Race Capital Raises $181 Million Fund Amid SVB Chaos (Correct)

Alfred Chuang, general partner at Race Capital, should’ve been elated when the last bit of capital came in for his venture firm’s new $181 million fund. But there was just one problem—the limited partners had sent their wire transfers to Silicon Valley Bank right as it started to implode.

Race, which specializes in early stage crypto and tech investments, was rushing on March 9 to pull its money from Silicon Valley Bank, where it kept 100% of its funds. Chuang said the firm made the decision after hearing chatter the previous night over email, Twitter and phone calls from chief executive officers of public companies. ...