MoneyThe story, in brief
How Justin Ernest invested nearly $500M into hot startups without a traditional VC fund
$500M. That's what Justin Ernest deployed into AI startups like Anthropic and Anduril—without raising a traditional VC fund.
The KeyNews take
Why it matters
Alternative LP structures are reshaping how capital flows to frontier AI companies, bypassing traditional fund-raising timelines and creating new competitive dynamics for VC models.
The key facts
5 to knowJustin Ernest (Sabertooth VC founder) deployed ~$500M into startups
Portfolio includes Anthropic, Anduril, SpaceX
Used captive LP network instead of formal fund raise
Avoided traditional 1-year fund-raising cycle
Signals shift in VC deployment mechanics for AI-focused investments
Go to the source
TechCrunch Venturetechcrunch.com
Publisher excerpt: 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.