Hollywood actor and musician Jared Leto was in the process of raising a new venture capital fund before sexual misconduct allegations catapulted him into the headlines last week, Business Insider has learned.
A document reviewed by Business Insider says the “Dallas Buyers Club” and “My So-Called Life” star was targeting a $75 million fund last month. This would be the first fund for the actor, who has a history of angel investing with his own personal money.
An employee from venture heavyweight Andreessen Horowitz, or a16z, reached out to at least one prospective investor on his behalf before the allegations surfaced, according to sources familiar with the matter. The firm occasionally uses its network to fundraise for emerging managers, we are told. It’s unclear whether a16z had a formal or financial relationship with Leto.
It could not be learned how much capital Leto raised for the venture fund before he was hit by the misconduct allegations in a BBC documentary. Four women spoke anonymously; one said she was sexually assaulted, and two said they were underage during sexual incidents. Leto, who has not been charged with any crime, called the claims “categorically false.”
Representatives for Leto and a16z did not respond to multiple requests for comment.
Leto’s past personal investments include Robinhood, Postmates, Reddit, Headspace, Relativity Space, and Replit, according to PitchBook.
Celebrity investors have become a bigger part of Silicon Valley, where fame can help attract founders, customers, and investors alike. The band The Chainsmokers is raising a fourth $100 million fund, and professional boxer Jake Paul also has a growth fund.