The SPVs Behind Venture Capital’s Biggest Bets

You might have noticed that Thrive Capital has made a number of bold bets this year, leading massive investments in Stripe, Ramp and OpenAI once again, even as other late-stage investors have pulled back. Special-purpose vehicles helped buttress the firm’s Stripe investment, while lowering the risk of its core fund’s performance. The same could be true of its OpenAI investment.

Last week, I reported that Thrive Capital is leading a deal to buy OpenAI shares through a tender offer …

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