockchain hedge fund and a credit fund. It has backed over 60 businesses in the consumer, technology and blockchain sectors globally since its inception in 2017.