Clarium

Based in New York City, Clarium is a healthcare technology company that develops an AI-powered supply chain management platform for hospitals, medical providers, and suppliers. The enterprise software provider currently operates with a workforce of 73 employees and serves health systems that collectively represent more than $100 billion in net patient revenue. Its customer base includes major healthcare networks such as Yale New Haven Health, Cleveland Clinic, and Kaiser Permanente, which utilize the platform to automate workflows and reduce operational costs by an average of $10 million per partner. Clarium has secured $43 million in total venture funding to date, highlighted by a $27 million Series A financing round in May 2025 led by Northzone, with additional strategic participation from General Catalyst. The supply chain technology company was officially founded in 2020 by Steve Liou.

High-Level Overview

Clarium Capital is a U.S.-based hedge fund and investment management firm founded by Peter Thiel, specializing in a global macro strategy across public equity (primarily micro-cap companies), fixed income, and hedging markets.[1][2][3] Its mission centered on high-conviction, macro-driven investments without a traditional management fee (0% fee, 25% performance fee), serving pooled vehicles, individuals, pensions, trusts, and institutions while managing separate equity and fixed income portfolios.[1][2] The firm peaked at $8 billion in assets under management (AUM) in 2008 but shrank dramatically to around $350 million by 2011 due to losses and redemptions, and was considered defunct by 2013.[2][3]

(Note: A separate, unrelated company named Clarium—likely clariumhealth.com—builds AI-powered supply chain resiliency technology for healthcare providers, raising $27M in Series A funding to optimize hospital operations.[4] This profile focuses on Clarium Capital as the primary match for "Clarium" in investment contexts.[1][2][3][5])

Origin Story

Clarium Capital was founded in 2002 in San Francisco by Peter Thiel, co-founder of PayPal and early Facebook investor, alongside Bill Calayag.[1][2][3] It originated from Thiel's earlier investment efforts, pausing during his PayPal tenure before resuming as an employee-owned firm pursuing global macro strategies.[2] Key evolution included rapid AUM growth to $8 billion by 2008 amid strong early performance (e.g., 57.9% YTD return in H1 2008), a headquarters move to New York City in 2008, and closure of the New York office in 2010 to consolidate in San Francisco.[2][3] Losses followed—down 4.5% in 2008, 25% in 2009, 23% in 2010—leading to 90% shrinkage by 2011 and effective shutdown by 2013.[2]

Core Differentiators

• Unique fee structure: Charged 0% management fee (vs. industry 2%) and 25% performance fee, aligning incentives with high-conviction bets rather than asset gathering.[2]
• Global macro focus: Invested across public equities (micro-caps), fixed income, and hedges worldwide, emphasizing separate client-focused portfolios for diverse clients like pensions and funds.[1][2][3]
• Track record of scale and volatility: Grew from startup to $8B AUM peak in under a decade under Thiel's leadership, showcasing network strength from his PayPal/Facebook ties, though later marred by sharp declines.[2][3]
• Operational agility: Employee-owned model enabled bold moves like office consolidations, but lacked ongoing operating support details in records.[2]

Role in the Broader Tech Landscape

Clarium Capital rode the early 2000s tech and macro boom, leveraging Thiel's Silicon Valley network during PayPal's rise and Facebook's inception to fuel rapid AUM growth amid favorable markets for micro-cap tech equities.[2][3] Timing mattered as it capitalized on pre-2008 liquidity surges, influencing the startup ecosystem indirectly through Thiel's personal investments (e.g., Facebook) and establishing a model for founder-led, high-risk hedge funds.[2] Market forces like the financial crisis eroded its position, highlighting vulnerabilities in macro strategies, yet it exemplified how tech founders shaped alternative asset management, paving the way for Thiel's later ventures like Founders Fund.[2][3]

Quick Take & Future Outlook

Clarium Capital, effectively defunct since 2013, leaves a legacy as a bold but cautionary tale of macro investing in volatile markets, with no active operations or jobs listed today.[2][3] Thiel's pivot to venture capital via Founders Fund absorbed its influence, shaping trends in contrarian tech bets amid AI and crypto booms. Its story underscores enduring lessons in fee innovation and founder risk-taking, likely inspiring niche macro funds as economic uncertainty persists—though revival seems improbable given its shrinkage and Thiel's shifted focus. This ties back to its origins: a Thiel brainchild that scaled massively before market forces prevailed.