Founders Fund, the venture firm co-founded by Peter Thiel, is reportedly close to closing a new $6 billion growth fund, according to sources cited by TechCrunch.
The fund, called Founders Fund Growth IV, has already attracted strong interest from investors. Sources said demand from outside investors has exceeded the fund’s target size. Around $1.5 billion of the capital is expected to come from partners at the firm, the report said.
The new fund comes less than a year after it raised $4.6 billion for its third growth fund, which was mainly designed to support follow-on investments in its existing portfolio companies.
Founded more than two decades ago, the firm has backed several high-profile technology startups. Its early investments include companies such as Stripe, Ramp, and workforce software platform Rippling.
Founders Fund was also the first institutional investor in data analytics company Palantir Technologies.
The firm has also built a strong portfolio in defence technology. It holds stakes in companies such as SpaceX, Flock Safety, and defence technology startup Anduril Industries.
Anduril, co-founded by Founders Fund partner Trae Stephens, is reportedly raising $4 billion in new funding at a $60 billion valuation, according to recent reports.
Expanding bets in artificial intelligence
Beyond its existing portfolio, Founders Fund is also investing in leading artificial intelligence companies.
Last month, the firm participated in a major investment in Anthropic. The deal, reportedly valued at $30 billion, placed Anthropic at a $380 billion post-money valuation.
With that investment, Founders Fund now holds stakes in two of the most prominent AI labs: Anthropic and OpenAI.
Early-stage fundraising slowed after market downturn
While the firm continues to raise large growth funds, its early-stage fundraising has slowed in recent years.
Founders Fund last raised a major early-stage fund in early 2022, securing $1.8 billion in commitments. However, amid tougher market conditions in 2023, the firm reduced that fund to $900 million.
The remaining capital was later moved into a separate early-stage fund that launched in October last year, according to regulatory filings.
