Varys Capital has collaborated with FundRock Investment Management Services (ME) Ltd, a fund management firm authorized by the FSRA, to oversee a feeder fund named Varys Capital Ventures (CEIC) Limited within the Abu Dhabi Global Market (ADGM).
The feeder fund is designed to channel its resources into a Master Fund, which was originally established as an early-stage venture fund focusing on equity investments in blockchain innovation, Web3, and infrastructure.
This Fund has outlined investment commitments in DeFi, GameFi/Web3, Infrastructure, and Emerging Technologies, all revolving around blockchain technology.
Varys intends to invest in various local enterprises and has chosen to enter the UAE due to the government’s supportive policies, the nation’s culture of innovation, well-developed infrastructure, and forward-thinking approach.
Following the successful initial funding from notable family offices, institutions, and high-net-worth individuals, Varys has made significant progress in closing the gap on its $75m fundraising target.
The feeder fund has appointed FundRock as the investment manager, Al Tamimi as the legal counsel, Apex Fund Services (AD) Limited as the fund administrator, and Crowe Mak LLP as the auditor.
Darius Askaripour, the Director of Varys Capital, expressed:
“Given the visionary leadership of the government and ADGM’s role in fostering innovation, we are excited to be actively involved in the digital asset space. As a distinctive venture fund capable of executing deals efficiently, we are proud to contribute significantly to the region. Our immediate focus is on deploying capital to enhance our portfolio and showcase the diverse applications of blockchain technology, further solidifying the UAE’s position as a global hub for innovation.”
Matthew Pykstra from FundRock commented:
“We are delighted to collaborate with Varys Capital on this feeder fund and are eager about the fund’s diverse offerings in the region.”
Arvind Ramamurthy, Chief of Market Development at ADGM, remarked:
“We applaud Varys and FundRock for partnering to manage a feeder fund in Abu Dhabi, known as the ‘Capital of Capital’. This initiative aligns with ADGM’s growth strategies in the digital assets sector, emphasizing progressive regulations and initiatives in DeFi, Blockchain, and related areas. ADGM’s dynamic ecosystem includes a variety of local companies in the modern finance sector, and we anticipate this fund playing a strategic role in bridging the investment gap for these companies, thereby fostering substantial sector growth and overall industry advancement.”