Founders Fund appears to be raising hundreds of millions in new capital after reportedly slashing a different fund by nearly $1 billion.
The San Francisco-based venture capital firm is looking to raise $675 million in new funding for its ninth flagship fund, according to a recent filing.
Co-founded by Partner Peter Thiel in 2005, the firm announced more than $5 billion in commitments across two funds — its flagship eighth fund and a growth fund — a little over a year ago, bringing its total assets under management to $11 billion.
However, the firm chopped its latest flagship fund by around half, reducing it to about $900 million and leaving around $1 billion that would be effectively reallocated to its forthcoming ninth fund, according to a recent report from Axios.
The eighth fund was expected to start deploying investments this year in the second quarter at which point the firm would "activate" its ninth fund, Axios reported.
Founders Fund indicated it was seeking the new capital for its nineth fund in an April 4 filing.
The firm didn't respond to requests for comment on Monday.
According to PitchBook, Founders Fund has made seven investments so far this year. One of those investments included participating in Stripe's $6.5 billion Series I round in March.
Last year, Founders Fund made 86 investments, down from a high of 147 investments in 2021, according to PitchBook.
