Chicago-based Valor Equity Partners has set a target of three quarters of a billion dollars for its latest fund, according to an SEC filing.
The Form D filing, which went live Thursday, shows Valor Equity is looking to raise $750 million for its Fund IV. The news was first reported by Buyouts, citing two of the fund's limited partners. The LPs told Buyouts that Valor Equity has not set a hard cap on the fund, but was unlikely to raise over $1 billion.
The fund would be substantially higher than Valor Equity's third fund, which closed at $490 million in 2015.
Founded by Antonio Gracias in 1995, Valor Equity is best known for backing Elon Musk's companies. Valor Equity invested in multiple rounds for Tesla, and led the company's Series B in 2005. It was part of SpaceX's $50 million round in 2010 (Valor Equity has invested $220 million in SpaceX in total), and SolarCity's $81 million Series G in 2012.
Valor Equity also led Chicago-based Fooda's Series A in 2013, and invested in Chicago startup Tovala in 2016. The firm has also backed Northbrook-based Marathon Pharmaceuticals.
Valor Equity makes expansion, growth, and buyout investments. Crain's reported last year that Valor Equity manages over $2 billion.
The firm could not immediately be reached for comment.
