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(Bloomberg) — Situational Awareness tried selling some of its stakes in privately held companies as it rushed to raise cash to meet a barrage of margin calls from its lenders this week.
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Venture capital firms Sequoia Capital and Greenoaks were among those approached by the embattled hedge fund about taking over some of the positions, according to people familiar with the matter.
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Situational Awareness opted not to go through with any sale after it reached a separate deal with Citadel to offload the bulk of its public equity portfolio, the people said, asking not to be named discussing non-public information.
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Representatives for Sequoia, Greenoaks and Situational Awareness declined to comment.
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Founded by Leopold Aschenbrenner, Situational Awareness has been an investor in companies tied to the AI boom, including Bloom Energy Corp., semiconductor maker Sandisk Corp. and cloud service provider CoreWeave Inc.
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The fledging firm has watched its assets plunge from $45 billion at the start of July to about $10 billion as AI stocks have been hit in recent weeks amid questions about whether their high valuations can be sustained.
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In addition to its public equity portfolio, Situational Awareness has also backed some prominent privately-held companies in the space, including a more than $5 billion stake in Anthropic as well as FluidStack and MatX.
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With Sequoia Capital and Greenoaks, Aschenbrenner was turning to two of Silicon Valley’s most prominent investors, both of whom already have stakes in Anthropic.
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Sequoia Capital is one of the country’s biggest venture capital funds. The firm had more than $80 billion in assets under management as of earlier this month, according to a securities filing.
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Greenoaks, meanwhile, has about $25 billion in assets.
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Aschenbrenner is well known in Silicon Valley as an AI researcher who raised alarm bells about the risks of the tech race and how fast the changes could occur, according to a 2024 note he titled, Situational Awareness. He started the investment firm in 2024.
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