Common Metal

Investment authority ultimately rests with Peter Thiel. Day-to-day operations and portfolio oversight are executed by a small in-house team. Historically, Thiel has also seeded external fund managers such as Founders Fund and Andreesen Horowitz, creating channels where his capital is deployed by managers whose judgment he backs with a long-term, concentrated mandate.

Deal flow originates through Thiel's extensive network of technology founders, venture capital firm partnerships, and the Thiel Fellowship alumni ecosystem. The office does not operate a conventional sourcing model but instead evaluates opportunities that arrive through its principal's relationships, often co-investing with firms where Thiel is a limited partner or with founders he has backed personally over multiple decades.

Both. Common Metal makes substantial commitments to external venture capital and hedge fund managers, including seeding allocations to firms that later became institutional platforms. It simultaneously pursues direct equity investments in private technology companies and maintains a dedicated internal macro trading operation, making it a hybrid direct-deal and fund-of-funds allocator.

Peter Thiel is a co-founder and limited partner in Founders Fund, the San Francisco-based venture capital firm launched in 2005. While Common Metal is Thiel's personal family office and Founders Fund is a multi-partner venture capital firm managing third-party capital, Thiel's LP commitment to Founders Fund means Common Metal's capital participates in the firm's funds. Several Founders Fund partners previously worked within Thiel's broader capital management ecosystem.

The Thiel Macro Fund originated as the in-house public-markets vehicle managing Thiel's personal liquid capital through Common Metal. It later accepted outside investor capital, evolving into a distinct but affiliated entity. This progression — starting as family office internal allocation, then becoming a stand-alone hedge fund — is unusual and reflects Common Metal's pattern of incubating investment capabilities that eventually operate with some independence.

Common Metal does not publish a formal investment mandate or target allocation breakdown. From public records and fund holdings disclosures, the office's capital is deployed across four broad categories: direct private technology equity, seed and LP commitments to venture capital firms, an internally managed hedge fund allocation, and real estate. The office is known for concentrated bets and a willingness to hold positions for decades without pressure for liquidity.

Common Metal does not operate a structured co-investment program open to other family offices. When Thiel co-invests in a deal, it typically occurs through his pre-existing relationships with specific venture capital firms or founder networks. The office does not publicly solicit co-investment opportunities from peer family offices or institutional limited partners.