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Ropes Helps Bain Capital Ventures Start $560 Million Crypto Fund

March 14, 2022, 10:55 AM

Ropes & Gray said it advised Bain Capital on the launch of a $560 million crypto currency fund, which closed in December and is the private equity firm’s first such fund.

The early-stage fund grew out of work at Bain Capital Ventures, which has already invested $100 million into a dozen projects in seven years, BCV partner Stefan Cohen told Bloomberg News. Cohen has managed BCV’s crypto investments since joining the firm in 2016.

Cohen said BCV’s investments to date include crypto lender BlockFi Inc., decentralized-finance lender Compound and Digital Currency Group. But the new fund is its first dedicated specifically to the crypto market, and he said it will invest into about 30 companies over several years.

Cohen said the fund and the firm’s dedicated platform will provide crypto builders and creators with technological and collaborative support “from ideation through scale.”

To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com; John Hughes in Washington at jhughes@bloombergindustry.com