Dragonfly Capital has closed its third fund with $650 million in capital, pushing the firm’s assets under management to around $3 billion, a company spokesperson told CoinDesk. The fund will focus on all stages of blockchain and crypto companies creating “new digital economies.” Limited partners included global investment giants Tiger Global, KKR and Sequoia China, among others.

CoinDesk previously reported on the existence of the fund in January when regulatory filings showed a $500 million target.

The new Dragonfly Ventures III fund more than doubles the $300 million raised in the firm’s prior two funds combined. The new fund’s size puts Dragonfly in the same league as Sequoia Capital and Bain Capital, which each recently made nearly $600 million crypto commitments, and further proves that the venture capital frenzy that drove record high fund sizes last year hasn’t slowed down.

Founded in 2018, Dragonfly Capital’s investment portfolio includes smart contracts platform Avalanche, layer 1 blockchain platform Near Protocol, DAI token creator MakerDAO and zkSync creator Matter Labs, among others.

The new fund will allow Dragonfly Capital to lead rounds in later-stage companies, Dragonfly Capital General Partner Tom Schmidt told CoinDesk in an email.

“Since inception, we have always backed founders at earliest stages, and continued to back our portfolio companies into later stages. We haven’t always had the funds to lead further rounds and double down on teams we believe in,” Schmidt said. “With Fund III, we can back teams throughout their lifecycle and new founders as their companies mature.”

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