H.K.-based CMCC Global's Crypto Fund Targets $300M, Drawing Tycoon Richard Li's Attention

A Hong Kong-based venture capital firm’s target of $300 million in assets for its latest crypto fund is attracting investors like Hong Kong tycoon Richard Li.

The CMCC Global Asset Management Ltd’s latest crypto fund allows investors to bet on blockchain and its applications.

Its fourth crypto token fund, which was launched in April, now has assets under management of close to $90 million and aims to reach the $300 million hard cap next year.

CMCC Global said that billionaire Li will roll over to the latest fund along with other existing investors. Li anchored CMCC Global’s previous fund via his investment manager Pacific Century Group.

One of the earliest and largest investors in blockchain platform Solana, CMCC Global - founded in 2016 by Martin Baumann and Charlie Morris - in 2018 invested $1 million in Solana’s private token sale.

In 2018, Solana was 20 cents a coin; now, Solana is the sixth-largest cryptocurrency and topped $200 apiece.

Besides the two founders holding a majority stake in the venture firm, Li and Gemini Trust Co-founders Cameron and Tyler Winklevoss are also investors in CMCC’s holding entity.

Richard Li is also one of the sons of Hong Kong’s richest man Li Ka-Shing.

In June, Li’s insurer FWD said it had lodged an application to regulators for an initial public offering in the United States.

In Hong Kong, CMCC Global is applying for licenses with the securities regulator to set up a new crypto equity fund. 

Cofounder Morris announced that CMCC Global plans to separate a portion of the new digital-asset fund to arenas like decentralized finance (DeFi) and non-fungible tokens (NFTs).