According to Bloomberg, New York-based digital asset management firm ParaFi Capital raised $120 million from investors such as Theta Capital Management and Accolade Partners. Henry Kravis, co-founder of KKR & Co., is also one of the firm's backers. According to a new strategy from ParaFi, the money will be used in part to acquire stakes in other crypto funds focused on specific segments, strategies or regions. ParaFi founder Ben Forman said in an interview that the company plans to build a portfolio of 30 to 50 stakes in such funds over the next three to five years. In recent years, ParaFi has invested in nine different cryptocurrency management companies. As the number of crypto funds starts to grow again, the company is expanding this strategy to outside investors. ParaFi is one of the largest crypto funds. The company has been operating hedge fund and venture capital strategies for about six years and has a team of 22 people. In addition to KKR and Kravis, investors in ParaFi include Bain Capital Ventures.