Y Combinator is reportedly raising a $1 billion fund

Silicon Valley startup accelerator Y Combinator is raising up to $1 billion for a new venture capital fund, Axios is reporting this morning. The fundraising comes less than two years after YC announced the close of its first big investing vehicle, a $700 million growth fund called the Y Combinator Continuity fund that it hired Ali Rowghani to oversee.

Rowghani was once the COO of Twitter; he also served earlier in his career as the CFO of Pixar.

We’re still waiting on confirmation from YC, but given the pace of the firm’s investments, and the broader, more recent shift by venture investors to raise funds in two-year cycles, the move doesn’t surprise.

What is interesting, per Axios: YC no longer plans to separate out its growth-stage investments in a separate fund. This new vehicle will reportedly be used to invest in startups of all sizes and stages. Further, when YC invests in a later-stage company, the company no longer needs to be a YC alum, as was previously the case.

A third change, says Axios: YC’s investment committee will be slightly smaller than it has been in recent years. Along with YC president Sam Altman, Rowghani and Continuity Fund partner Anu Hariharan, there was a fourth seat representing the rest of the YC partners collectively. That has reportedly been done away with to expedite the decision-making process.

YC’s limited partners — meaning the institutions and individuals who provide it with the capital to plug into startups — include Stanford University, Willett Advisors and TrueBridge Capital Partners.