German investment firm Lennertz & Co. is raising $165 million for its third encryption fund.

Odaily Planet Daily News According to German investment firm Lennertz & Co., it is seeking to raise $165 million for its third encryption fund. Oksana Tiedt, the fund’s investment director at Lennertz, said in an interview that the fund has completed its first closing, but refused to disclose specific numbers. Lennertz was founded in 2015 and is a multi-family office that invests in different asset classes, including private sale equity and traditional venture capital. The company started betting on the blockchain field around 2016 and privately invested in a fund before launching a $35 million fund-of-funds in 2020. They also launched a second $65 million fund in 2022. As a fund of funds, Lennertz does not directly invest in portfolio companies or Token trading, but invests in other companies, including well-known encryption venture capital firms such as Multicoin, Polychain, and Hack VC. Its second fund focuses on generalist funds with encryption strategies, including Bain Capital, Lightspeed, and Andreessen Horowitz. (Fortune)