Timothy Van Voris and Justin Truscott have left Thiel Capital and are looking to raise $50 million for their own new firm, Edition Ventures, according to an SEC filing.
The fund’s formation follows a slew of high-profile spinouts from top venture capital firms amid a tougher fundraising environment. The trend is picking up despite the long fundraising odds of emerging managers in this market, where mega-funds continue to vacuum up limited partner commitments.
It’s not clear whether Thiel, who has cut checks to a number of his former employees, will do the same for Edition Ventures. Doing so would be a “huge endorsement,” according to a person who has worked closely with Thiel Capital and its former employees.
Other VCs who have recently gone out on their own, with funding from their former employers, include Matt Miller, with Sequoia as an LP in his $400 million fund, and longtime Y Combinator partners Dalton Caldwell and Paul Buchheit’s Standard Capital, which has the accelerator’s backing.
Before joining Thiel Capital in 2014, Truscott spent a dozen years at Deloitte. Van Voris started his career in law before becoming the firm’s chief compliance officer in 2012.
Details of Edition Capital’s investment strategy remain under wraps. Van Voris and Truscott did not return multiple requests for comment. Thiel Capital did not immediately return a request for comment.
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