The firm invested in Instagram through its first venture fund.

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Billionaire investor Peter Thiel was the first investor in Facebook and cofounded PayPal, then went on to start venture capital firm Founders Fund and hedge fund Clarium Capital.

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GoPro was first introduced to Gou through former Flextronics CEO Michael Marks, who had invested in GoPro through his venture fund at Riverwood Capital, said Woodman.

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If a private-equity firm's first fund performs well, its second and third will probably do likewise even more so in venture capital than in buy-outs.

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His first hedge fund, Gotham Partners, was wound down in 2002 after a big bet on a golf course venture turned sour and investors asked for their money back.

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