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Even as liquidity from exits remains stalled, it hasn’t stopped some firms from raising massive new growth funds.

The most recent example is ’s , which has closed a $4.6 billion late-stage venture fund, according to a with the .

The new fund, Founders Fund Growth III, had been reported back in December as being about $3 billion.

Going big

The San Francisco-based firm is best known for its investments over the years which include , and , and recently invested heavily in defense tech — including co-leading Costa Mesa, California-based ’ huge $1.5 billion Series F along with that valued the company at $14 billion.

News of the new fund comes just as several companies halt their IPO process and the M&A market remains murky as stock market tumult and threats of a possible trade war make many investors uneasy.

The stall in exits has been a cause for concern among VCs, as DPI — distributed to paid-in capital, or the capital paid to funds’ LPs after exits by those funds’ portfolio companies — remains their top issue.

Despite that, Founders has been quite active this year, per ½ûÂþÌìÌà . In the first three-and-a-half months, the firm has made 20 investments into startups.

Late last year, Founders led a $600 million round for that valued the energy firm at $2.8 billion.

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Related reading:

• Defense Tech Venture Funding Gains Traction
• Founders Fund’s Investment Pace Slowed Ahead Of Fund Cut

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