The Huobi Global cryptocurrency exchange is setting the stage for its first fund of funds, according to two people familiar with the matter.

The fund of funds vehicle would invest primarily in external portfolio managers executing liquid hedge fund strategies, the sources said. But it seems possible that he could also invest in venture capital style coins.

A spokesperson for Huobi declined to comment. It is not clear whether the strategy would fall under the purview of Huobi Global or its venture capital affiliate, Huobi Ventures.

It is not known when the fund of funds will be launched, but one of the sources said the exchange put probes on the market two years ago. One possibility is that the fund of funds will be launched on January 1.

The effort, in any case, seems to be gaining momentum. Both sources put the vehicle’s estimated fundraising at around $ 100 million, which would make it one of the largest crypto hedge funds in the space.

Existing players, including Galaxy Fund Management, have supported venture capital cryptocurrency managers with larger capital at the fund level. In Galaxy’s case, this is largely due to the company’s acquisition of Vision Hill in June.

But funds that support crypto hedge fund managers are harder to find. Part of the reason: there are still relatively few actively managed hedge fund strategies in the space.

The sources were granted anonymity to discuss sensitive business relationships.

Huobi’s investor relations team has approached institutional investors in recent months in an effort to raise funds for the company.

The stock exchange is the sixth in the world in volume. It recently pulled out of China, following further trade after a regulatory crackdown.