A pioneering joint venture led by the former Binance strategy chief, Gin Chao, has announced the closure of its first fund with an impressive capital inflow exceeding $50 million. The partnership, forged between NoLimit Holdings and the private equity firm ClearVue Partners, marked a significant milestone on July 25th as it concluded its inaugural venture, named CVP NoLimit Fund I.
As early as October 2022, it was reported that NoLimit Holdings had embarked on a quest to secure investment commitments amounting to a substantial $100 million for their visionary fund. The successful culmination of the fund at over half of the targeted amount is a testament to the appeal and viability of the strategy formulated by the veteran team spearheaded by Gin Chao.
In a press release that resonated with both gratitude and ambition, Gin Chao expressed appreciation for the partners and investors who showed unwavering trust in the fund’s vision. He acknowledged the challenges posed by the diverse industries represented by the Limited Partners (LPs) amid the prevailing macroeconomic conditions. Despite these obstacles, Chao’s resolve remained undeterred, affirming that the current economic landscape has fortuitously created a prime opportunity to channel capital into the vibrant and promising prospects of the present market.
At its core, the CVP NoLimit Fund I is dedicated to early-stage investments in nascent cryptocurrency startups, with Gin Chao’s strategic insights and leadership steering the way. The fund’s investment strategy centers around seeding innovative projects and supporting strategic funding rounds. The capital injection ranges from $250,000 to $3 million, aligning with the fund’s focus on empowering startups in their formative stages.
The investment portfolio of the fund already boasts an impressive lineup, featuring projects such as Mysten Labs, Connext, Hogwarts Labs, Binance.US, and IQ Protocol. The diverse selection underscores the fund’s commitment to identifying and nurturing transformative ventures across various facets of the cryptocurrency ecosystem. To date, the fund has extended support to over 20 projects spanning the globe, setting the stage for further expansion.
Looking ahead, the future remains promising for the CVP NoLimit Fund I. With a forward-looking approach, the venture anticipates making an additional 20 investments over the course of the next 12 months, building on its current momentum. This commitment reflects the fund’s dedication to fostering innovation and catalyzing growth within the cryptocurrency startup space, a mission that aligns seamlessly with Gin Chao’s distinguished background and expertise.
