Social Capital, the VC firm led by Chamath Palihapitiya, has narrowed the scope of its new fundraise, according to a letter sent to prospective investors and obtained by Axios.
Social Capital, the VC firm led by Chamath Palihapitiya, has narrowed the scope of itsThe new plan is to size Fund V at around $1 billion with a focus on early-stage deals, versus prior plans to raise significantly more and to also back growth-stage companies and special opportunities.
Palihapitiya will commit nearly 20% of the total, likely including contributions of shares in companies backed by Fund IV ."While our early stage portfolio continued to thrive, we were disappointed in the broader growth stages of technology investing and their interest in valuation sobriety."
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