Social+Capital Partnership, the investment firm founded by former Facebook executive Chamath Palihapitiya, is raising $450 million for its third fund, dubbed “Social Capital Partnership III, L.P.,” according to regulatory documents filed today.
The new fund represents a significant boost in size from Social+Capital’s second fund, which targeted a $325 million raise beginning in early 2013. Social+Capital’s first fund, which began raising in 2011, was $275 million in size.
It’s important to note that Social Capital Partnership III seems to be in the initial stages of fundraising: While the offering amount is pegged at $450 million, zero dollars worth of stock have been sold as of today, the filing states.
Historically, Social+Capital has targeted a range of investments, with an especially notable focus on companies in the healthcare, education, and financial tech spaces. Its portfolio includes Slack, Wealthfront, OneLogin, and Ringly, to name a few.