PALO ALTO — Founders Fund, the San Francisco-based venture capital firm that has invested in Airbnb Inc., SpaceX Corp. and Hampton Creek Foods Inc., closed a billion-dollar fund last week, tapping Cooley for counsel on the fund formation.

The firm, which invests in companies of all stages across a range of sectors, was founded in 2005 by former PayPal executives Peter Thiel and Ken Howery with just $50 million. Prior to this fund, its fifth, Founders Fund’s most recent raise was for $625 million in 2011. In January, the firm was rumored to be raising $750 million to be applied to new investments and additional rounds for current holdings.

According to data analyzed by The Wall Street Journal, the raise represents a sum typically achieved by the bigger venture firms. In 2013, a $1 billion close by Greylock Partners of Menlo Park clocked in at the second-largest fund of the year.

Cooley’s deal team advising Founders Fund included partners Craig Dauchy, head of the VC group, and Ian O’Donnell and associates Adam Huff and Elizabeth Reese.

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