How Justin Ernest invested nearly $400M into hot startups without a traditional VC fund
Sabertooth VC founder used a captive LP network to back Anthropic, Anduril, and SpaceX without raising a formal fund.
Justin Ernest built a captive network of limited partners instead of spending a year raising a formal venture fund. This flexible structure allowed him to move quickly into competitive deals at top startups. Through this approach, he deployed nearly $400M into high-profile companies including Anthropic, Anduril, and SpaceX.
在創投圈，傳統的做法是先花上數個月甚至一年時間向機構法人、家族辦公室募集資金，成立正式的有限合夥基金（LP Fund），再以基金名義對外投資。然而 Sabertooth VC 的創辦人 Justin Ernest 走了一條截然不同的路。
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