Michael Novogratz's Galaxy Asset Management has raised $113 million for Galaxy Ventures, a fund focused on investing in early-stage companies across crypto protocols, software infrastructure and financialized applications.

The affiliate of Galaxy Digital Holdings has attracted institutional allocators, family offices and high-net-worth individuals since fundraising started in the second quarter of this year.

A statement from Galaxy said that, considering the additional interest from institutional investors toward the digital asset sector, it expects to continue fundraising into next year toward a $150 million target.

"From the very beginning, successfully investing in and supporting founders, technologies, and companies at the forefront of digital asset innovation has been central to …