Craft Ventures targets $1B for new fund after David Sacks’ return from White House

David Sacks spent 14 months as the White House’s AI and crypto czar. Now he’s back in venture capital, and he’s not easing into it. Craft Ventures, the firm Sacks co-founded, is looking to raise roughly $1 billion for its fifth fund, according to an SEC filing dated August 7, 2026. If successful, Craft Ventures V would push the firm’s total capital raised from limited partners north of $4 billion. The details behind Fund V The new vehicle is structured as a Delaware limited partnership. It marks Craft’s first major fundraise since Sacks departed his government role in March 2026, where he served as a key advisor on artificial intelligence and digital asset policy under the current administration. Craft Ventures’ previous funds totaled $1.32 billion in commitments, with the firm’s assets under management reaching $3.3 billion after closings in 2023. A billion-dollar Fund V would represent a significant step up in scale, nearly matching the combined size of all prior funds. No specific portfolio targets or investment themes have been disclosed yet. But Craft has historically focused on B2B software and marketplaces. The firm was co-founded by Sacks and Bill Lee out of San Francisco i...