Craft Ventures is targeting around $1 billion for a new fund, according to The Information, as summarized by Techmeme. The report says the venture capital firm, helmed by David Sacks, is raising what would be its first fund since Sacks stepped down as the White House AI and crypto czar. The available report does not say the fund has closed, nor does it provide terms, limited partner commitments, or a final target date. For now, the material fact is that Craft is reportedly in market for a fund of roughly $1 billion. That makes the story notable but still developing. A target size is not the same as a closed fund, and the provided reporting attributes the figure to sources rather than to a formal announcement from Craft Ventures. Who benefits: If the raise succeeds, Craft Ventures would have more capital to back startups. Founders in the firm’s focus areas could benefit from another active venture fund in market. Who's exposed: The main uncertainty sits with Craft and prospective limited partners: the reported $1 billion target has not been confirmed as closed in the provided material.