Billionaire Chamath Palihapitiya, a well-known venture capitalist known as the “King of SPACs,” is planning to raise at least $3 billion for a new venture capital fund, Fund V, whose Social Capital is expected to Launch in the first quarter of next year. Although Palihapitiya is a cryptocurrency bull, the fund does not focus on the digital asset space. (Recap:Billionaire | Palihapitiya confirms sale of 15% stake in SoFi: Almost all markets are at all-time highs, it’s time to move chips) (background supplement:The King of SAPC｜Palihapitiya led the investment in Solana chain with a new record of 8 million magnesium; SOL reached a new high)
Chamath Palihapitiya, the former vice president of the book and the current founder and CEO of venture capital firm Social Capital, is known as the “King of SPACs” in the financial industry, and he is also a major cryptocurrency leader, according to Forbes. Data, Palihapitiya Adam is worth 1.2 billion US dollars.
According to Blockworks, two people familiar with the matter said that Palihapitiya has recently started accepting outside funding unexpectedly, and his Social Capital is raising at least $3 billion for its latest venture capital fund, Fund V.
However, the fund did not focus on the digital asset space, which may be related to factors such as uncertainty about whether the spot cryptocurrency market has bottomed.
Started buying Bitcoin in 2013, and deployed NFT last year
Fund V’s main investment priority is to support promising start-ups that want to solve problems in climate, deep technology (including machine learning and artificial intelligence), cloud computing, etc. Digital asset investment has taken a back seat.
This is Social Capital’s fifth fund. The funds launched by Social Capital in the past have a large amount of exposure to the cryptocurrency space to varying degrees, including starting to buy Bitcoin in 2013, and then investing in the NFT market SuperRare and Sabre Labs based on the Solana blockchain.
Fund V investment will be divided into three levels, $1 billion will invest in early stage startups, and a single investment scale will be between $10-20 million; $1 billion will invest in late-stage companies, with a single investment scale of 1- USD 200 million; another USD 1 billion will make equity investments in companies at different stages of development, with a single investment of between USD 250 million and USD 450 million.
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