Thrive Capital’s 2022 early-stage venture fund grew from $516 million to over $3.7 billion by June 2024. This performance represents a net-of-fees increase of more than sevenfold.
Early investments in OpenAI, SpaceX, and Anduril Industries primarily drove the valuation surge. The explosive growth of portfolio companies in the AI sector fueled these paper gains.
Thrive is now selling a portion of its holdings in the fund. This rare disclosure allows early investors to capitalize on significant, previously unrealized returns.