Entrepreneur Brian Singerman (R) and Noelle Moseley arrive at the Tenth Breakthrough Prize Ceremony at the Academy Museum of Motion Pictures in Los Angeles, California, on April 13, 2024.
Etienne Laurent | Afp | Getty Images
Brian Singerman, one of the earliest employees of Peter Thiel’s Founders Fund, said on Tuesday that he’s stepping down as a general partner.
Singerman, who joined the firm 17 years ago and became a partner four years later, wrote in a post on X that he’s moving into the role of partner emeritus and will stay on as an “investor and strategic advisor.” Singerman is best known for supporting the firm’s investments in Elon Musk’s SpaceX and defense-tech companies like Anduril.
In exiting the partner ranks, Singerman leaves Founders Fund with three general partners: Thiel, Napoleon Ta and Trae Stephens.
Thiel helped launch Founders Fund in 2005 and has since turned it into one of the leading venture firms in the country, thanks to early bets on Facebook, SpaceX and Palantir, which he co-founded. Keith Rabois left the firm earlier this year and returned to Khosla Ventures, where he worked before joining Thiel.
“From its inception and still today, FF is the place where talented, unconventional thinkers are encouraged to follow their convictions and make world-changing bets,” Singerman wrote in his post.
It’s been a tough few years for the venture industry, with IPOs virtually drying up in late 2021 due, at the time, to rising inflation and interest rates. There have been signs of life of late, with a few companies indicating plans to go public next year, but the highest-valued private companies have yet to indicate when they’ll test out the market.
Bloomberg reported on Monday that SpaceX is considering a tender offer that would value the rocket company at $350 billion, up from $210 billion earlier this year.
WATCH: SpaceX launches sixth test of Starship rocket
