Joe Lonsdale, the former PayPal intern who co-founded big-data analytics business Palantir and wealth management platform Addepar, is raising capital for a new company to help financial advisers make private market investments.
Tiger Global Management has agreed to invest at least $50 million as part of a Series A funding round for the new business, Lonsdale Invest, or LIT, according to a person with direct knowledge of the matter. The company, which is launching in the coming months, is expected to raise more capital as part of the ongoing funding round, the person said. The exact amount the company plans to raise and the valuation could not be learned. Lonsdale and a spokesperson for Tiger declined to comment.