Ex-Founders Fund GP Brian Singerman Raises $500M+ for Hybrid VC Fund GPx

• Brian Singerman and Lee Linden are raising over $500 million for GPx, a fund blending fund-of-funds and direct VC investing.
• GPx will invest in emerging managers’ funds and co-lead later-stage rounds in their top portfolio companies.
• The model aims to empower nimble, specialized VCs and help them maintain stakes in breakout startups as they grow.

Brian Singerman, former General Partner at Founders Fund, and Lee Linden, co-founder of Quiet Capital, are raising over $500 million for a new venture fund called GPx, according to sources familiar with the strategy.

The fund is expected to include backing from Founders Fund co-founder Peter Thiel.

GPx is taking a novel approach in the venture capital world by combining elements of a fund-of-funds with direct investing.

About 20% of the fund will be allocated to emerging venture capital managers focused on pre-seed and seed-stage startups.

The remaining capital will be used to partner with these managers to co-lead later-stage investments—most likely at the Series B stage—into their breakout portfolio companies.

This hybrid model stands out from traditional VC funds, which typically invest all their capital directly into startups.

By partially adopting a fund-of-funds strategy, GPx offers limited partners access to a broader range of early-stage opportunities, while also positioning itself to lead larger, later-stage rounds in high-potential companies.

The timing is notable: capital raised by fund-of-funds firms hit a 16-year low last year, but Singerman and Linden are betting that their reputations and networks, along with this differentiated approach, will attract significant interest from limited partners.

GPx’s model also addresses a common challenge for emerging VCs: maintaining pro-rata stakes in their best-performing companies as they scale.

With GPx’s backing, these managers can exercise their pro-rata rights and even lead later-stage rounds, rather than scrambling to raise special purpose vehicles and risk losing out to larger investors.

Edited by Annette George