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Back in May, Bain Capital Ventures (BCV) announced raising $1.3 billion to invest across two funds. The arm of Bain Capital is in the news again today after it filed an application for its own crypto-investment fund.
In a public filing on 8 September, BCV announced the creation of BCV Crypto Fund I, L.P. The limited partnership is incorporated in Boston, according to the SEC Form D. Now, while the short notice doesn’t disclose the issue size, it does state that the total offering amount is indefinite, with the duration of the offering not lasting over a year.
BSV has also filed for certain SEC exemptions, with Rule 506(b) allowing the raising of an unlimited amount of money. Furthermore, on approval, there will be no cap on the number of accredited investors to whom the securities can be sold.
It’s also a new notice that says, ‘First Sale Yet to Occur.’
The fund is classified as a pooled investment fund, and the securities it will provide are known as “Pooled Investment Fund Interests.” Form D appoints partners Ajay Agarwal and Enrique Salem as the issuer’s executive officers.
It should be noted, however, that the corporation has made no additional statements about the offering. AMBCrypto had yet to get a response from the firm on the aforementioned development at the time of writing. Until press time, an email intended to elicit a response went unanswered.
BSV is estimated to have $5.2 billion in assets under management (AUM) across its offices in the United States. Earlier in May, partner Sarah Smith had told TechCrunch that the firm is interested in fintech that includes focusing on cryptocurrencies, with some investment in tokens.
Hence, this is not Bain’s first stint in the crypto-space. The venture capital arm has invested in many other crypto-companies in the past. This includes seed money for Digital Currency Group, which owns Genesis Global Trading, Grayscale Investments, and CoinDesk. BCV also made a significant investment in BlockFi, a cryptocurrency loan business, early this year.
The company also supports Lolli, a rewards network that allows users to earn and exchange Bitcoin. Among other investments, the firm co-led the seed funding of CoinDCX, an India-based cryptocurrency exchange.