Galaxy Digital Announces Successful Close of Oversubscribed Venture Fund of Funds
NEW YORK, July 27, 2021 - Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy Digital" or the "Company") today announced the successful close of Galaxy Vision Hill Venture Fund of Funds I (“GVH Venture FoF I” or “the Fund”) in an oversubscribed amount of $33.75mm. The Fund is the first venture-focused multi-manager fund of funds vehicle from Galaxy Digital and is focused specifically on providing institutional investors access to pre-vetted managers investing across the blockchain and crypto economy.
GVH Venture FoF I is the second fund in the growing Galaxy Vision Hill (“GVH”) product suite of multi-manager, fund of fund offerings within Galaxy Fund Management (“GFM”), the asset management arm of Galaxy Digital. Galaxy Digital has $1.4B in assets under management as of June 30, 2021.
With the addition of a venture focused product, GVH now has both hedge fund and venture fund focused multi-manager products with the ability to invest across both parts of these growing, investable categories. The Fund is the first product to market post Galaxy Digital’s acquisition of Vision Hill Group on May 19, 2021, and the subsequent formation of the GVH product suite. Together, GVH combines Galaxy Digital’s strong institutional brand and global connectivity to the crypto community with Vision Hill’s existing market intelligence, track record, and history of deep manager diligence in the space.
The Fund intends to capitalize on underlying, high-quality venture capital opportunities within the emerging blockchain and digital asset sectors across a diversified set of thematic categories, including DeFi, Web 3.0, NFTs, and infrastructure and services. By partnering with managers primarily focused on pre-seed, seed, and select Series A investable opportunities, the Fund will seek to provide investors access to these promising projects in their preliminary rounds of financing.
“We are pleased to announce an oversubscribed successful close of Galaxy Vision Hill’s first venture-focused multi-manager fund of funds vehicle. The blockchain technology revolution is a long-term secular trend poised to accelerate significantly within this next decade, and Galaxy Vision Hill is uniquely positioned to capitalize on it as an allocator of capital across the expanding landscape of exciting digital asset fund manager strategies,” commented Scott Army, CIO of Galaxy Vision Hill. “As institutional investors increasingly seek trusted digital asset partners, we are thrilled to welcome some excellent new investors to this Fund as well, including Franklin Templeton and Zeke Capital Advisors. We look forward to using this vehicle and our growing product suite to continue to empower institutional investors with unique opportunities, expertise, and access to digital assets.”
“The close of GVH Venture Fund of Funds I marks a significant milestone as we continue to build toward the most comprehensive funds platform in the blockchain industry,” added Steve Kurz, Partner and Head of Asset Management at Galaxy Digital. “As institutional investors continue to seek access to blockchain-related funds and as the digital asset class continues to develop, this Fund unlocks exposure to deeply diligenced venture funds, enabling investors unparalleled access to highly investable corners of the blockchain and crypto economy.”
About Galaxy Digital
Galaxy Digital (TSX: GLXY) is a diversified financial services and investment management company dedicated to the digital asset and blockchain technology sectors. Galaxy Digital's team has extensive experience spanning investing, portfolio management, capital markets, venture capital, asset management, and blockchain technology. Galaxy Digital operates in five synergistic business lines: Trading, Asset Management, Principal Investments, Investment Banking, and Mining. Galaxy Fund Management is the digital asset funds brand of the Asset Management business. Galaxy Digital's CEO and Founder is Mike Novogratz. The Company is headquartered in New York City, with offices in Chicago, San Francisco, London, Amsterdam, Tokyo, Hong Kong, the Cayman Islands (registered office), and New Jersey.
The TSX has not approved or disapproved of the information contained herein.
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical or current fact, included herein, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things, the industry trends and Fund opportunities. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the risks identified in the Company's annual information form dated March 29, 2021 and available on SEDAR at www.sedar.com. Readers should not place undue reliance on the forward-looking statements and information contained in this release. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
This press release is not an offer to buy or sell, nor is it a solicitation of an offer to buy or sell, interests in the Fund or any advisory services or any other security or to participate in any advisory services or trading strategy.
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