Eclipse

Fund

Palo Alto · founded 2015 · ~$10B AUM

Lior Susan's 'physical industries' fund. Raised $1.3B across two funds in April 2026, its largest close. Frames defense as part of digitizing manufacturing and supply chains, and published an essay in 2025 arguing veteran-founded defense startups are essential to keeping ahead of China and Russia. Led Ursa Major's Series E and co-led True Anomaly's $650M Series D with Riot.

Size: $10B under management
Latest fund: $1.3B (2026)
As of 2026-04-08 · source
Fund VI ($720M) and Early Growth III ($591M) closed April 2026.
Runs it: Lior Susan Seth Winterroth
Pension investors: None found in the 44 state pension funds checked.
From each pension fund's own documents. Partnerships and sources are on What the pensions hold.
Backs on this map: True Anomaly Ursa Major

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