<p>The Middle East's largest alternative asset manager is raising a new fund for investing in startups developing blockchain technology. </p> <p>According to <a href="https://www.investcorp.com/investcorp-launches-the-first-global-institutional-blockchain-fund-from-abu-dhabi/">a post</a> on Investcorp Holdings' website today, the eLydian Lion fund will be based in Abu Dhabi and will have a global investment mandate. Investcorp is Bahrain-based. </p> <p>The fund will enable investors to gain early exposure to the rapid growth of the blockchain ecosystem, the post said. It will mainly back early-stage companies operating in areas such as blockchain infrastructure, platforms and exchanges, decentralized finance and data analytics.</p> <p>Investcorp moved to delist from the Bahrain stock exchange last year, after nearly 40 years as a publicly traded entity. At the time, it said the move would give it the agility to expand faster.</p> <div class="main-column__b9c1cc32"> <div class="body-content fence-body"> <div class="inline-newsletter-bottom paywall">The Block asked Investcorp for details on the planned closing date and target amount for the fund but had not heard back by the time of publication. </div> </div> </div> <p>The new fundraise follows a flurry of activity in the Middle East as it seeks to solidify its place as a crypto-friendly region. In March, Dubai <a href="https://www.theblockcrypto.com/linked/136994/dubai-creates-agency-for-virtual-asset-regulation">unveiled a new agency</a> tasked with virtual asset regulation — a framework which crypto exchange giant Binance <a href="https://www.theblockcrypto.com/post/128253/binance-dubai-world-trade-centre-crypto-regulatory-framework">helped it to establish</a>.</p> <p><a href="https://www.theblockcrypto.com/linked/141422/binance-approved-in-principle-by-abu-dhabi-as-digital-asset-broker-dealer">Over the weekend,</a> Binance received in-principle approval from Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in digital assets.</p>