Thrive Capital Raises Massive $10B Fund, Its Largest Ever
Josh Kushner's Thrive Capital closed a $10B tenth fund while questions linger about 2021 vintage returns.
Thrive Capital just pulled in $10 billion for its tenth fund — the biggest war chest in the firm's history. Josh Kushner's venture outfit, which backs heavyweights like OpenAI, Stripe, SpaceX, and Skims, says it's adopting a "ride-or-die" approach to its portfolio.
The massive raise comes with an asterisk, though. Sources say Thrive has only distributed 64% of all capital raised during the 2021 peak back to investors. That's a notable gap between fundraising firepower and actual returns during the boom era.
Still, LPs clearly aren't spooked. A $10 billion close signals deep confidence in Kushner's ability to pick winners in AI, fintech, and consumer tech. The firm's portfolio reads like a who's who of the most valuable private companies on the planet.
Whether that conviction pays off at this scale remains the billion-dollar question.