Social Capital will no longer raise outside capital

TechCrunch -

TechCrunch—Former Facebook executive turned venture capitalist Chamath Palihapitiya announced this morning that his firm, Social Capital, would no longer raise outside capital. The firm will transition into a technology holding company by the end of 2018 and will invest $50 million to $250 million off a “multi-billion dollar balance sheet of internal capital only.” “[We] will focus […]

Despite new plans to turn Social Capital into a holding company, Chamath Palihapitiya was talking about raising money from outside investors for a fourth fund in late July, insiders say. Social Capital co-founder Chamath Palihapitiya recently announced that his firm would turn into a holding company, and would not seek outside investment.  Sources familiar with the matter say that Palihapitiya was talking about raising outside funding beginning in September 2018 as late as July of this year. Sources say that many of the firm's investors were unhappy, and that Palihapitiya had trouble fundraising. On Thursday of last week, Social Capital co-founder and early Facebook executive...