Valar Ventures reported a $300 million offering for Fund IX, with the full $300 million sold, in a Form D filed with the U.S. Securities and Exchange Commission on May 17, 2024. The filing gives June 21, 2023, as the date of the first sale. Fund VIII’s reported $665 million offering was more than twice as large, making Fund IX about 45% of its predecessor’s size—not exactly half.
What Valar disclosed about Fund IX
The SEC notice names Valar Fund IX LP as a pooled investment fund and venture-capital fund. It lists a total offering amount of $300 million, says $300 million had been sold, and reports 37 investors. The filing notes that the reported amount includes subscriptions from the general partner and limited partners admitted under the Regulation S exemption. The Fund IX Form D was signed by James Fitzgerald, a managing member of the issuer’s general partner, on May 17, 2024; its first-sale date is June 21, 2023.
A Form D is an exempt-offering notice, not an SEC approval or audit. The SEC says it has not necessarily reviewed the information and has not determined that it is accurate and complete. The filing is evidence of what Valar reported, not a regulator’s endorsement of the fund or its results.
How Fund IX compares with Fund VIII
Fund VIII’s initial Form D, filed in July 2022, listed a $665 million offering but reported that no amount had yet been sold in that notice. TechCrunch subsequently reported that Fund VIII closed at $665 million in July 2022. That distinction matters: the initial SEC notice shows the planned offering amount, while the reported close comes from later reporting.
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| Fund | Reported amount | What the source establishes |
|---|---|---|
| Fund IX | $300 million | SEC Form D reports $300 million offered and sold; first sale June 21, 2023. |
| Fund VIII | $665 million | SEC Form D lists a $665 million offering; TechCrunch reported a July 2022 close at that amount. |
At $300 million, Fund IX is about 45% as large as Fund VIII, or roughly 55% smaller, based on those reported amounts. Calling it “half the size” is a reasonable shorthand, but it is not a precise 50% reduction. TechCrunch’s May 2024 report also cited a Q2 2024 PitchBook–NVCA Venture Monitor excerpt that described the new fund as less than half its predecessor’s size.
What the smaller raise does—and does not—show
Valar’s smaller reported fund arrived amid a difficult venture-fundraising market, which TechCrunch described as context for the raise. That context does not establish why Valar chose or was able to raise less. The available reporting does not confirm a specific cause, such as weaker investor demand, a change in strategy, or a decision by the firm to target a smaller fund.
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TechCrunch quoted co-founder and managing member James Fitzgerald saying, “Raising these funds in the current market is a significant vote of confidence in our team and strategy.” That is Fitzgerald’s characterization of the fundraising; it does not explain the difference in size. The publication also reported criticism of Valar’s returns from one anonymous limited partner. That is an attributed opinion, not an audited assessment of the funds.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Valar’s focus and the limits of its performance record
TechCrunch reported that Valar began in 2010, founded by Fitzgerald and Andrew McCormack alongside Peter Thiel; the article said the extent of Thiel’s involvement at the time was unclear. It described the firm’s early focus on New Zealand, followed by expansion into Europe, the U.K. and the San Francisco Bay Area. The publication said Valar positions itself as specializing in fintech startups worldwide.
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TechCrunch pointed to Wise as a notable portfolio success and described investments in BlockFi and Breather that ended poorly. Those examples are individual company outcomes, not a complete measure of fund performance. The publication said full performance across Valar’s funds was not public. It cited Pennsylvania Public School Employees Retirement System records showing a -2.3% IRR for Valar’s 2020 vintage as of the reporting published in May 2024, while cautioning that the three-year-old fund was too young for conclusions. That dated, single-vintage figure should not be treated as Valar’s current or firm-wide return.
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