Brian Singerman’s new fund has a twist, and Peter Thiel as a big backer

Former Founder Fund GP Brian Singerman and Quet Capital co-founder and managing partner Lee Linden seek more than $ 500 million for a new fund called GPX, three persons familiar with their strategy. A significant portion of the GPX fund, as possible, as possible, as the co-founder of the founding fund, will come from Peter Thiel, these people said.

GPX uses a two-spiritual technique. The firm will invest about 20% of capital for funds operated by the emerging VC who target pre-beans and seed-wearing startups; The remaining capital will go into partnership with top directors in investing (probably in Series B) in the top next stage of their breakout companies.

This is a fairly different method by comparing how most zealous companies work. Usually VC companies invest all their capital in direct startups, known as GPX fund-off funds, a low-general investment strategy where a firm invests some parts of its capital on a portfolio of other funds, such as underlying resources such as startups. Although funds-funds provide a convenient way to access limited partners under-the-the-ra or hard-to-access firms, a significant error is the dual level of fees: by fund-funds and persons accused by the underlying directors.

The capital raised by the fund-fund firm firms hit below 16 years of last year, PitchbookSingerman and Linden are betting that their personal brand, unique network and a strategy that will only partially encouraged to open their checkbooks for the GPX of fund-funding funds.

Singerman and Linden could be something. By focusing on the capital of such initiatives The largest fundSome of the best investors of these companies are not interested in being part of the larger machine. They are leaving Behemoth companies to turn on their own investment decoration where they can be more nimble and specialized.

The GPX bet that the VC investors will identify and back down the next generation of strong initial stages, which allow Singerman and Linden’s farmers to be the most successful portfolio companies to invest in the next level of investment.

Here the GPX strategy becomes particularly valuable: VCs in the early stages try to exercise rate pro rights of the next fund (Series A, B, and beyond), but their funds usually prevent their own ownership in their top companies. When this national opportunity is facing, small VCs often shake the vehicles (SPV) for special purposes from their existing limited partners. Nevertheless, these processes allow other investors to snap alluring equity spots in the maximum sought-after agreement.

Behind them, with the capital of the GPX, the emerging funds will have the opportunity to lead the next stage round, not just to exercise their pro-rate rights.

Information Report The singer and Linden are launching GPX, but did not provide details about the funds’ target size and other strategies.

The singer and Linden did not respond to any request for the comment.