Framework Ventures has closed a $400 million fourth fund, expanding its investment mandate beyond crypto into artificial intelligence, robotics, energy, and fintech, the firm announced June 26.
The close brings the San Francisco-based firm's assets under management to $1.28 billion, per Fortune. For a firm whose prior three funds were concentrated in digital assets, this is a stated thesis shift: the mandate now runs from stablecoins and tokenization to robotics and energy infrastructure.
"The next generation of category-defining companies will not fit neatly into one vertical. Many will use AI, blockchain rails, robotics and energy to build in the physical world," co-founder Vance Spencer told The Block.
FVIV will deploy $1 million to $50 million per deal, targeting companies from pre-seed through Series A, according to The Block. About half the capital is already deployed. Early positions include robotics data startup Mecka AI and public mortgage company Better.com, alongside existing crypto holdings in Aave, Chainlink, Hyperliquid, and Jito Labs.
Framework declined to name its limited partners. The LP base is predominantly institutional, anchored by an Ivy League endowment, sovereign wealth funds, nonprofits, and funds of funds.
With the close, the firm promoted Rajiv Patel-O'Connor to general partner and added two partners: Ryan Barney, previously at Pantera Capital, and Nick Trileski, previously at DRW. Fred Neary joins as general counsel, per The Block.
Co-founder Michael Anderson said the shift follows the firm's own portfolio companies. "We can see these founders leading us in this direction. We should pay attention," he told Fortune.
Framework's third fund also raised $400 million, in 2022; its second raised $100 million in 2021. Fund IV holds the headline number flat while the investment scope expands across sectors.