Founders Fund’s Keith Rabois to Return to Khosla Ventures

Two days before Christmas, Founders Fund general partner Keith Rabois boarded a flight to Park City, Utah, to have dinner with Vinod Khosla, the founder of venture capital firm Khosla Ventures and an early backer of OpenAI. By the end of the evening, the pair had agreed that Rabois would join Khosla Ventures as a managing director, its most senior position, this month. He will leave his post at a rival VC firm, Founders Fund, where he led deals in credit card startup Ramp and the e-commerce company Faire.

The hire represents a coup for Khosla Ventures, which recently raised $3.1 billion in new funds and is sitting on significant paper gains from its OpenAI bet, while stripping Founders Fund, another top-tier firm, of one of its best-known dealmakers.