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Chronicles

The story behind the story

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Josh Kushner's Thrive raised $10B+ for its tenth and largest fund, lifting its AUM to ~$50B; sources: it distributed 64% of capital raised during the 2021 peak

Bloomberg Caroline Hyde

Discussion

  • @joshuakushner Joshua Kushner on x
    We are pleased to announce the close of Thrive X. Exceeding $10 billion, Thrive X comprises $1 billion designated for early-stage investments and $9 billion designated for growth-stage investments. We do not view this as a milestone, but as a commitment to the long work ahead.
  • @sajithw Sajith Wickramasekara on x
    Great news for founders. Thrive has led or been a meaningful part of every Benchling round for more than a decade. Concentration and loyalty to say the least! Very lucky to be in business together.
  • @jacksondahl Jackson Dahl on x
    Josh and Thrive lead with a tremendous amount of care, which is an unusual word for capitalists and yet I suspect any who know them well would agree.
  • @pitdesi Sheel Mohnot on x
    “We do not hedge” in a world where Sequoia and Founders Fund are invested all 3 major private model companies (X, Anthropic, OpenAI). I do wonder what benefits accrue to them as a result of not hedging in that race.
  • @sourceryy @sourceryy on x
    .@JoshuaKushner does not hedge. Philip Clark on why Thrive's philosophy of concentrated bets is the winning strategy: “It allows us to be really deeply aligned with the founders we work with.” “If you are working with a life's work founder—this is a portfolio of one for them.” [v…
  • @romainhuet Romain Huet on x
    Over the years, I've had the chance to see the Thrive team operate up close. What stands out most is the depth of conviction. They are in your corner in a unique way. They choose carefully, commit deeply, and stay with founders for the long arc. That kind of partnership is rare.
  • @signulll @signulll on x
    i've been to thrive a handful of times because i've got friends there, their office is absurdly gorgeous, & i've gotten a chance to witness some genuinely cool incubations. cool to see what an institution it's become. i kinda think of it as a gravity well for nyc tech. love the
  • @lulumeservey Lulu Cheng Meservey on x
    Refreshing: “We do not hedge. Concentration demands loyalty to the founders and missions we back. In this moment, exposure alone is not a strategy.” Loyalty is a moat
  • @andrei_serban Andrei Serban on x
    There is no gap between what Thrive says and what they do. Every firm talks about being founder-first, going deep with their founders, etc., but I've never quite seen a firm do it the way they do. They partner with us in a way that has set an unreasonably high bar for other
  • @sama Sam Altman on x
    Extremely grateful to work with Josh. No one could ask for a more committed, more thoughtful, or harder-working investor.
  • @ivanhzhao Ivan Zhao on x
    I first knew Josh and Thrive as “the firm in NYC”. Then I kept discovering my favorite people there: people you want to debate ideas with, or grab a meal and drinks after (rare among investors). A firm is its people. Thrive has real ones. Happy to see them win and close Thrive X
  • @kellylsims Kelly Sims on x
    One of the reasons I love working at Thrive is because it feels like working at a startup. There are many late nights and weekends, because the people here share an ambition to help founders create the most impactful companies of our generation. Our commitment to them is
  • @nchirls Nicholas Chirls on x
    This is correct, don't get it twisted —> “We are deeply aware that we are not the main character. The founders that we are fortunate enough to partner with are the artists.”
  • @matthuang Matt Huang on x
    Collaborating with Josh and the team at Thrive has always been a joy for us at Paradigm. But working with them as an investor in Tempo has given new appreciation for just how long-term and partnership-oriented they are. Congrats!
  • @taylorcsargent Taylor Sargent on x
    I like this part: “We do not hedge. Concentration demands loyalty to the founders and missions we back. In this moment, exposure alone is not a strategy. Judgment without commitment is not enough. Advantage will accrue to those who choose deliberately, commit deeply, and endure
  • @matthdejonge Matthew de Jonge on x
    Thrive was the first to back us 5 years ago and has remained an unbelievably great partner ever since: leading subsequent rounds, helping us bring in the right partners, help with recruiting, data, PR, and so much more. Thank you Thrive and congratulations on Thrive X!
  • @willmanidis Will Manidis on x
    “patient capital will eat the world” [image]
  • @ciaomack Mackenzie Burnett on x
    in the big and small, high and low moments of building ambrook, Josh has always encouraged me to be myself. that conviction in a founder as a person, not just in their company, is rare. it has helped us build something authentic and different in pursuit of a larger purpose; it
  • @harrystebbings Harry Stebbings on x
    The sign of a great person is when they help with no expectation of anything in return. Since I was 18, Josh has been a friend and mentor. He did this when I offered nothing in return. Time, advice, guidance, the man is a G. I am bias but Josh and @milesgrimshaw are the best!
  • @jlopas Justin Lopas on x
    Big congrats to the team at Thrive. A truly excellent group of people helping to build some of the world's most important organizations.
  • @danprimack Dan Primack on x
    Well above what they originally planned to raise.