How Justin Ernest invested nearly $400M into hot startups without a traditional VC fund
Sabertooth VC founder used a captive LP network to back Anthropic, Anduril, and SpaceX without raising a formal fund.
Justin Ernest built a captive network of limited partners instead of spending a year raising a formal venture fund. This flexible structure allowed him to move quickly into competitive deals at top startups. Through this approach, he deployed nearly $400M into high-profile companies including Anthropic, Anduril, and SpaceX.
In the venture capital community, the traditional approach is to spend several months or even a year raising funds from institutional legal entities or family offices, establish formal limited partnership funds (LP Funds), and then invest externally under the fund's name. However, Justin Ernest, founder of Sabertooth VC, took a completely different path.
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