The feeder fund will invest its assets into a Master Fund (“Fund”), which was initially established as an early-stage, equity-focused venture fund with a mandate centered around blockchain innovation, Web3, and infrastructure. The Fund has identified commitments across DeFi, GameFi/Web3, Infrastructure, and Emerging Technologies, all centred around blockchain.
Varys will invest in multiple domestic companies and has entered the UAE because of the local government's supportive directives, the country's high level of innovation, robust local infrastructure, and forward-thinking minds. Since securing initial investment from prominent family offices, institutions, and high-net-worth investors, Varys has actively closed the gap on its $75m round.
The feeder fund’s appointed investment manager, legal counsel, fund administrator, and auditor are FundRock, Al Tamimi, Apex Fund Services (AD) Limited, and Crowe Mak LLP, respectively.
Darius Askaripour, Director of Varys Capital, said:
“Due to the government's leadership and vision, ADGM has created limitless opportunities and attracted the most brilliant and talented minds in the digital asset space. As a unique venture fund with the capacity to quantitatively execute deals, we are honoured to be a significant contributing entity in the region. We have immediate plans for deployment, adding to our high-performing portfolio and reinforcing the global appeal of the United Arab Emirates as the nation continues to expand the wide use cases of blockchain technology.”
Matthew Pykstra, Senior Executive Officer, at FundRock said:
“We are thrilled to have partnered with Varys Capital on this feeder fund and are enthusiastic about the diverse offering that the fund brings to the region”
Arvind Ramamurthy, Chief of Market Development at ADGM said:
“We congratulate Varys and FundRock on joining hands to manage a feeder fund, here in the ‘Capital of Capital’ - Abu Dhabi. This initiative aligns with ADGM's growth strategies for the digital assets space, focusing on progressive regulations and initiatives encompassing DeFi, Blockchain, and other related sub-clusters.
“ADGM’s vibrant community includes a range of domestic companies in the new-age finance sector, and we look forward to this fund strategically bridging the investment gap for these companies that will foster significant growth within the sector and enhance overall industry development."
About FundRock
FundRock Investment Management Services ( ME ) Ltd is an authorized third-party Fund Manager in the ADGM and is part of FundRock Management Company, a leading independent UCITS management company and AIFM investment fund manager headquartered in Luxembourg. It is a subsidiary of Apex Group. As of September 30, 2023, 590 employees of the companies under the FundRock brand* oversaw more than 1,200 funds with a total of $235 billion in assets under management in 14 countries.
(* including FundRock, FundRock LIS, and FundRock LRI).
Newsroom: media@apexgroup.com
About Varys Capital
Varys Capital’s primary objective is to achieve long-term growth through a curated portfolio of high-quality, early-stage businesses utilizing blockchain technology, solving an addressable need in the wider tech, gaming/Web3, and finance industries. Equity-focused, early-stage investments in progressive companies allow the fund to capitalize on market opportunities through well-established deal flow channels, allowing investors exposure to terms and offerings otherwise cordoned off to industry elites.
