Another $220M for Founders Fund

Michael Arrington reports that the Founders Fund has closed its second fund.  FF is an interesting creature - a fund created by successful entrepreneurs (mostly from PayPal).  Their structure and their terms and conditions are different from traditional VCs, more relaxed and more fair towards the founders who are getting the money.  The second round is not money from entrepreneurs though - external investors are involved.  So it'll be interesting if that influences the way FF will deal with their upcoming fundings...