On September 21, Adrian Cheng, a Hong Kong real estate mogul and co-founder of a financial services firm, C Capital, announced plans to raise $500 million to invest over the next 18 months in private equity, credit, and blockchain assets.
Former Bank of America Merrill Lynch banker Ben Cheng co-founded C Capital, has plans for a $200 million blockchain fund, and hopes to raise $300 million for private equity and private credit strategies next year.
Although C Capital began investing in venture capital five years ago, it has more recently diversified into later-stage businesses. The corporation has so far put $1 billion into private companies, 60 firms, digital assets, and credits.
As per Cheng, about 40% of its capital is allocated to private equity and credit strategies, with the remaining 20% invested in the asset class of hedge funds mostly focused on cryptocurrency trading.
C capital founder stays bullish amid bearish crypto market
In spite of the year-long decline in the cryptocurrency markets, the fundraising effort is taking place as the company is betting that the prices of private enterprises and digital assets are bottoming out.
Cheng, president and chief executive officer at C Capital, stated, “When people are on the defensive, we’re on the offence.”
Cheng asserted that traditionally, this setting “will provide the best result. It will return in another six to nine months. Cheng reported that the value of its current cryptocurrency investments increased by 40% in the first half after doubling last year.
Adrian Cheng is not connected to his C Capital co-founder but is the grandson of businessman Cheng Yu-tung, who is the CEO of New World Development and the heir to the Chow Tai Fook family fortune.
Cheng said last year that he will buy and develop virtual land on the Sandbox blockchain gaming platform, a division of the unicorn blockchain gaming company Animoca Brands with headquarters in Hong Kong, in which C Capital has funded.
Ten businesses with connections to or collaborations with New World Development and Cheng’s venture capital firm will be included in the “innovation hub,” which will provide entertainment, non-fungible tokens (NFTs) and immersive experiences.
Cheng expressed, “Progress depends on giving the younger generation the tools they need to be creative, innovative, and feel like they’re helping to shape the future.” The virtual world is always changing, and we need to continuously explore and expand the metaverse in order to stay on the frontline of these developments. “
Cheng stated that he desired to highlight the entrepreneurial success of young companies in the Greater Bay Area, a brand-new economic region that links Hong Kong, Macau, and nine Guangdong cities.
The 42-year-old Hong Kong millionaire, an art collector, and a property developer disclosed plans for the project earlier this summer, including intentions to create a sizable cultural and retail complex in mainland China in 2024.
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