Founders Fund has completed its largest-ever fundraising, raising $6 billion.

May 3 (Bloomberg) — Silicon Valley investor Peter Thiel’s Founders Fund has raised $6 billion for late-stage investments, its largest-ever fundraising, a source told Bloomberg. Some $4.5 billion of the capital comes from limited partners, including sovereign wealth funds, the source said. The remaining $1.5 billion is from the firm’s senior management and employees, including Thiel himself. The fund—Founders Fund’s fourth growth-stage vehicle—was raised shortly after its predecessor launched, marking the fastest fund shift in the firm’s 20-year history. The quick launch of a larger fund reflects growing demand for large sums from mature startups, which are increasingly turning to private investors instead of public markets. Other VC firms are also raising billions for late-stage bets, partly because tech companies need more cash to cover costly computing resources. Sequoia Capital recently raised ~$7 billion for a new fund to boost stakes in large companies, while Thrive Capital closed a $10 billion fund—its biggest ever.