Craft Ventures Seeks $1 Billion for Fifth Fund after David Sacks' White House Stint

Craft Ventures is seeking to raise $1 billion for its fifth fund after David Sacks' return from his role as White House AI and crypto czar. The firm's previous funds totaled $1.32 billion in commitments, with assets under management reaching $3.3 billion after closings in 2023.

The new vehicle is structured as a Delaware limited partnership and marks Craft's first major fundraise since Sacks departed his government role in March 2026. No specific portfolio targets or investment themes have been disclosed yet, but the firm has historically focused on B2B software and marketplaces.

Sacks served in the White House role from January 2025 through March 2026 and took several notable steps on crypto policy during that period, including efforts to establish clearer regulatory frameworks for digital assets. Following his departure, Sacks transitioned to co-chairing the President's Council of Advisors on Science and Technology.