Nat Friedman & Daniel Gross / NFDG + AI Grant
Nat Friedman (ex-GitHub CEO) and Daniel Gross (ex-SSI CEO, ex-Apple AI) — launched the NFDG fund in 2023 and run the AI Grant accelerator. Both were hired into Meta Superintelligence Labs in 2025 (Friedman co-leads MSL with Alexandr Wang; Gross joined the lab), with Meta partially buying out NFDG.
The marquee operator-investor duo of the model layer. Their ~$1.1B NFDG fund (reported ~4x in two years) holds the frontier-AI roster — SSI, Perplexity, Character.ai, CoreWeave — and their AI Grant program ($250k cash + $250k Azure credits) seeds the next cohort. In 2025 Meta hired both into Meta Superintelligence Labs and took a >$1B partial buyout of NFDG (no control, no portfolio info), making them the rare case where individual AI investors were effectively acqui-hired by a hyperscaler.
Top holdings
Ilya Sutskever's lab; flagship frontier-model position (Gross was SSI CEO).
AI search; one of NFDG's headline winners.
AI-cloud/GPU infra — the compute-infra leg; now public (CRWV).
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Performance
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Our take
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