Instead of spending a year raising a formal venture fund, the Sabertooth VC founder used a captive network of LPs to invest in startups like Anthropic, Anduril, and SpaceX.

Source: [TechCrunch](https://techcrunch.com/2026/06/09/how-justin-ernest-invested-nearly-500m-into-hot-startups-without-a-traditional-vc-fund/)

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