Varys Capital Ventures (CEIC) Limited is set for its debut in the Abu Dhabi Global Market (ADGM), marking a significant milestone for the venture.
Partnering with FundRock Investment Management Services (ME) Ltd, a licensed fund management company regulated by the FSRA, Varys Capital will oversee a feeder fund named Varys Capital Ventures (CEIC) Limited within ADGM.
The feeder fund will channel its assets into a Master Fund initially established as an early-stage, equity-focused venture fund with a core focus on blockchain innovation, Web3, and infrastructure. This Master Fund has earmarked commitments across DeFi, GameFi/Web3, Infrastructure, and Emerging Technologies, all revolving around blockchain.
Varys Capital’s decision to venture into the UAE stems from the government’s supportive directives, the nation’s high level of innovation, robust local infrastructure, and forward-thinking ethos. With substantial initial investments secured from prominent family offices, institutions, and high-net-worth investors, Varys Capital is swiftly closing the gap on its $75m funding round.
The feeder fund has appointed FundRock, Al Tamimi, Apex Fund Services (AD) Limited, and Crowe Mak LLP as its investment manager, legal counsel, fund administrator, and auditor, respectively.
Expressing his sentiments, Darius Askaripour, Director of Varys Capital, stated, “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 honored 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 from FundRock echoed the excitement, stating, “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.”
Read more: FX Newsroom
Arvind Ramamurthy, Chief of Market Development at ADGM, congratulated Varys and FundRock on their collaboration, emphasizing ADGM’s growth strategies for the digital assets space. He highlighted the initiative’s alignment with progressive regulations and initiatives encompassing DeFi, Blockchain, and related sub-clusters, further enriching ADGM’s dynamic ecosystem.
