Private equity stalwart Glenn Hutchins along with son James Hutchins and partner Travis Scher launched the new crypto-focused VC fund.

The trio represents some serious investing talent. Glenn Hutchins is the co-founder of storied PE firm Silver Lake Partners, while son James was head of research at Coatue Management, one of the world’s largest technology-focused investment funds. Scher previously ran investments at Digital Currency Group, one of the world’s biggest investors in crypto companies. (Yahoo Money)

No surprises, therefore, that other star investors have joined the fund. These include hedge fund billionaire Paul Tudor Jones, Raj and Indra Nooyi (the latter being the former CEO of PepsiCo), and James Todd Smith, a.k.a LL Cool J.

Further, Glenn Hutchins will chair the fund, to be managed by North Island Ventures.

It has raised $72 million.

Crypto the next big thing

“We believe that crypto offers solutions to some of the world’s most pressing problems, and our mission is to support the best entrepreneurs in the world bringing these solutions to life,” tweeted Travis Scher.

According to Scher, crypto is no longer just a fringe technology movement.

“Crypto promises not just to revolutionize finance but also to invent a new computing paradigm that will be as transformational as the PC, the internet, mobility, and the cloud,” says Glenn Hutchins. “It is the proverbial next big thing.”

The fund is already off the mark with seven investments

“We have an incredible group of institutional and individual LPs, an exciting early portfolio of seven investments, and a fantastic network of co-investors we love to work with,” added Scher in a tweet.

According to Coin Telegraph, the fund’s portfolio includes Dapper Labs, Axelar, and Nori, all startups in the crypto arena.

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Image Credit: Twitter -Travis Scher