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How Justin Ernest invested nearly $400M into hot startups without a traditional VC fund

Instead of spending a year raising a formal venture fund, the Sabertooth VC founder used a captive network of LPs to invest startups like Anthropic, Anduril, and SpaceX. Last year, Justin Ernest noticed a massive gap in how venture capital was working: Family offices and smaller institutional investors were eager to invest in the fastest-growing AI companies but couldn’t get access to those cap tables. Having spent o... [4272 chars]

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