Key Takeaways
- • Altimeter Capital Management is targeting a $2.5 billion new venture capital fund to back late-stage, pre-IPO companies, according to securities filings and a person familiar with the matter.
- • The firm is also in discussions to raise roughly $800 million to $900 million for a new venture fund focused on a diverse group of younger startups.
- • Altimeter's last growth fund, a $1.6 billion vehicle closed last year, backed only seven companies, and a $1.5 billion expansion vehicle invested in late-stage rounds including OpenAI and Anthropic.
- • Altimeter declined to comment on the fundraising, so the details rest on securities filings and an anonymous source.
Summary
Altimeter Capital Management, an investor in OpenAI and Anthropic PBC, is raising several new funds for its private markets investment work, according to Bloomberg. The firm is targeting a $2.5 billion venture capital fund that will back late-stage, pre-IPO companies, based on securities filings and a person familiar with the matter. Together with a separate venture fund in discussions, the vehicles would total more than $3 billion.
The second vehicle under discussion would raise around $800 million to $900 million to back a diverse group of younger startups, according to the same person, who requested anonymity. The sources did not provide further detail on fund structure or timing.
Altimeter's recent track record shows a concentrated approach to late-stage investing. Its last growth fund, a $1.6 billion vehicle closed last year, and a $1.5 billion expansion vehicle invested in financing rounds across the late-stage market, including OpenAI and Anthropic. The growth fund backed only seven companies, a pattern Bloomberg notes is also seen at firms such as Founders Fund.
A spokesperson for Altimeter declined to comment on the fundraising.
The second vehicle under discussion would raise around $800 million to $900 million to back a diverse group of younger startups, according to the same person, who requested anonymity. The sources did not provide further detail on fund structure or timing.
Altimeter's recent track record shows a concentrated approach to late-stage investing. Its last growth fund, a $1.6 billion vehicle closed last year, and a $1.5 billion expansion vehicle invested in financing rounds across the late-stage market, including OpenAI and Anthropic. The growth fund backed only seven companies, a pattern Bloomberg notes is also seen at firms such as Founders Fund.
A spokesperson for Altimeter declined to comment on the fundraising.
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