How Justin Ernest Invested $400M in Startups via SPVs — Without a Fund

Friends, a note from the VC world.
Justin Ernest (Sabertooth VC) deployed nearly $400M in one year into 10 companies — Anthropic, Anduril, Databricks, PsiQuantum, SpaceX — via separate SPVs, without forming a formal fund.

Key points:
• Secures approved allocations and raises capital from ~30 family offices.
• Checks of $10–275M; transactions executed in official rounds.
• SPVs deliver a fast track record but lack the status of funds.

Why it matters: family offices gain access to large rounds without the time and setup of a fund.

How do you assess the role of SPVs in today’s investment ecosystem?

#venturecapital #SPV #startups #investing