NYTimes: Founder's Fund

"The Young Turks who made their mark as early backers of Facebook have raised a second investment round more than four times as large as their first, a move that seems to signal their growing clout as an alternative to venture capitalists on Silicon Valley’s Sand Hill Road.
Founders Fund Management, led by a quartet of wealthy and connected entrepreneurs behind such success stories as online payment service PayPal, said Monday that it had raised $220 million from institutional investors to pump into new companies.
Though not a huge sum by Silicon Valley standards, the investment round, which unlike the first round is made up mostly of outside investors, confirms that the financial world is paying attention to the San Francisco firm, The Los Angeles Times said.
“They’ve scared people more than anyone since Benchmark [Capital],” a partner in another prominent Valley financial firm told The Financial Times, referring to the V.C. outfit that sprang to prominence in the mid-1990s with its investments in early dot-coms like eBay and Webvan."