Original Coverage & Source Attribution: www.billionaires.africa
American billionaire Josh Kushner has built a $17.5 billion fortune as his investment firm, Thrive Capital, expands beyond venture capital into public markets, operating businesses and major sports assets.
Thrive manages more than $65 billion in assets, up from about $15 billion three years ago, as a series of successful technology investments has boosted the firm’s value and Kushner’s wealth.
Thrive has recently invested in publicly traded companies including Amazon and Shopify while expanding into operating businesses through Thrive Holdings. The strategy has raised more than $2 billion and acquired more than 70 businesses, including accounting and information technology companies that Thrive plans to transform with artificial intelligence.
The firm has also created Thrive Eternal, an investment strategy focused on assets that Kushner believes can retain or increase their value as artificial intelligence reshapes the economy. The strategy has expanded into sports, including a minority investment in Major League Baseball’s San Francisco Giants and the planned $12.5 billion acquisition of the Los Angeles Lakers with former Disney chief executive Bob Iger.
Technology investments remain central to Kushner’s wealth. Thrive was an early investor in OpenAI and has stakes in companies including SpaceX and Stripe. The firm also invested in AI coding company Cursor before SpaceX acquired it at a valuation of $60 billion. SpaceX’s $1.77 trillion initial public offering in June provided another major boost to Thrive’s portfolio.
Thrive’s assets have grown alongside its investment gains. More than half of its assets under management now come from investment gains, according to an August letter Kushner sent to investors. Bloomberg estimates that Thrive has generated more than $6 billion in carried interest since its founding in 2010, with most of that generated during the past three years.
The firm is now seeking a minority investment of a similar size to its previous fundraising from existing shareholders and new institutional partners. Bloomberg estimates Thrive’s value at about $23 billion based on its asset growth since its last fundraising.
Kushner’s rapid expansion has not been without setbacks. Thrive was involved in the abandoned FIFA commercial investment vehicle earlier this year, a development that Billionaires.Africa reported in September. Kushner later acknowledged that the firm had failed to appreciate the political dynamics surrounding global football.
