Jim Breyer, the venture capitalist who made his first billion from an early Facebook investment, was featured on the cover of Forbes magazine’s September issue as his fortune doubled to $3.8 billion following the public debut of cryptocurrency firm Circle Internet Group.
Breyer, 64, moved his firm Breyer Capital from Silicon Valley to Austin in 2020 and now works alongside his two adult sons as partners. The Forbes profile detailed his investment career and his renewed focus on artificial intelligence applications in healthcare.
Circle’s June initial public offering sent the company’s market capitalization to $55 billion as investors bought shares in the creator of USDC, a stablecoin backed by U.S. Treasury bills. Breyer, the second-largest individual shareholder, cashed out nearly $100 million in mid-August while retaining an 8% stake worth more than $1.7 billion.
The Circle windfall marks Breyer’s fourth investment returning at least 100 times his initial stake. He first invested in the company in 2013 at 27 cents per share, four years after Bitcoin’s introduction.
Breyer gained billionaire status in 2011 after Accel Partners’ 2005 investment of $12.7 million in Facebook at four cents per share. The social network recently traded at $743 per share. He topped Forbes’ Midas list of best venture capital investors three consecutive years from 2011 to 2013.
His other major wins include early investments in Spotify, Etsy, Marvel Entertainment and the Boston Celtics. Breyer sold his Celtics stake this year when the franchise was valued at $6.1 billion.
In 2020, Breyer brought his sons Daniel, 30, and Ted, 28, into Breyer Capital as partners, transforming the firm into an active family office. Daniel published his first novel in April while Ted has focused on cryptocurrency investments since college.
A year after relocating to Austin, Breyer shifted his investment strategy toward companies developing AI solutions for life sciences and healthcare. In April, he hired Morgan Cheatham, a venture capitalist pursuing a medical degree, as partner to lead those efforts.
One of Breyer Capital’s most successful healthcare AI bets is OpenEvidence, a free app allowing doctors to consult medical research. The company raised $210 million in July at a $3.5 billion valuation. Forty percent of U.S. doctors have signed up for the service.
Breyer faced personal tragedy in February 2024 when his wife Angela Chao, CEO of shipping company Foremost Group, died in an accident at the couple’s Texas ranch. He is raising their 5-year-old son with help from two nannies, according to the Forbes’ article.
“So much of it is, I persevere for that little five-year-old, ensuring that I’m the best dad possible and the best dad and partner to the rest of the family,” Breyer told Forbes.
The venture capitalist, who serves on Blackstone’s board, has embraced Texas life, owning more than 20 pairs of cowboy boots and attending 90% of University of Texas Longhorns football games.