ParaFi Capital, a crypto-focused investment firm with $633 million in assets under management, has raised nearly $39 million of a $100 million target for its second venture capital fund, according to an amended filing with the U.S. Securities and Exchange Commission (SEC) on Friday. 

The raise comes as the venture capital industry continues to feel financial pressure from the extended bear market. 

According to the Form D filing, the ParaFi Venture Fund II LP has raised $38,915,000 from 52 investors since the fund opened for investments on May 15. The fund has an overall target of $100 million, leaving $61,085,000 left to raise. The initial filing for the fund happened in Sept. 2022 but ParaFi indicated at the time that the first sale had yet to occur. 

ParaFi was founded in 2018 by KKR alum Ben Forman, and the traditional finance giant made its first blockchain investment in a ParaFi fund in 2021. The crypto firm reported a flurry of activity late that year, adding $200 million to its flagship ParaFi Digital Opportunities Fund and $30 million for a then-new ParaFi Private Opportunities – Series I Fund.