Silicon Valley venture firm Founders Fund is closing in on $2.7 billion for a new fund, the Wall Street Journal reports.

The firm, which has backed companies like Facebook, SpaceX, AirBnB, and Stripe, reportedly plans to invest $1.5 billion of the new money into late stage opportunities.

Founders Fund’s plan to redouble its spending on late-stage bets is in keeping with the trend in venture spending as more companies stay private longer. SoftBank’s Vision Fund backed late stage companies like WeWork and Uber with billions of dollars in capital. In May, Andreessen Horowitz announced a debut $2 billion fund committed exclusively to late-stage investments. 

With more money in venture than ever before, Silicon Valley firms are eager to double down on their investments in their late-stage portfolio companies. Several Founders Fund portfolio companies have received multi-million dollar investments in recent months, including payment company Stripe, which investors recently valued at $35 billion in a new round of funding.