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Alexis Ohanian’s VC firm Seven Seven Six hopes to raise $177.6 million for a new fund to invest in crypto tokens, The Information reports.

Why it matters: Venture firms and their LPs remain bullish on the potential returns from investing directly in tokens, despite the downturn in asset prices.

Details: Based on fundraising materials reviewed by The Information, the new fund will be named Kryptós and will focus exclusively on token investing.

Seven Seven Six received approval to become a registered investment adviser in April.

The firm will charge a 2.5% management fee — slightly above the industry average —  and receive carried interest of 25%, with the potential to earn 35% if the fund returns 5x or more capital.

Between the lines: Seven Seven Six is no stranger to the web3 ecosystem, having already made equity investments in companies like Quick Node, Helium, Yuga Labs, Proof and Doodles.

But, by becoming an RIA to invest directly in tokens, Seven Seven Six is following the lead of other VC firms, like Andreessen Horowitz, Sequoia Capital and Bessemer Venture Partners.

Doing so enables those firms to put more than 20% of their funds into non-equity investments.

Yes, but: While VCs that invested in tokens saw outsized returns during the boom times, the crypto market has seen across-the-board declines in asset values since the beginning of 2022.

What they’re saying: But that’s actually a good thing, Seven Seven Six founding partner Katelin Holloway told The Information: “This is the best time to buy if you’re really long on the industry … It’s on sale. Everything is on sale.” 

Seven Seven Six is raising $177.6M to invest in crypto tokens

Alexis Ohanian's new fund will invest in crypto tokens

 Seven Seven Six founder Alexis Ohanian. Photo: Michael Nagle/Bloomberg via Getty Images 

Fintech

Alexis Ohanian’s VC firm Seven Seven Six hopes to raise $177.6 million for a new fund to invest in crypto tokens, The Information <a class="gtmContentClick" data-vars-link-text="reports" data-vars-click-url="https://www.theinformation.com/articles/alexis-ohanians-seven-seven-six-targets-177-6-million-for-crypto-token-fund?rc=dhryha" data-vars-content-id="ce0bc8fc-e35d-4eb4-9766-4db3bd606533" data-vars-headline="Seven Seven Six is raising $177.6M to invest in crypto tokens" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.theinformation.com/articles/alexis-ohanians-seven-seven-six-targets-177-6-million-for-crypto-token-fund?rc=dhryha" target="_blank">reports</a>.Why it matters: Venture firms and their LPs remain bullish on the potential returns from investing directly in tokens, despite the downturn in asset prices.

Seven Seven Six is raising $177.6M to invest in crypto tokens

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