Chris Sacca is known in Silicon Valley for his Western-style button-down shirts and his early investments in start-up companies like Twitter.
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| Chris Sacca provided JPMorgan Chase with a way to invest in Twitter. |
But for big institutional investors, Mr. Sacca, 35, is becoming known as an important gatekeeper in meeting the demand for the private shares of fast-growing Internet companies.
His fund has already bought about $400 million worth of shares of Twitter over a number of months, giving it a stake of roughly 9 percent and implying a valuation of $4.2 billion to $4.5 billion for the microblogging site.
JPMorgan Chase and its Digital Growth Fund, a new $1.2 billion vehicle, is a major investor in Mr. Sacca’s fund, and it will indirectly own shares of Twitter as a result. JPMorgan is not directly negotiating with Twitter to acquire a stake in the company, said three people close to the matter, who spoke on the condition of anonymity because details of the deal were private.
Mr. Sacca has raised more than $1 billion for his fund, two of those people said. The investment fund, which opened last summer, is not yet closed and will have other institutional investors as well, these people said.
The JPMorgan investment in Mr. Sacca’s fund was reported on Monday by the technology news site TechCrunch. JPMorgan declined to comment.
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