HashKey Capital, the investment arm of financial-services firm HashKey Group, has closed its third fund with $500 million in committed capital. The fund will invest in crypto and blockchain initiatives around the world with a focus on emerging markets.

HashKey FinTech Investment Fund III was backed by institutional investors, including sovereign-wealth funds, businesses and family offices, according to a press release Tuesday. It will invest in infrastructure, tools and applications that could achieve mass adoption.

The latest HashKey fund comes during an extended bear market and amid a number of high-profile crypto scandals, including the collapse of multibillion-dollar exchange FTX.

“HashKey Capital has weathered at least three cycles in the industry," HashKey Capital CEO Deng Chao said in the release. "These unique experiences and insights will be invaluable to us in navigating through turbulence.”

Launched in 2018, HashKey Capital manages over $1 billion in assets. Portfolio companies include blockchain firm Cosmos, layer 2 network Aztec, blockchain-infrastructure firm Blockdaemon and gaming and crypto venture firm Animoca Brands. HashKey operates in Hong Kong and Singapore, with a presence in the U.S. and Japan.