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Story summary
- Situational Awareness, led by Leopold Aschenbrenner, lost about 67% of its portfolio in July after a leveraged AI bet collapsed.
- Aschenbrenner removed leverage, kept a $5 billion Anthropic stake, avoiding a fire-sale.
- The fund invested $400 million in an unnamed private company, now controls $10 billion in assets and refuses new capital.
- Barclays declined to onboard the fund over sector concentration, which is backed by Elad Gil and Logan Bartlett.
