has garnered a lot of money from investors; it has also returned quite a bit of capital.

A lot of the action on both fronts has happened very recently. Yesterday, the 17-year-old outfit more than $5 billion in fresh capital commitments across two new funds — a $1.9 billion early-stage and a $3.4 billion growth-stage vehicle — that brings its total assets under management to roughly $11 billion. That’s a lot of moolah. But as the San Francisco-based outfit, which more recently opened an office in Miami, told us earlier today, over the last two years alone, it has returned $10 billion worth of shares to investors after its portfolio companies have hit the public markets.

To learn more about how its new funds are likely to be invested, we talked earlier today with both Lauren Gross and Brian Singerman, longtime partners of the 35-person outfit. They also answered questions about how the firm is structured these days; how often investing decisions involve the firm’s famous co-founder, Peter Thiel; and whether Founders Fund plans to incubate more companies (it’s how and got their start). Our chat follows, edited lightly for length.

TC: About a third of your overall staff is made up investors. How many of them are now in Miami, versus San Francisco?

FF: We have five team members in Miami, including Keith Rabois [who opened the office], who is the [general partner] there. We also have Matias [Van Thienen] who was recently promoted to partner and Delian [Asparouhov], one of our principals, is there.

Who on the team is more focused on earlier-stage, and who is focused on growth-stage deals?

All of our team members are considered consider generalists. We expect people to be able to work across sectors and across stages. We have an entirely opportunistic approach. That’s what has served us best from returns perspective. We encourage people to find their own competitive advantage and pursue either sectors or stages of particular interest, but it’s not mandated by the firm.