OP Crypto – a crypto venture capital entity established by former Huobi executive David Gan – is reportedly releasing a new fund to back emerging fund managers dedicated to early-stage crypto investments.

Specifically, the fund – going by the name “OP Funds of Funds I” – has reportedly obtained $50 million in commitments from top-tier firms such as FTX’s investment subsidiary LedgerPrime and FJ Labs.

The OP FoF I is reportedly aiming for a hard cap figure of $100 million, with founders having plans down their pipeline to carry out the fund’s close-out towards the end of the third quarter, OP Crypto’s chief operating officer Lucas He revealed. 

The fund will reportedly single out and provide financial assistance to crypto fund managers with unique vertical expertise in different particular aspects, nominally infrastructure, decentralized finance, nonfungible tokens, metaverse, gaming and others.

Although the fund has a “differentiated focus” on the Asia-Pacific territory, it will not slow down its investment throughout different parts of the globe, as well as looking for exposure to fund managers in regions like Latin America, Africa, India, Southeast Asia and others, He noted.

Investors in the FoF will reportedly have the ability to tap into the deal flow from all of the managers included in the vehicle and have the chance to focus extra on particular initiatives via co-investment opportunities.

OP FoF I will reportedly be the second fund to make investments in emerging crypto fund managers by OP Crypto. In June last year, the firm rolled out its $50 million OP Ventures Fund I, focusing primarily on pre-seed and seed initiatives throughout the Web 3.0 sphere. 

The fund received the backing from high-profile establishments and institutional investors in the sector, including Mike Novogratz’s Galaxy Digital, the venture capital firm Digital Currency Group, Bill Ackman and Alan Howard.