New details have emerged about Valor Equity Partners’ Fund VII, which last year filed paperwork with the U.S. Securities and Exchange Commission to begin raising capital.

Bloomberg reported Wednesday that the fund is targeting at least $2.5 billion in capital, a portion of which has already been set aside for further investments in SpaceX. This may not be a surprise, given that the firm and its founder, Antonio Gracias, are long-term supporters of Elon Musk. According to Bloomberg, Valor Equity Partners owns around 4% of SpaceX, which recently debuted on the public markets.

It’s not entirely clear what the fund’s thesis will be, but past investments likely offer a clue. Aside from backing many Musk projects, Valor has also cut checks to military technology maker Anduril and news-sharing site Reddit. As Bloomberg notes, Valor’s funds typically focus on helping companies scale, especially at the growth stage, though it has raised capital to provide more early-stage support.

Valor previously announced the closing of Fund VI for $2.35 billion in 2024, mainly focused on operational growth investments.