Invesco announces plans to launch a new Metaverse Fund

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(Kitco News) – Global investment management firm Invesco has revealed it intends to launch the Invesco Metaverse Fund, according to a report released by Citywire on Monday.

According to the report, the fund will be registered in Luxembourg and will focus on investing in seven key areas, choosing the best projects and companies from across the cryptocurrency ecosystem.

The key areas of focus include next-generation operating and computer systems; hardware and devices that provide access to the metaverse; networks for hyper-connectivity; immersive platforms developed with artificial intelligence; blockchain; interchange tools for interoperability; and services and assets facilitating the digitization of the real economy.

Fund manager Tony Robers and deputy fund manager James McDermottroe, who are based in the UK and serve as part of Invesco’s Asia and emerging markets equities team, have been tasked with jointly operating the new fund.

This announcement comes as Invesco has noticed the potential for growth in companies developing the underlying infrastructure that will help the Metaverse sector of the crypto market reach its true potential.

According to Roberts, there is a wealth of opportunities related to the formation of the Metaverse, as noted in the 2020 estimates from PwC that virtual and augmented reality could deliver a £1.4 trillion boost to the global economy by 2030.

“While the metaverse’s applications to entertainment are increasingly well-understood, the interconnectivity that it enables will likely have a transformative impact across industries as diverse as healthcare, logistics, education and sport,” Roberts said in a statement. “We will seek to capitalize on these opportunities through a highly selective, valuation-conscious approach.”

Based on details released by Invesco, the actively managed fund will invest in companies of all sizes across the US, Asia and Europe, and will be available to investors in 14 European countries, including the United Kingdom, Germany, France, Netherlands, Finland, Czech, Sweden, Austria, Belgium, Italy, Luxembourg, Norway, Slovakia and Spain.

This development marks the latest foray into the realm of blockchain technology and cryptocurrencies by Invesco, which previously partnered with Elwood Asset Management in March 2019 to launch a blockchain ETF on the London Stock Exchange.

In September 2021, the company joined forces with Galaxy Digital to launch its Invesco Alerian Galaxy Crypto Economy ETF (SATO) and Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF. At the time of writing, the funds have a combined worth of less than $10 million in assets under management.

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