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Brian Singerman is raising over $500M for a new fund with a twist on the VC model
Former Founders Fund GP Brian Singerman and co-founder and managing partner of Quiet Capital, Lee Linden, are seeking over $500 million for a new fund called GPx, three people familiar with their strategy told TechCrunch. A significant portion of GPx's fund, potentially as much as 50%, will come from Founders Fund co-founder Peter Thiel, these people said.
As venture capital concentrates in the largest funds, some of those firms’ best investors are no longer interested in being a part of a big machine. When faced with such opportunities, small VCs often scramble to raise special purpose vehicles (SPVs) from their existing limited partners. With GPx’s capital behind them, emerging funds will have an opportunity to not only exercise their pro-rata rights but also lead a later-stage round.
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