From cfe4dc0862d79fa538d068ef7e83cc79aae0c847 Mon Sep 17 00:00:00 2001 From: "disinfo.zone" Date: Thu, 1 Oct 2026 22:41:50 -0400 Subject: [PATCH] vault backup: 2026-10-01 22:41:50 --- 00 - META/CHANGELOG.md | 8 +- .../PRIVATE/Morgan Guaranty Trust.md | 7 ++ .../PRIVATE/Sullivan & Cromwell.md | 40 ++++++---- 20 - ORGANIZATIONS/PRIVATE/Valar Ventures.md | 79 +++++++++++++++++++ 4 files changed, 116 insertions(+), 18 deletions(-) create mode 100644 20 - ORGANIZATIONS/PRIVATE/Valar Ventures.md diff --git a/00 - META/CHANGELOG.md b/00 - META/CHANGELOG.md index e3510593..e9a95b43 100644 --- a/00 - META/CHANGELOG.md +++ b/00 - META/CHANGELOG.md @@ -1,4 +1,7 @@ -- 2026-10-01T2157 · [[_manifest]] +- 2026-10-01T2230 · [[_manifest]] +- 2026-10-01T2230 · [[Valar Ventures]] +- 2026-10-01T2225 · [[Morgan Guaranty Trust]] +- 2026-10-01T2224 · [[Sullivan & Cromwell]] - 2026-10-01T2156 · [[_REVIEW_M11]] - 2026-10-01T2156 · [[_REVIEW_M12]] - 2026-10-01T2156 · [[Camp David summit]] @@ -95,6 +98,3 @@ - 2026-10-01T2040 · [[_REVIEW_M02]] - 2026-10-01T2039 · [[Philip Agee]] - 2026-10-01T2036 · [[_REVIEW_P07]] -- 2026-10-01T2032 · [[_REVIEW_P06]] -- 2026-10-01T2032 · [[James R. Bath]] -- 2026-10-01T2032 · [[Robert Peloquin]] diff --git a/20 - ORGANIZATIONS/PRIVATE/Morgan Guaranty Trust.md b/20 - ORGANIZATIONS/PRIVATE/Morgan Guaranty Trust.md index 9caa2925..c3e999dd 100644 --- a/20 - ORGANIZATIONS/PRIVATE/Morgan Guaranty Trust.md +++ b/20 - ORGANIZATIONS/PRIVATE/Morgan Guaranty Trust.md @@ -136,6 +136,10 @@ In August 1999 [[Sumitomo Corporation]] sued J.P. Morgan & Co. Incorporated, Mor On December 31, 2000 J.P. Morgan & Co. Incorporated "merged with and into The Chase Manhattan Corporation," which was renamed J.P. Morgan Chase & Co.; a merger charge of 1.25 billion dollars was recorded that day. The bank itself was succeeded by JPMorgan Chase Bank.[^3] +### The Financial Trust Company Account + +Monthly "Asset Account Portfolio" statements of Morgan Guaranty Trust Company of New York, 345 Park Avenue, were issued to [[Financial Trust Company]], Inc., the [[United States Virgin Islands]] company of [[Jeffrey Epstein]], addressed "C/O American Yacht Harbor, 6100 Red Hook, Quarters #2, St Thomas." The statements released by the [[United States Department of Justice|Justice Department]] run from August 1999 to October 2001, past the merger; the August 1999 statement carries the legend "Confidential Treatment Requested by JPMorgan" and the production number JPM-SDNY-00036858, marking it as part of the bank's production to the [[U.S. Attorney's Office for the Southern District of New York|Southern District of New York]].[^13][^14][^15] + ### Footnotes [^1]: *The International Year Book and Statesmen's Who's Who* (1974, 1975 and 1983 editions), entry for the bank ("through the merger of J. P. Morgan & Co. Incorporated and Guaranty Trust Company of New York on 24 April 1959"); 1963 edition ("Chairman, Henry C. Alexander"). https://archive.org/details/internationalyea0000john @@ -150,3 +154,6 @@ On December 31, 2000 J.P. Morgan & Co. Incorporated "merged with and into The Ch [^10]: J.P. Morgan & Co. Incorporated, Form 10-K405 for 1994 (filed March 22, 1995), letter to stockholders and "Description of business." https://www.sec.gov/Archives/edgar/data/68100/0000068100-95-000274.txt [^11]: J.P. Morgan & Co. Incorporated, definitive proxy statement (Schedule 14A) for the annual meeting of April 12, 2000, filed March 8, 2000, "Item 1: Election of directors," "Transactions with directors and officers." https://www.sec.gov/Archives/edgar/data/68100/0000891092-00-000171.txt [^12]: J.P. Morgan Chase & Co., Form 10-K405 for 2001, Item 3, "Legal proceedings" (Sumitomo Corporation v. J.P. Morgan & Co. Incorporated, Morgan Guaranty Trust Company of New York, S.D.N.Y., filed August 1999). https://www.sec.gov/Archives/edgar/data/19617/000095012302002823/y57010e10-k405.htm +[^13]: U.S. Department of Justice, Epstein Library, EFTA01511044, DataSet 10, Morgan Guaranty Trust Company of New York, Asset Account Portfolio, Financial Trust Company, Inc., August 1 to August 31, 1999, production number JPM-SDNY-00036858. https://www.justice.gov/epstein/files/DataSet%2010/EFTA01511044.pdf +[^14]: U.S. Department of Justice, Epstein Library, EFTA01557200, DataSet 10, Morgan Guaranty Trust Company of New York, Asset Account Portfolio, Financial Trust Company, Inc., October 1 to October 31, 2000. https://www.justice.gov/epstein/files/DataSet%2010/EFTA01557200.pdf +[^15]: U.S. Department of Justice, Epstein Library, EFTA01557398, DataSet 10, Morgan Guaranty Trust Company of New York, Asset Account Portfolio, Financial Trust Company, Inc., October 1 to October 31, 2001. https://www.justice.gov/epstein/files/DataSet%2010/EFTA01557398.pdf diff --git a/20 - ORGANIZATIONS/PRIVATE/Sullivan & Cromwell.md b/20 - ORGANIZATIONS/PRIVATE/Sullivan & Cromwell.md index 3162b95f..c487a4f3 100644 --- a/20 - ORGANIZATIONS/PRIVATE/Sullivan & Cromwell.md +++ b/20 - ORGANIZATIONS/PRIVATE/Sullivan & Cromwell.md @@ -107,22 +107,27 @@ relations: with: "[[FTX]]" start: 2021-07 role: "acquisition and regulatory counsel before the petition; debtors' counsel from 2022-11-11" - fn: 38 + fn: 41 - type: represented with: "[[Sam Bankman-Fried]]" start: 2022-04-14 end: 2022-08-05 role: "regulatory advice on his purchase of Robinhood shares; about $195,000 in fees paid through Alameda Research" - fn: 41 + fn: 44 - type: represented with: "[[Leon Black]]" role: "estate planning memorandum of July 12, 2017 forwarded to Jeffrey Epstein" fn: 37 + - type: represented + with: "[[TD Bank]]" + start: 2019-10-01 + role: "conveyed the bank's suspicious activity report on Epstein-associated entities (about $30 million in accounts) to prosecutors" + fn: 39 - type: subject_of with: "[[Garrison v. Sullivan & Cromwell]]" start: 2024-02-16 role: "putative class action by FTX investors in the Southern District of Florida, voluntarily dismissed in October 2024" - fn: 43 + fn: 46 created: 2026-10-01 updated: 2026-10-01 --- @@ -207,19 +212,23 @@ Allen Dulles returned to the firm after the [[Bay of Pigs invasion]] as a 50,000 A Justice Department release of Jeffrey Epstein's email includes a message of July 24, 2017 from [[Barry J. Cohen]] to Epstein, subject "S&C: Leon Black Estate Planning," forwarding a "Privileged & Confidential" memorandum on "Leon Black Estate Planning" that Charles T. Dowling of Sullivan & Cromwell had sent on July 12, 2017 to [[Ada Clapp]] and two others. Cohen's covering note read: "Let us know what issues you have."[^37] +On December 20, 2017, [[Kathryn Ruemmler]] wrote to Epstein's email account: "I totally called it! Goldman picked Karen Seymour from Sullivan & Cromwell, which I predicted from the very beginning."[^38] [[Karen Seymour]] was a Sullivan & Cromwell partner; the message does not say for what post [[Goldman Sachs]] had picked her. + +On October 1, 2019, eight weeks after Epstein's death in federal custody, [[Nicolas Bourtin]] of Sullivan & Cromwell wrote to a government recipient whose name is redacted in the release, with a copy to his partner [[Sharon Cohen Levin]], under the subject line "Epstein." The message attached a file titled "TD_Filed_SAR 2019-43693" and read: "As I mentioned last night, attached is a SAR that filed today in connection with persons associated with Jeffrey Epstein. The bank would like to close all of the accounts of the entities named in the SAR as soon as possible. (The current balance on those accounts is approximately $30 million.) Before doing so, the bank wanted to make your office aware of these accounts in case the government intends to take any action."[^39] On April 20, 2021, Levin asked a contact: "Are there any efforts by SDNY or DOJ to recover funds on behalf of Jeffrey Epstein's victims?" She mentioned the fund established through the [[Attorney General of the United States Virgin Islands]] and asked about "asset forfeiture/restitution efforts in the SDNY, such as through the Maxwell prosecution." The asset forfeiture coordinator of the Southern District of New York office's Money Laundering and Transnational Criminal Enterprises Unit forwarded the question internally, asking whether there was "anything we've said publicly about this that I can share."[^40] + ### FTX -According to the sworn declaration of its partner [[Andrew G. Dietderich]], the firm was engaged by the FTX group "for a limited number of matters prior to the Petition Date, chiefly with respect to acquisition transactions and specific regulatory inquiries relating to certain U.S. business lines," for total fees and expenses of 8,564,487.50 dollars from July 2021 to the petition date of November 11, 2022, and was "not primary external counsel to any Debtor." The United States Trustee noted that [[Ryne Miller]], general counsel of the FTX US entity, was "a partner at S&C until about 14 months before the filing" and had been an S&C partner "of eight years."[^38][^39] +According to the sworn declaration of its partner [[Andrew G. Dietderich]], the firm was engaged by the FTX group "for a limited number of matters prior to the Petition Date, chiefly with respect to acquisition transactions and specific regulatory inquiries relating to certain U.S. business lines," for total fees and expenses of 8,564,487.50 dollars from July 2021 to the petition date of November 11, 2022, and was "not primary external counsel to any Debtor." The United States Trustee noted that [[Ryne Miller]], general counsel of the FTX US entity, was "a partner at S&C until about 14 months before the filing" and had been an S&C partner "of eight years."[^41][^42] -In the ninety days before the petition the debtors, or others for them, paid the firm 23,882.50 dollars on August 26, 2022; 81,665 dollars on September 6; 142,611.53 dollars on October 5; 195,484.33 dollars on October 19; 166,493.75 and 555,030.05 dollars on October 20; and 2,253,670.77 dollars on November 3. A 12 million dollar retainer was "funded by Debtor [[West Realm Shires Inc.]]" before the petition, and at the petition date the firm held 8,971,661.14 dollars of it as an evergreen retainer. Partner rates in the application ran from 1,575 to 2,165 dollars an hour.[^38] +In the ninety days before the petition the debtors, or others for them, paid the firm 23,882.50 dollars on August 26, 2022; 81,665 dollars on September 6; 142,611.53 dollars on October 5; 195,484.33 dollars on October 19; 166,493.75 and 555,030.05 dollars on October 20; and 2,253,670.77 dollars on November 3. A 12 million dollar retainer was "funded by Debtor [[West Realm Shires Inc.]]" before the petition, and at the petition date the firm held 8,971,661.14 dollars of it as an evergreen retainer. Partner rates in the application ran from 1,575 to 2,165 dollars an hour.[^41] Schedule 3 to [[Dietderich]]'s declaration listed "Samuel Bankman-Fried" as a former client, with the note "Transactional work arranged for and paid by Debtor [[Alameda Research]] Ltd. (total historical fees $195,000)," and [[Nishad Singh]] as a former client for 23,882.50 dollars. Schedule 2 listed as current clients, among others, [[BlockFi]], [[Coinbase]], [[Gemini]], [[Kraken]], [[Sequoia Capital]], [[Ribbit Capital]], [[Anchorage]], [[Consensys]], [[Bank of America]], [[Morgan Stanley]], [[HSBC]], [[Wells Fargo]], [[UBS]], [[Major League Baseball]], and the ultimate parents of JPMorgan Chase Bank and [[Silicon Valley Bank]].[^4] -[[Warren Winter]]'s amended objection and the declaration of [[Daniel Friedberg]], the former FTX chief regulatory officer, alleged conflicts. Friedberg swore that Miller "informed me that it was very important for him personally to channel a lot of business to S&C as he wanted to return there as a partner after his stint at the Debtors." The Trustee's objection of January 13, 2023 sought a supplemental disclosure. On January 20, 2023 Judge [[John T. Dorsey]] ruled: "there's nothing in the record before me to indicate that ... any investigation would be required of those transactions with which Sullivan & Cromwell might have been involved," found that any potential conflict was met by the debtors' conflicts counsel, and approved the retention.[^39][^40] +[[Warren Winter]]'s amended objection and the declaration of [[Daniel Friedberg]], the former FTX chief regulatory officer, alleged conflicts. Friedberg swore that Miller "informed me that it was very important for him personally to channel a lot of business to S&C as he wanted to return there as a partner after his stint at the Debtors." The Trustee's objection of January 13, 2023 sought a supplemental disclosure. On January 20, 2023 Judge [[John T. Dorsey]] ruled: "there's nothing in the record before me to indicate that ... any investigation would be required of those transactions with which Sullivan & Cromwell might have been involved," found that any potential conflict was met by the debtors' conflicts counsel, and approved the retention.[^42][^43] -On January 19, 2024 the [[United States Court of Appeals for the Third Circuit]] reversed the denial of the Trustee's motion for an examiner; [[James L. Bromley]] and [[Brian D. Glueckstein]] of Sullivan & Cromwell appeared for the debtors.[^40] The examiner, [[Robert J. Cleary]], reported on September 25, 2024 on the firm's representation of Bankman-Fried in his purchase of about 500 million dollars of [[Robinhood]] shares. The representation ran from April 14 to August 5, 2022, was led by the firm's [[Joseph Hearn]] and [[Eric Queen]] under the partner [[Mitch Eitel]], and began with an email from Miller of April 14, 2022 under the subject line "Sam trading question." Cleary found that the firm "provided regulatory advice to Bankman-Fried in his personal capacity" and "did not serve as [[Emergent Fidelity Technologies|Emergent]]'s counsel," that it had no disqualifying conflict, and that it "did not obtain actual knowledge of, or ignore any red flags suggesting, fraud or malfeasance."[^41] +On January 19, 2024 the [[United States Court of Appeals for the Third Circuit]] reversed the denial of the Trustee's motion for an examiner; [[James L. Bromley]] and [[Brian D. Glueckstein]] of Sullivan & Cromwell appeared for the debtors.[^43] The examiner, [[Robert J. Cleary]], reported on September 25, 2024 on the firm's representation of Bankman-Fried in his purchase of about 500 million dollars of [[Robinhood]] shares. The representation ran from April 14 to August 5, 2022, was led by the firm's [[Joseph Hearn]] and [[Eric Queen]] under the partner [[Mitch Eitel]], and began with an email from Miller of April 14, 2022 under the subject line "Sam trading question." Cleary found that the firm "provided regulatory advice to Bankman-Fried in his personal capacity" and "did not serve as [[Emergent Fidelity Technologies|Emergent]]'s counsel," that it had no disqualifying conflict, and that it "did not obtain actual knowledge of, or ignore any red flags suggesting, fraud or malfeasance."[^44] -The fee examiner's report of September 5, 2024 recorded that the firm sought 26,877,397.90 dollars in fees and 98,979.37 dollars in expenses for February 1 to April 30, 2024, and listed among areas of concern "too many attorneys billing to monitor the Bankman-Fried sentencing proceedings, and work related to the firm's own defense in the FTX multidistrict litigation pending in the [[United States District Court for the Southern District of Florida|Southern District of Florida]]." *Garrison v. Sullivan & Cromwell LLP*, No. 1:24-cv-20630 (S.D. Fla.), a putative class action by investors, was filed on February 16, 2024; the firm moved to dismiss on May 13, 2024, and the plaintiffs' lawyer said in October 2024 that after the examiner's second report there were "no claims at this stage."[^42][^43] +The fee examiner's report of September 5, 2024 recorded that the firm sought 26,877,397.90 dollars in fees and 98,979.37 dollars in expenses for February 1 to April 30, 2024, and listed among areas of concern "too many attorneys billing to monitor the Bankman-Fried sentencing proceedings, and work related to the firm's own defense in the FTX multidistrict litigation pending in the [[United States District Court for the Southern District of Florida|Southern District of Florida]]." *Garrison v. Sullivan & Cromwell LLP*, No. 1:24-cv-20630 (S.D. Fla.), a putative class action by investors, was filed on February 16, 2024; the firm moved to dismiss on May 13, 2024, and the plaintiffs' lawyer said in October 2024 that after the examiner's second report there were "no claims at this stage."[^45][^46] ### Footnotes @@ -260,9 +269,12 @@ The fee examiner's report of September 5, 2024 recorded that the firm sought 26, [^35]: U.S. Attorney's Office, Southern District of New York, "Meet the U.S. Attorney," accessed October 1, 2026. https://www.justice.gov/usao-sdny/meet-us-attorney [^36]: "Rodgin Cohen," *The Financial Crisis: The FRONTLINE Interviews,* PBS, interviews of December 1, 2011 and December 29, 2012. https://www.pbs.org/wgbh/pages/frontline/oral-history/financial-crisis/rodgin-cohen [^37]: U.S. Department of Justice, Epstein Library, EFTA00702518, DataSet 9, email from Barry J. Cohen to Jeffrey Epstein, "S&C: Leon Black Estate Planning," July 24, 2017. https://www.justice.gov/epstein/files/DataSet%209/EFTA00702518.pdf -[^38]: Debtors' Application for an Order Authorizing the Retention and Employment of Sullivan & Cromwell LLP, D.I. 270, paras. 13 to 14, and Declaration of Andrew G. Dietderich, D.I. 270-3, para. 16, *In re FTX Trading Ltd.*, No. 22-11068 (JTD) (Bankr. D. Del., filed December 21, 2022). https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.270.0.pdf -[^39]: Objection of the United States Trustee, D.I. 496 (January 13, 2023), pp. 2 to 4; Amended Objection of Warren Winter, D.I. 459 (January 10, 2023); Declaration of Daniel Friedberg, D.I. 530 (January 19, 2023), paras. 13 to 17. https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.496.0.pdf -[^40]: Transcript of hearing of January 20, 2023, D.I. 558, pp. 48 to 51, *In re FTX Trading Ltd.*, No. 22-11068 (JTD); *In re FTX Trading Ltd.*, No. 23-2297 (3d Cir. Jan. 19, 2024) (precedential). https://www2.ca3.uscourts.gov/opinarch/232297p.pdf -[^41]: Phase II Report of Robert J. Cleary, Examiner, D.I. 25679 (September 25, 2024), Executive Summary and pp. 11 to 28. https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.25679.0.pdf -[^42]: Fee Examiner's Summary Report on Fee Review Process and Sixth Interim Fee Applications, D.I. 24274 (September 5, 2024), pp. 4 to 5 and Exhibit A. https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.24274.0.pdf -[^43]: *Garrison v. Sullivan & Cromwell LLP,* No. 1:24-cv-20630 (S.D. Fla.), motion to dismiss, ECF No. 8 (May 13, 2024), https://www.courtlistener.com/docket/68261002/garrison-v-sullivan-cromwell-llp/ ; "FTX investors halt lawsuit against law firm Sullivan & Cromwell," *Lawyer Monthly,* October 2024, https://www.lawyer-monthly.com/2024/10/ftx-investors-halt-lawsuit-against-law-firm-sullivan-cromwell/ +[^38]: U.S. Department of Justice, Epstein Library, EFTA02611782, DataSet 11, email from Kathy Ruemmler to jeevacation@gmail.com, December 20, 2017, 12:18 PM. https://www.justice.gov/epstein/files/DataSet%2011/EFTA02611782.pdf +[^39]: U.S. Department of Justice, Epstein Library, EFTA00015851, DataSet 8, email from Nicolas Bourtin (Sullivan & Cromwell LLP), cc Sharon Cohen Levin, subject "Epstein," October 1, 2019, attachment "TD_Filed_SAR 2019-43693." https://www.justice.gov/epstein/files/DataSet%208/EFTA00015851.pdf +[^40]: U.S. Department of Justice, Epstein Library, EFTA00064842, DataSet 9, email chain "FW: A question," April 20, 2021, forwarding Sharon Cohen Levin (Sullivan & Cromwell LLP), "A question." https://www.justice.gov/epstein/files/DataSet%209/EFTA00064842.pdf +[^41]: Debtors' Application for an Order Authorizing the Retention and Employment of Sullivan & Cromwell LLP, D.I. 270, paras. 13 to 14, and Declaration of Andrew G. Dietderich, D.I. 270-3, para. 16, *In re FTX Trading Ltd.*, No. 22-11068 (JTD) (Bankr. D. Del., filed December 21, 2022). https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.270.0.pdf +[^42]: Objection of the United States Trustee, D.I. 496 (January 13, 2023), pp. 2 to 4; Amended Objection of Warren Winter, D.I. 459 (January 10, 2023); Declaration of Daniel Friedberg, D.I. 530 (January 19, 2023), paras. 13 to 17. https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.496.0.pdf +[^43]: Transcript of hearing of January 20, 2023, D.I. 558, pp. 48 to 51, *In re FTX Trading Ltd.*, No. 22-11068 (JTD); *In re FTX Trading Ltd.*, No. 23-2297 (3d Cir. Jan. 19, 2024) (precedential). https://www2.ca3.uscourts.gov/opinarch/232297p.pdf +[^44]: Phase II Report of Robert J. Cleary, Examiner, D.I. 25679 (September 25, 2024), Executive Summary and pp. 11 to 28. https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.25679.0.pdf +[^45]: Fee Examiner's Summary Report on Fee Review Process and Sixth Interim Fee Applications, D.I. 24274 (September 5, 2024), pp. 4 to 5 and Exhibit A. https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.24274.0.pdf +[^46]: *Garrison v. Sullivan & Cromwell LLP,* No. 1:24-cv-20630 (S.D. Fla.), motion to dismiss, ECF No. 8 (May 13, 2024), https://www.courtlistener.com/docket/68261002/garrison-v-sullivan-cromwell-llp/ ; "FTX investors halt lawsuit against law firm Sullivan & Cromwell," *Lawyer Monthly,* October 2024, https://www.lawyer-monthly.com/2024/10/ftx-investors-halt-lawsuit-against-law-firm-sullivan-cromwell/ diff --git a/20 - ORGANIZATIONS/PRIVATE/Valar Ventures.md b/20 - ORGANIZATIONS/PRIVATE/Valar Ventures.md new file mode 100644 index 00000000..484158bc --- /dev/null +++ b/20 - ORGANIZATIONS/PRIVATE/Valar Ventures.md @@ -0,0 +1,79 @@ +--- +category: "Private Organization" +tags: + - Organization + - VentureCapital + - PeterThiel + - JeffreyEpstein + - Fintech + - ThielNetwork +alias: + - Valar + - Valar Ventures Management LLC + - Valar Global Fund II LP + - Valar Global Fund III LP +summary: "Valar Ventures is a New York venture capital firm set up by Peter Thiel in 2010; Jeffrey Epstein's Southern Trust Company committed 40 million dollars to two of its funds in 2015 and 2016." +start: 2010 +location: "915 Broadway, New York, New York" +relations: + - type: founded + with: "[[Peter Thiel]]" + reverse: true + start: 2010 + role: "set up the firm and appointed its managers" + fn: 1 + - type: head_of + with: "[[Andrew McCormack]]" + reverse: true + role: "partner; promoter of the Valar Global funds" + fn: 2 + - type: head_of + with: "[[James Fitzgerald]]" + reverse: true + role: "managing member of the general partner of the Valar Global funds" + fn: 2 + - type: funded + with: "[[Southern Trust Company]]" + reverse: true + start: 2015-01-16 + role: "limited partner; 15 million dollars committed to Valar Global Fund II and 25 million dollars to Valar Global Fund III" + fn: 5 + - type: funded + with: "[[Xero]]" + start: 2010 + role: "Valar Fund 1 invested 31.4 million dollars" + fn: 4 +created: 2026-10-01 +updated: 2026-10-01 +--- + +[[Peter Thiel]] set up Valar Ventures in 2010 and appointed [[Andrew McCormack]] and [[James Fitzgerald]] to run it; both had worked at his family office, [[Thiel Capital]], and at [[Clarium Capital Management]]. By 2024 Thiel's name had not appeared among the partners on the firm's website for many years.[^1] The firm's funds, Valar Global Fund I through IV and their parallel principals funds, filed [[Securities and Exchange Commission]] Forms D from the firm's office at 915 Broadway, New York, naming Fitzgerald and McCormack as promoters; Fitzgerald signed as managing member of the general partner.[^2][^3] + +### The Funds + +The combined Form D for Valar Global Fund II and Valar Global Principals Fund II, signed May 21, 2015, reported 102,325,000 dollars sold to 25 investors. The filing for Fund III and its principals fund, signed September 24, 2018, reported 103,925,000 dollars from 23 investors; the Fund IV filing of the same day reported 133,400,000 dollars from 35 investors.[^2][^3] The firm raised more than 863 million dollars for Fund VII in late 2021 and closed a 665 million dollar fund in July 2022; its Fund IX closed in 2024 at 300 million dollars.[^1] + +In a confidential "Summer 2017 Update" to its limited partners, Valar reported that Fund 1, opened in October 2010 with 100 million dollars of commitments, was valued at 411.8 million dollars, had invested 31.4 million dollars in [[Xero]], with gross distributions from it to date of 119 million dollars, and 22.2 million dollars in TransferWise, then valued at 252.7 million dollars, and that Fund 2 had invested in [[Breather]], [[N26]], [[Granify]], [[EyeEm]], TradeIt, Homie and Even. The firm first backed the money transfer company [[Wise]], then TransferWise, in its 2013 Series A round.[^1][^4] + +### Southern Trust Company + +[[Jeffrey Epstein]]'s [[United States Virgin Islands]] company [[Southern Trust Company]], Inc. was a limited partner in Valar Global Fund II from its first capital call. A letter of January 16, 2015 on Valar letterhead, addressed to Southern Trust Company with [[Darren Indyke]] named in the address block and signed by Reuben Kobulnik, chief operating and financial officer of Valar Ventures Management LLC, called 1 percent of the fund's commitments, 150,000 dollars, payable to the fund's account at [[Silicon Valley Bank]] by January 30.[^5] On March 30, 2015 McCormack wrote to Epstein directly with the firm's update deck: "(As you know) We closed Fund II in January at $102M." He reported that Fund I had invested 92.5 million dollars at gross and net multiples of 3.8 and 3.1 times.[^6] A capital call of March 27, 2015 put Southern Trust's total commitment to Fund II at 15 million dollars, about one seventh of the fund as reported on its Form D; by October 20, 2017 the company had paid in 14,250,000 dollars of it.[^2][^7][^8] + +On January 21, 2016 Ian O'Donnell of [[Cooley LLP]] informed the limited partners of Valar Global Fund III, copying Fitzgerald and Kobulnik, that their subscriptions had been "accepted in full" and that they had been admitted to the fund effective January 20, 2016.[^9] Southern Trust's commitment to Fund III was 25 million dollars, about a quarter of the 103,925,000 dollars the fund later reported raising from 23 investors.[^3][^10] Epstein's accountant [[Richard Kahn]] cleared the calls with him. On July 24, 2017 Kahn asked Epstein whether it was "ok to fund 4,250,000 from STC," noting that "once funded STC will have 10,000,000 unfunded call remaining," and two days later recorded: "jee approved capital call."[^11] A call notice of May 31, 2018 for 1,750,000 dollars, due June 14, brought Southern Trust's contributions to Fund III to 21 million dollars, leaving 4 million dollars unfunded.[^10] + +Epstein died in federal custody in August 2019. In testimony given in March 2026, Indyke, co-executor of the estate, said the 40 million dollars Epstein invested in the two Valar funds in 2015 and 2016 was then worth about 172 million dollars and that the investments would expire in 2026.[^12] + +### Footnotes + +[^1]: Marina Temkin and Rebecca Szkutak, "Peter Thiel-founded Valar Ventures raised a $300 million fund, half the size of its last one," *TechCrunch,* May 22, 2024. https://techcrunch.com/2024/05/22/peter-thiel-valar-ventures-new-fund-size-performance/ +[^2]: Valar Global Fund II LP and Valar Global Principals Fund II LP, Form D, signed by James Fitzgerald May 21, 2015, SEC accession 0001642670-15-000001. https://www.sec.gov/Archives/edgar/data/1642670/000164267015000001/primary_doc.xml +[^3]: Valar Global Fund III LP and Valar Global Principals Fund III LP, Form D, September 24, 2018, SEC accession 0001664457-18-000001; Valar Global Fund IV LP and Valar Global Principals Fund IV LP, Form D, September 24, 2018, SEC accession 0001726616-18-000001. https://www.sec.gov/Archives/edgar/data/1664457/000166445718000001/primary_doc.xml and https://www.sec.gov/Archives/edgar/data/1726616/000172661618000001/primary_doc.xml +[^4]: U.S. Department of Justice, Epstein Library, EFTA00810510, DataSet 9, Valar Ventures, "Summer 2017 Update," confidential limited partner report. https://www.justice.gov/epstein/files/DataSet%209/EFTA00810510.pdf +[^5]: U.S. Department of Justice, Epstein Library, EFTA01203276, DataSet 9, Valar Ventures Management LLC to Southern Trust Company, Inc., "Re: Valar Global Fund II LP - Capital Call #1," January 16, 2015. https://www.justice.gov/epstein/files/DataSet%209/EFTA01203276.pdf +[^6]: U.S. Department of Justice, Epstein Library, EFTA02505986, DataSet 11, email from Andrew McCormack to jeevacation@gmail.com, cc James Fitzgerald, "Valar Ventures update," March 30, 2015. https://www.justice.gov/epstein/files/DataSet%2011/EFTA02505986.pdf +[^7]: U.S. Department of Justice, Epstein Library, EFTA01158019, DataSet 9, "Valar Global Fund II LP Capital Call," March 27, 2015. https://www.justice.gov/epstein/files/DataSet%209/EFTA01158019.pdf +[^8]: U.S. Department of Justice, Epstein Library, EFTA00810311, DataSet 9, "Valar Global Fund II LP Capital Call," October 10, 2017. https://www.justice.gov/epstein/files/DataSet%209/EFTA00810311.pdf +[^9]: U.S. Department of Justice, Epstein Library, EFTA00836182, DataSet 9, email from Ian O'Donnell (Cooley LLP) to the limited partners, "Closing of Valar Global Fund III LP," January 21, 2016. https://www.justice.gov/epstein/files/DataSet%209/EFTA00836182.pdf +[^10]: U.S. Department of Justice, Epstein Library, EFTA00810356, DataSet 9, "Valar Global Fund III LP Capital Call," May 31, 2018. https://www.justice.gov/epstein/files/DataSet%209/EFTA00810356.pdf +[^11]: U.S. Department of Justice, Epstein Library, EFTA00637297, DataSet 9, email from Richard Kahn to Jeffrey Epstein, cc Bella Klein, "Re: Valar Global Fund III LP - Capital Call 6," July 24 and 26, 2017. https://www.justice.gov/epstein/files/DataSet%209/EFTA00637297.pdf +[^12]: Em Steck, "Epstein's closest advisers may never see the millions he left them," *CNN,* September 21, 2026, citing Indyke's testimony of March 2026. https://edition.cnn.com/2026/09/21/politics/jeffrey-epstein-estate-lawsuit-vis