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Private markets specialist Tribe Capital is rolling out its first fund focused on U.S. cryptocurrency companies after notching a number of sizable profits on plays in the sector, according to people familiar with the matter.

San Francisco-based Tribe in recent weeks has been reaching out to potential limited-partners, including tapping its existing roster of investors, the people said. Sources were granted anonymity to discuss sensitive business dealings. A spokesperson for Tribe declined to comment.

Indications are that Tribe hopes to raise at least $50 million for the fund and has likely already taken in more than half that amount. It’s possible the fund has already made its first investments, considering the vehicle was internally seeded by the firm.

Founded in June 2018, Tribe now oversees about $1.3 billion of assets under management across venture capital and private equity funds. The firm has invested in technology, fintech, agriculture, cloud and consumer companies.

Tribe was co-founded by Arjun Sethi, who spent time at Social Capital and is a board member at Kraken, and general partner Ted Maidenberg, who co-founded Social Capital.

The firm is evidently hoping to build on a track record of backing crypto and blockchain companies that went on to be quite successful. Among them: FTX, Kraken, 2TM, Taxbit, Eco and SFOX. 

Private markets specialist Tribe Capital is rolling out its first fund focused on U.S. cryptocurrency companies after notching a number of sizable profits on plays in the sector, according to people familiar with the matter.

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