PANews reported on April 17 that according to Bloomberg, people familiar with the matter revealed that Galaxy Ventures Fund I LP under Michael Novogratz has exceeded its fundraising target of US$150 million and will build a portfolio of about 30 investments. This fund focuses on investing in early-stage startups, especially in the fields of payment and stablecoins. It is expected to complete fundraising by the end of June with a fundraising amount of between US$175 million and US$180 million. The limited partners of this new fund are mainly family offices and high-net-worth individuals. Galaxy itself has also invested in the fund.

Galaxy recently received approval for a direct listing on the Nasdaq stock exchange, and the transaction is expected to take place after a special shareholders meeting in May.