Investcorp, the alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, has launched the first dedicated institutional blockchain fund based in the GCC with a global investment mandate.
eLydian Lion, which will be led from Investcorp’s Abu Dhabi office, will be invest globally and focus on investments in companies leading the next digital evolution driven by blockchain technology, the company said on Monday.
The fund will enable investors to gain early exposure to the rapidly growing blockchain ecosystem, which is at the forefront of the digital transformation of the economy. It will mainly invest in early-stage companies operating in areas in the blockchain ecosystem such as blockchain infrastructure, platforms and exchanges, decentralised finance, and data analytics.
“Offering our clients innovative and bold investment ideas, backed by our disciplined and proven approach, has been a key element of our success over the last four decades,” said Hazem Ben-Gacem, co-chief executive at Investcorp.
“We have a strong track record in technology investment and will bring our institutional expertise and global reach to bear on this fast-growing area of technology.”
The new fund is independent of Investcorp Technology Partners, a European technology sector-focused unit of Investcorp that leads company's investment strategy focused on lower mid-market technology opportunities.
Established more than four decades ago, Investcorp has grown to become one of the leading alternative asset management companies in the region, investing across asset classes and geographies. The company went on an acquisition spree during the coronavirus pandemic to capitalise on lower asset valuations.
Investcorp, which has $40.4 billion in assets under management as of the end of 2021, including assets managed by third-parties, is looking to further diversify its investments by expanding its technology portfolio.
In September, Investcorp Technology Partners acquired international FinTech company MIR Limited, which operates payments platforms and offers e-wallet solutions.
Offering our clients innovative and bold investment ideas, backed by our disciplined and proven approach, has been a key element of our success over the last four decades
Hazem Ben-Gacem,
co-chief executive, Investcorp
Blockchain technology and the ecosystem around it has the potential to transform every facet of our economy, much like the internet did in the 2000s, the company said.
"We have already seen the potential of blockchain to disrupt existing markets and create new ones, such as the meteoric rise of the non-fungible tokens market that in just a few years has grown from under a billion to more than $40bn," said Gilbert Kamieniecky, head of Investcorp’s technology private equity business.
"This new fund will support the most innovative entrepreneurs from around the world who are developing the blockchain ecosystem and defining what the future digital economy will be.”
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
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Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
Alita: Battle Angel
Director: Robert Rodriguez
Stars: Rosa Salazar, Christoph Waltz, Keean Johnson
Four stars
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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The specs
Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
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City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
