As the tech industry grows optimistic about the prospects of thawing startup exits, one venture capital firm appears to be amassing a war chest full of dry powder.

San Francisco-based Quiet Capital has raised $377 million for a third fund, according to a deposit with the Securities and Exchange Commission last week. Quiet Capital founder Lee Linden did not respond to a request for comment, nor did a phone number listed on the filing.

Although, true to its name, Quiet Capital has maintained a low profile, the company has been an active technology backer since its founding in 2017, including early investments in companies such as HR platform Rippling and the celebrity learning platform MasterClass.

Linden is a former partner at venture capital giant Kleiner Perkins as well as the founder of Karma, a gifting app. acquired by Facebook in 2012. He worked as a commerce manager on the social media platform. Quiet Capital invests in various sectors including AI, crypto, and healthcare.

Business rebound

After a record 2021, fundraising for global venture capital firms has steadily declined over the past few years, with 2024 together being one of the industry’s worst years in a decade. Profits also fell, with venture capital firms last year to come back their lowest amount for investors since 2011, according to data provider PitchBook.

There are, however, glimmers of hope, including a number of crypto companies such as Brace And Hacking Venture Capital new funds, as well as the still-burgeoning field of AI, which has attracted billions of dollars in venture capital.

Quiet Capital’s new fundraising would represent one of the largest of the year for start-up funds, along with that of Forerunner Ventures. announcement earlier this month from a $500 million fund.

According to the SEC filing, Quiet Capital has so far raised $377,992,500 for the fund – titled Quiet Venture III – and began raising money in November 2022. It was not possible to find out if Quiet Capital continues to raise capital for the vehicle.

The Linden-led company raised its previous fund in 2021, with an SEC filing. registration nearly $479 million raised to reach a cap of $500 million.

Last week, Quiet Capital directed a $12 million seed round for Mach9, an AI-powered map-making software company. Other recent investments included Standard botsa robotics automation company, as well as the Robot Societyanother robotics startup founded by Kyle Vogt, the former CEO of Cruise.

This story was originally featured on Fortune.com