TLDR: Founders Fund’s Keith Rabois is returning to Khosla Ventures as a managing director, leaving his position at Founders Fund. This is a significant hire for Khosla Ventures, which recently raised $3.1 billion in new funds and is experiencing gains from its investment in OpenAI.

Keith Rabois, a general partner at Founders Fund, will be leaving the firm to join Khosla Ventures as a managing director. The announcement comes after Rabois had dinner with Vinod Khosla, the founder of Khosla Ventures, where they agreed on the move. Rabois is known for his involvement in deals with companies such as Ramp and Faire.

The hire is considered a big win for Khosla Ventures, which recently secured $3.1 billion in new funds and has seen positive returns from its investment in OpenAI. Founders Fund, a top-tier firm, is losing one of its most well-known dealmakers in the process.

Khosla Ventures has been actively investing in a variety of sectors, including healthcare, biotechnology, and clean energy. The addition of Rabois to its team is expected to bolster the firm’s expertise in venture capital and bring new opportunities for investment.

Rabois’s move to Khosla Ventures comes at a time of growth and success for the firm. With the recent injection of funds and the success of its bets on companies like OpenAI, Khosla Ventures is well-positioned to continue making high-profile investments in the future.

Founders Fund, on the other hand, will need to find a new dealmaker to fill Rabois’s shoes. Rabois played a significant role in multiple deals, including the credit card startup Ramp and the e-commerce company Faire. His departure may impact the firm’s ability to secure future deals and maintain its status as a top venture capital firm.

The move by Rabois also reflects the dynamic nature of the venture capital industry, where talent often moves between firms to pursue new opportunities. Rabois’s decision to join Khosla Ventures demonstrates the firm’s strong reputation and its ability to attract top talent.

Overall, Rabois’s move from Founders Fund to Khosla Ventures is significant for both firms. Khosla Ventures gains a seasoned dealmaker and strengthens its position as a leading venture capital firm, while Founders Fund faces the challenge of filling the gap left by Rabois’s departure.