Wednesday, 28 September 2016
Last updated 17 hours ago
Nov 9 2011 | 1:23pm ET
Clarium Capital Management founder Peter Thiel is looking for $600 million to do what he does best: investing in nascent technology companies.
Thiel's venture capital firm, Founders Fund, is fundraising for its fourth fund. Its third closed last year with just $250 million, less than half the amount Thiel is now seeking.
San Francisco-based Founders aims to close the fourth fund this month, Bloomberg News reports. Founders raised its first fund in 2005.
Thiel's turn as a hedge fund manager has been less than a huge success. The firm lost 23% last year, its third-straight losing year, and abandoned New York to return to California. Earlier this year, Thiel pledged to invest more of what's left of Clarium's assets under management, which had fallen by more than 90%, in technology.
And it is as a technology entrepreneur and venture capital investor that Thiel made his name. He founded PayPal, selling it to eBay Inc. nine years ago for $1.5 billion. He put some of that money into an even bigger success story, Facebook, as its first outside investor in 2004.