Hey Youngsook, I hope you are doing well.
I am almost done raising Pronomos Capital, the VC fund I’m starting anchored by Peter Thiel. I am taking a few last investors before the fund closes in July, and wanted to give you a chance to refer any great investors you know. Latest fund description below.
I thought you might be interested in my next big project: Pronomos Capital, a VC fund I’m starting anchored by Peter Thiel. Taking Dubai, Shenzhen, and Singapore as proofs-of-concept, our mission is to create a systematic process to rezone land with laws that drive prosperity, and work with nations, operators, and investors to implement it around the world.
This mission is finally possible after decades of work by myself & others, and because the growing challenges of the 21st century are inspiring more and more countries to look for new development solutions. We’ll help countries to catch up and get ahead in our competitive world through public-private partnerships to build and operate special governance zones -- and we’ve developed a global network of entrepreneurs and allies who share this vision.
Pronomos I ($20M) will make seed-stage equity investments before full zone approval, when teams have low capital requirements (food, rent, plane tickets, deck design). Our anchor investor is Peter Thiel, first check Balaji Srinivasan (Coinbase CTO/GP at a16z), and other investors are Joe Lonsdale (Palantir / Formation 8), Roger Ver (Bitcoin Cash), Sten Tamkivi (Skype, Teleport), Taavet Hinrikus (TransferWise)
Pronomos Fund I is already working with teams or countries on five continents, has commitments for most of our $20M fund, and is looking for a few high quality investors to close out the raise. Our final close date is July 12, but we expect to fill by end of May.
I’m scheduling now via calendly to talk to investors and finish the Fund I raise. Calls are only for those considering investment within 30 days, $250k minimum; or who can make strong referrals to such investors. Latest deck is attached.
Exciting times - drop me a line if you’d like to get involved.
P.s. It has been amazing to watch this sector take off as I raise; I now have more potential jurisdictions than seasoned teams or time. Most recently, I met with Dubai Ports World, a premier zone operator, who were thrilled about our pipeline and selected two projects to look at in detail for coinvestment and support.
P.p.s. Due to overwhelming interest from larger investors, I am initiating discussions to bring on additional general partners to raise Fund II, while I launch & operate Fund I. Fund II ($100M-$250M) will focus on first build financing, which would support Fund I’s seed investments. It would also have the budget for a larger service team to support our portfolio companies.
Patri Friedman, Managing Director, Pronomos Capital