How Justin Ernest invested nearly $500M into hot startups without a traditional VC fund

This story from TechCrunch Funding is relevant to the Funding branch of the AI ecosystem and may affect models, products, or research direction.

Instead of spending a year raising a formal venture fund, the Sabertooth VC founder used a captive network of LPs to invest in startups like Anthropic, Anduril, and SpaceX.

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