Cryptocurrency venture capital firm Portal Ventures' second fund has been oversubscribed, having raised $90 million

ChainCatcher news, according to Fortune, early blockchain venture capital firm Portal Ventures is nearing the final close of its second fund, which has a target size of $75 million. Its founder and general partner Evan Fisher stated that the fund has been oversubscribed, reaching $90 million.

According to documents submitted to the U.S. Securities and Exchange Commission (SEC) in August, the initial fund target was $70 million, but Portal later decided to raise the cap by $5 million.

Fisher and another general partner, Catrina Wang, stated that Portal's investment strategy differs from other funds, focusing on early-stage "pre-seed" investments and has garnered support from top-tier investors. Portal's first fund was fully deployed in May of this year, and Fisher expects distributions to begin next year.