Founders Fund expects to raise $2.7 billion across two funds by the first quarter of 2020, with a view to investing in aging technology startups that have remained private, The Wall Street Journal reported, citing people familiar with the matter.
The San Francisco-based venture capital firm is late in the process of collecting the capital for the two investment vehicles, the people said.
It aims to use approximately $1.5 billion of the total capital commitments to back the growth strategy of older, larger companies, the sources said. The remaining capital will be allocated to its existing strategy focused on investing in emerging business startups.
Its co-founder Peter Thiel and other partners are set to commit about 20% of the funds' capital, according to the report.