Craft Ventures is dialing up the fundraising dials again. The San Francisco firm, co-founded by David Sacks and Bill Lee in 2017, wants roughly $1B for its next flagship fund, the first it has raised since Sacks wrapped up his White House role as AI and crypto czar in late March.
An SEC Form D filed August 7 confirms Craft Ventures V, LP is live, structured as a Delaware limited partnership out of the firm’s San Francisco office. The filing lists the offering amount as indefinite with no capital sold yet, a sign the process is in its early innings. Sacks appears as an executive officer through his role as managing member of the ultimate general partner entity, and Craft president Mark Woolway signed the paperwork.
The Information first reported the effort, noting Sacks’ political profile could help attract limited partners and founders in a crowded fundraising market. Sacks stepped away from his special government employee role in late March after hitting the 130-day annual service limit, and has stayed active in Washington circles since.
A $1B fund would roughly double the capital Craft has raised across its prior vehicles, extending a thesis built around former operators investing in early-stage software. The firm has backed a string of AI and infrastructure names, giving it a portfolio story that plays well with LPs chasing the current cycle.
Whether the target holds depends on how quickly Sacks converts his Washington visibility into Silicon Valley commitments, and whether the firm’s returns keep pace with its ambitions.
