Peter Thiel’s Founders Fund is seeking to raise $1.3 billion for a venture fund to invest in technology startups, according to a person familiar with the matter.

Founders Fund has closed a portion of the fund as it continues to raise more, said the person, who asked not to be identified because the fundraising isn’t complete. The San Francisco venture firm’s last fund, raised two years ago, totaled $1 billion.

The money signals that some established firms are able to raise money despite a pullback in the venture market. Venture capital firms raised less money and closed fewer U.S. funds last year, according to data from the National Venture Capital Association, a trade group. Some are sitting on their cash and waiting things out.

Since Thiel, a co-founder of PayPal Inc. and Palantir Technologies Corp., started Founders Fund in 2005 with a $50 million fund, the venture firm has steadily expanded. It was an early backer of Facebook Inc. and Elon Musk’s Space Exploration Technologies Corp.

Founders Fund declined to comment on its fundraising. The New York Post earlier reported details about the new fund.

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