Josh Kushner’s venture capital firm, Thrive Capital, has raised more than $10bn for its latest fund, marking the largest vehicle in the firm’s history, according to a report by Bloomberg. The fundraising for Thrive X was heavily oversubscribed, with the firm reportedly turning away billions of dollars in potential commitments.
The fund, which is roughly double the size of Thrive’s previous vehicle, will focus on artificial intelligence applications and infrastructure, alongside investments across space, robotics, and life sciences.
Thrive’s concentrated portfolio strategy has seen it be an early backer of OpenAI, SpaceX, and Stripe, all of which are now among the world’s most valuable private businesses. The firm typically makes a limited number of large investments each year and continues to support portfolio companies through successive growth stages.
Artificial intelligence has underpinned many of Thrive’s recent successes, including stakes in Databricks and Anduril Industries. Thrive said the new fund gives it additional flexibility to invest through periods of market volatility while maintaining its long-term, high-conviction approach.
