Founders Fund is finalizing its fourth growth fund with total commitments of $6 billion, of which $1.5 billion comes from the firm’s own partners, marking one of its largest self-investment allocations. Demand outstripped capacity, reflecting strong investor appetite for late-stage venture exposure.

This close follows the $4.6 billion raise for Growth Fund III under a year earlier and contrasts with the firm’s early-stage strategy, which saw an eighth early-stage fund of $1.8 billion cut to $900 million in 2023 amid market conditions. The remaining early-stage capital was redeployed into a separate fund launched last October.

Founded 21 years ago, the firm was the first institutional backer of Palantir and holds positions in SpaceX, Anduril and fintech leaders Stripe and Ramp. Most recently, it co-led a $30 billion investment in Anthropic at a $380 billion valuation, broadening its reach in the AI sector alongside its stake in OpenAI.