![]() That’s what has served us best from a returns perspective. We have an entirely opportunistic approach. We expect people to be able to work across sectors and across stages. ![]() Who on the team is more focused on earlier-stage, and who is focused on growth-stage deals?Īll of our team members are considered generalists. We also have Matias who was recently promoted to partner and Delian, one of our principals, is there. How many of them are now in Miami, versus San Francisco?įF: We have five team members in Miami, including Keith Rabois, who is the there. TC: About a third of your overall staff is made up investors. Our chat follows, edited lightly for length. ![]() They also answered questions about how the firm is structured these days how often investing decisions involve the firm’s famous co-founder, Peter Thiel and whether Founders Fund plans to incubate more companies (it’s how Anduril and Palantir got their start). To learn more about how its new funds are likely to be invested, we talked earlier today with both Lauren Gross and Brian Singerman, longtime partners of the 35-person outfit. But as the San Francisco-based outfit, which more recently opened an office in Miami, told us earlier today, over the last two years alone, it has returned $10 billion worth of shares to investors after its portfolio companies have hit the public markets. Yesterday, the 17-year-old outfit took the wraps off more than $5 billion in fresh capital commitments across two new funds - a $1.9 billion early-stage and a $3.4 billion growth-stage vehicle - that brings its total assets under management to roughly $11 billion. The person did not say if the firm’s cash withdrawals happened on Thursday, as the startup world was panicking about SVB’s financial position, or earlier.Founders Fund has garnered a lot of money from investors it has also returned quite a bit of capital.Ī lot of the action on both fronts has happened very recently. Today, Founders Fund has no exposure to SVB. The fund acted to ensure that startup funding deals that were slated to close in the coming days were not delayed, the person said. Quickly, Founders Fund asked its investors to transfer the money to other banks instead. It began by asking those backers to transfer the funds to accounts at SVB, as it has done for years, the person said.īut the firm learned that its limited partners were encountering issues using SVB services as they tried to transfer the funds - they weren’t immediately going through as expected, the person said. That’s a run-of-the-mill activity in the venture capital world, in which a VC firm asks its investors, or limited partners, to send it money in order to make investments in startups - the core function of most VC firms. On Thursday, as the bank was beginning to unravel, the firm started what’s known as a capital call. Founders Fund also advised its portfolio companies that there was no downside to moving their money away from SVB, even if the risk was low.įounders Fund acted in other ways to move its business away from SVB. It joined other venture funds that took dramatic steps to limit exposure to the now-failed financial institution. New Fed Bank Backstop Has Scope to Inject as Much as $2 Trillionįounders Fund withdrew millions from SVB, said the person, who asked not to be identified discussing private information. The 10 Top US Cities Where a $100,000 Salary Goes the Furthest In New York City, a $100,000 Salary Feels Like $36,000įirst Republic Bank Is Exploring Options Including a Sale ![]() (Bloomberg) - Peter Thiel’s Founders Fund had no money with Silicon Valley Bank as of Thursday morning as the bank descended into chaos, according to a person familiar with the matter.įirst Republic Set to Get $30 Billion of Deposits in Rescue ![]()
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