Brian Singerman is raising over $500M for a new fund with a twist on the VC model

Former Founders Fund GP Brian Singerman and co-founder and managing partner of Quiet Capital, Lee Linden, are seeking over $500 million for a new fund called GPx, three people familiar with their strategy told TechCrunch. A significant portion of GPx's fund, potentially as much as 50%, will come from Founders Fund co-founder Peter Thiel, these people said.

The twist? GPx is not your typical venture capital fund. It's designed to invest in other venture capital funds and startups directly, blending the lines between a fund of funds and a traditional VC. This hybrid model is rare in the industry and could give GPx a unique edge in sourcing deals and returns.

Singerman, known for his early bets on companies like SpaceX and Palantir, left Founders Fund in 2023 after a decade. His new venture with Linden, who has quietly built Quiet Capital into a formidable early-stage investor, is already turning heads in Silicon Valley.

The fund's strategy includes backing emerging managers with unique theses or access to deal flow, as well as making direct investments in startups where Singerman and Linden see outsized potential. The duo's combined networks and track records are expected to attract both LPs and founders.

Thiel's involvement is particularly noteworthy. The billionaire investor has been selective with his commitments in recent years, focusing on a handful of funds and startups that align with his long-term vision. His backing of GPx signals strong confidence in Singerman and Linden's approach.

The fundraising comes at a time when venture capital is under scrutiny for high valuations and questionable returns. GPx's model could offer a fresh take on how to generate alpha in a crowded market.

GPx is expected to hold a first close later this year, with a final target north of $500 million. The fund's name, pronounced 'GP times,' hints at its multiplicative approach to venture investing.