German investment firm Lennertz & Co. is seeking to raise $165 million for its third crypto fund. Lennertz's head of fund investments, Oksana Tiedt, said in an interview that the fund has completed the first round, but declined to disclose the specific figure.
Founded in 2015, Lennertz is a multi-family office that invests in different asset classes, including private equity and traditional venture capital. The firm began betting on the blockchain space around 2016, investing privately in one fund before launching a $35 million fund of funds in 2020 and a second $65 million fund in 2022.
As a fund of funds, Lennertz does not invest directly in portfolio companies or token exchanges, but rather in other firms, including well-known crypto VCs such as Multicoin, Polychain, and Hack VC. Its second fund focuses on generalist funds with crypto strategies, including Bain Capital, Lightspeed, and Andreessen Horowitz.
With the third fund, Lennertz plans to invest in eight to 10 blockchain-focused venture capital funds, some in Europe but mostly in the U.S. Tiedt said Lennertz has raised enough money to invest in two funds, Polychain and Bain Capital's crypto fund. (Fortune) #BNB