David Sacks’ Craft Ventures targets $1 billion for first new fund since leaving White House

David Sacks is back raising serious money in Silicon Valley.

Craft Ventures, the venture capital firm co-founded and led by Sacks, is seeking roughly $1 billion for a new fund, marking its first major fundraising effort since the billionaire investor ended his tenure as White House AI and crypto czar earlier this year.

The Information first reported the fundraising effort, citing a securities filing and people familiar with the matter. If Craft hits the reported target, the new vehicle would push the firm’s total capital raised from limited partners past $4 billion.

“Craft Ventures, the VC firm helmed by former White House AI czar David Sacks, is raising its first fund since Sacks stepped away from the Trump Administration role earlier this year,” The Information reported, citing a securities filing and two people with knowledge of the effort. The firm is seeking around $1 billion for the new fund, one of the people told The Information.

An SEC filing dated August 7 confirms that Craft has formally launched Craft Ventures V, LP. The Form D identifies the vehicle as a Delaware limited partnership operating from Craft’s San Francisco address and structured as a venture capital pooled investment fund.

The filing lists the offering amount as indefinite and reports no capital sold, no investors, and no first sale as of the filing date. That suggests the process was still at an early stage when the paperwork landed at the SEC.

Sacks is listed as an executive officer through his role as managing member of the entity serving as the fund’s ultimate general partner. Craft President Mark Woolway signed the filing.

The timing gives this fundraise significance beyond its size. It is Sacks’ first flagship fundraising cycle since his stint inside the Trump administration put one of Silicon Valley’s most prominent investors near the center of U.S. policy debates over artificial intelligence and cryptocurrency.

TechStartups covered Sacks’ appointment in December 2024 after President Donald Trump named him White House AI and crypto czar. “David will focus on making America the clear global leader in both areas,” Trump wrote in a social media post at the time.

Sacks left his special government employee position in late March 2026 after reaching the 130-day annual service limit associated with the role. He has remained involved in Washington through his position as co-chair of the President’s Council of Advisors on Science and Technology, or PCAST.

His higher political profile could now become an asset for Craft. The Information reported that Sacks’ visibility may help the firm attract limited partners and founders at a time when venture firms are competing aggressively for both capital and promising startups.

Craft Ventures’s next billion-dollar chapter

Sacks and Bill Lee founded Craft Ventures in 2017, building the firm around the idea that former founders and operators could bring practical experience to venture investing. Sacks previously founded enterprise software company Yammer and was part of the early PayPal team.

Craft has since invested across B2B software, SaaS, marketplaces, cybersecurity and AI-related companies.

The firm’s capital base has grown substantially with each fundraising cycle. Craft raised roughly $350 million for its first fund, followed by a $500 million second fund in 2019. In 2021, it raised $612 million for Craft Ventures III and another $510 million for its first growth fund.

Its 2023 fundraising cycle was bigger still. Craft closed a $712 million fourth flagship fund alongside a $608 million second growth fund, bringing the firm’s assets under management to about $3.3 billion at the time.

A $1 billion fifth fund would mark another step up in scale and arrive after an unusual chapter in Sacks’ career.

His government service attracted scrutiny over possible conflicts between his policy responsibilities and private investments. White House ethics disclosures showed that Sacks and Craft divested more than $200 million in cryptocurrency-related and other positions before or around the beginning of his government tenure.

Now the focus is shifting back to venture capital.

Craft has continued investing through Sacks’ time in Washington, backing companies across AI, cybersecurity and enterprise software. The firm has opened an Austin office as its footprint extends beyond its San Francisco base.

The SEC filing does not disclose a final target, closing date or detailed investment strategy, and the $1 billion figure remains subject to investor commitments.

Still, Craft Ventures V puts Sacks back into one of Silicon Valley’s most competitive arenas: convincing investors to hand him another billion dollars to find the next generation of breakout technology companies.