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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Kalshi CEO Tarek Mansour and Polymarket CEO Shayne Coplan were reported as backers of 5(c) Capital, a new venture firm focused on the prediction-market ecosystem. Its first fund was seeking $35 million—not reporting $35 million in closed capital—according to coverage published March 23, 2026.
What is 5(c) Capital?
5(c) Capital is a venture firm focused on businesses that support prediction markets. TechCrunch reported the firm was raising $35 million for its first fund. That figure was a fundraising target, not a verified final fund size or a confirmed amount raised. TechCrunch’s March 23, 2026 report says the name refers to a regulatory clause governing prediction markets.
Why are rival-platform CEOs backing the same fund?
The reported investment is in a fund aimed at the wider prediction-market ecosystem, not a joint venture between Kalshi and Polymarket. Its stated focus is infrastructure and related businesses, so the investment thesis reaches beyond either platform’s consumer-facing product.
TechCrunch reported that Kalshi confirmed Mansour’s participation, while Polymarket did not respond to its request for comment. Fortune named Coplan among the reported backers and attributed its investor roster to a pitch document it had seen. That reporting distinction matters: Mansour’s participation was confirmed by Kalshi to TechCrunch; Coplan’s was reported, but not confirmed in the same account. Fortune’s March 23, 2026 report also named Marc Andreessen through Moneta Luna, Ribbit Capital founder Micky Malka, and Kyle Samani as backers.
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Who is leading the fund?
5(c) Capital was led by Adhi Rajaprabhakaran, a former Kalshi trader, and Noah Zingler-Sternig, Kalshi’s former head of operations. The principals’ experience at Kalshi is relevant context for the fund’s focus, but it does not make the fund a Kalshi corporate vehicle.
What does 5(c) Capital plan to invest in?
TechCrunch reported a plan to back about 20 companies working on prediction-market infrastructure, including market makers and index designers. Those are examples of the intended focus, not a complete portfolio list or evidence that the investments have already been made.
Fortune reported that the fund expected to invest over roughly two years. The reported timing and portfolio size describe a plan; they should not be read as completed investments or a guarantee of how the fund will ultimately deploy its capital.
Did the $35 million fund close?
The March 23, 2026 reports do not establish that 5(c) Capital reached its target or completed a close. Fortune said a first close was expected within the month following its report, but that was a forecast, not confirmation of a completed event. The available reporting therefore supports describing the fund as seeking $35 million, not as having raised or closed that amount.
Why prediction-market infrastructure carries regulatory risk
Prediction markets face a dispute over whether certain contracts—particularly sports markets—are governed by state gambling laws or federal authority exercised by the Commodity Futures Trading Commission (CFTC). Fortune reported that state governments had challenged platform operations, while Kalshi and Polymarket argued that federal CFTC authority supersedes state authority. That is the companies’ position in an ongoing dispute, not a settled legal conclusion.
For a fund investing in companies that enable prediction markets, the disagreement is relevant because regulatory outcomes could affect how platforms and supporting businesses operate. The reports do not establish a particular outcome for 5(c) Capital or its prospective investments.
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