Social+Capital to raise $450 mln third fund

Social+Capital Partnership is raising a $450 million third fund, according to an SEC filing.

The new fund – Social Capital Partnership III – is a step up from the firm’s second fund, which in 2013 targeted $325 million. The firm’s first fund raised in 2011 was $275 million.

The firm, founded by former Facebook executive Chamath Palihapitiya, was said to have been courted by Kleiner Perkins Caufield & Byers earlier this year, though acquisition talks came to a dead end, according to a report by Fortune.

No first closing on the new fund has taken place. The SEC document lists current general partners Ted Maidenberg and Mamoon Hamid along with Palihapitiya.

The document can be found here.