A former Fidelity Digital Funds executive is launching a crypto fund of funds that would back both venture and hedge funds focused on digital assets, according to three people familiar with the matter.
Michael Zinaman plans to hold a first close on capital for the flagship vehicle of his new Dual Worlds firm in February, sources said. A second close would occur sometime later in the year, with the goal being to raise $50 to $100 million overall.
Sources were granted anonymity to discuss sensitive business dealings. Zinaman declined to comment.
The flagship vehicle, Dual Worlds Fund 1, plans to invest in crypto portfolio managers worldwide — ranging from new launches to established funds. It will write both limited-partnership checks and invest in general-partnership stakes or seeding deals from time to time.