Founders Fund is poised to wrap up its third growth fund by the end of March, according to individuals close to the firm. The Peter Thiel-founded organization is raising $3 billion, a source informed TechCrunch and Axios also reported.

The fund, which is primarily intended for additional investments in its successful late-stage portfolio companies, is expected to be substantially oversubscribed.

Founders Fund’s previous $3.4 billion growth fund closed in early 2022 and is fully invested in companies like Rippling, which raised $200 million in April. The organization is also leading Anduril’s most recent raise, on track for a round of up to $2.5 billion at a valuation of $28 billion, CNBC reported. Sources confirmed to TechCrunch that its share will be the largest check Founders Fund has ever written. It’s unclear whether the firm’s reported $1 billion investment in Anduril would be part of the 2022 $3.4 billion fund.

The firm will not be raising a ninth core fund for early-stage companies because it was essentially already raised three years ago. Founders Fund reportedly reduced the size of its eighth venture capital fund of about $1.8 billion in half in 2023, Axios reported. The remaining $900 million was allocated to the firm’s core ninth fund.

That’s one reason why there’s so much excitement for this new growth fund. While most multi-stage venture firms are raising larger funds, or at least attempting to maintain their peak ZIRP-era sizes, Founders Fund is limiting its fund sizes.

Investors have a compelling reason to invest. Founders Fund boasts a magnificent portfolio of growth companies, which include Anduril and SpaceX but also Stripe, OpenAI, and Figma.

Founders Fund declined to comment.