Former Binance strategy chief Gin Chao ‘leans in’ to the crypto winter after unveiling new fund with ClearVue Partners

Quick Take

  • No Limit Holdings started raising for a $100 million fund in partnership with private equity giant ClearVue Partners four months ago. 
  • Former Binance strategy officer and founding partner Gin Chao shared how the fund is leaning into current valuation trends. 

As crypto venture funds try to weather the storm stemming from the collapse of crypto exchange FTX, new kid on the block No Limit Holdings is embracing the chaos. 

“We liked valuation trends in August, so we like them even better now,” said Gin Chao, founding partner of CVP NoLimit Holdings, in a recent announcement. “This is the time to lean in.” 

Chao is a crypto industry veteran who previously headed up strategy for leading crypto exchange Binance. He has now joined forces with private equity giant ClearVue Partners to invest in the blockchain space through a new venture called No Limit Holdings. 

Deploying a $100 million fund in a bear market

No Limit Holding’s launched its first fund, CVP NoLimit Fund I, four months ago. The Block previously reported that the fund is looking to raise a total of $100 million. Chao said he couldn't comment on how much money the fund has raised so far.

The capital it has raised will be deployed across seed stage deals and in strategic rounds, with check sizes between $250,000 to $3 million. 

“Our modest fund size with large GP commit means that we are highly incentivized to deliver returns on the fund rather than relying on management fees,” said Chao in a release. “We are essentially underwriting our own capital to risk-adjusted returns.” 

The fund has already made investments in startups such as Mysten Labs, Connext, Hogwarts Labs, Binance.US and IQ Protocol. 

“We invest in businesses we understand and teams that can execute,” Chao said. 

The new fund breaks cover during the depths of the crypto bear market, following the collapse of industry darling FTX, which was previously valued at $32 billion, and widespread reverberations from its downfall that have shaken the market. 

Despite a steep decline in investor sentiment, Chao remains optimistic, looking to invest in multi-chain projects to mitigate risk and increase user inclusion, according to the announcement. He also said that the fund was looking to “minimize exposure” to centralized entities and is self-custodying its crypto assets with multi-signature solutions. 

It all started with a game of poker

ClearVue Partners is a Chinese private equity firm that was founded in 2012 and oversees more than $1 billion in assets. The No Limit name is a nod to a 2010 poker game in which the principals of ClearVue Partners and No Limit Holdings began their crypto journey, according to a release. 

“No Limit Holdings launched its first fund specifically to invest into this crypto winter and our timing couldn’t have been better,” Chao said. 

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

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