Thrive Capital is expanding beyond its traditional technology focus with a new investment in the San Francisco Giants, marking a significant move into professional sports ownership, according to a report by the Wall Street Journal.
The deal is being made through Thrive’s newly launched strategy, Thrive Eternal, a permanent capital vehicle designed to concentrate on a limited number of enduring assets such as sports franchises and cultural institutions—areas the firm believes will retain unique value in an increasingly AI-driven world.
Founder Joshua Kushner said publicly that he believes assets rooted in culture and community are likely to become more important as advances in artificial intelligence accelerate content creation while fragmenting distribution channels.
The Giants investment represents a minority, non-controlling position and remains subject to approval by Major League Baseball, according to a source familiar with the situation.
Thrive’s push into sports aligns with a broader evolution in its investment strategy. While the firm built its reputation backing high-growth technology companies, it has recently explored opportunities across media and entertainment, including leading a funding round for A24 in 2024.
The new Thrive Eternal vehicle differs from traditional venture funds by taking a long-term holding approach, without a fixed timeline for returning capital to investors. It follows the launch of Thrive Holdings, another permanent capital structure focused on scaling businesses with artificial intelligence capabilities.
Veteran media executive Bob Iger is expected to support the initiative in an advisory role. Iger previously had a short tenure with Thrive before returning to lead The Walt Disney Company as CEO.
Since its founding in 2009, Thrive has invested in a number of prominent technology companies, including Instagram, Databricks, Wiz and OpenAI, where it is among the largest shareholders. Earlier this year, the firm raised $10bn, including a $9bn fund targeting later-stage investments.
