(Bloomberg) — Thrive, the brand behind Joshua Kushner’s venture megafirm Thrive Capital, has launched a new company to invest in iconic names — with its first bet targeting a Major League Baseball team.
Most Read from Bloomberg
The company, called Thrive Eternal, has struck an agreement to invest in the San Francisco Giants, Kushner announced Friday in a post on the social media site X. It’s part of the firm’s push to back “assets with qualities that cannot be replicated by technology,” Kushner said.
Thrive is the umbrella brand for Thrive Capital, the VC firm invested in companies including OpenAI and Cursor, and Thrive Holdings, a separate firm that aims to bring technology like artificial intelligence to traditional services industries. Thrive Capital has total assets under management of more than $50 billion, according to a regulatory filing. Earlier this year, the venture firm raised more than $10 billion for its largest fund ever.
“We have reached an agreement for Thrive Eternal to join our investor group, subject to MLB approval,” the Giants said in a statement. “We are thrilled with the prospect of Eternal becoming a long-term partner.”
The size of the stake and valuation of the franchise weren’t disclosed. The money will go toward the Giants’ Oracle Park and its surrounding real estate, according to a person familiar with the matter. Kushner’s Thrive Eternal will also buy out some of the team’s existing investors, said the person, who asked not to be identified because the information was private.
Although institutional investors such as private equity groups and sovereign wealth funds expect to exit their investment at some point, Thrive will be a permanent capital holder in the Giants.
Last year, the team sold a 10% stake to Sixth Street Partners with the money being put toward renovating the team’s San Francisco ballpark, the team’s Mission Rock real estate development project next to the stadium, and the Giants Arizona training facilities.
Thrive Eternal will operate as a holding company, structured to raise new capital and make investments without a set exit timeline. Its initial limited partners are existing Thrive investors, according to the firm.
“We have reached an agreement for Thrive Eternal to join our investor group, subject to MLB approval,” the Giants said in a statement. “We are thrilled with the prospect of Eternal becoming a long-term partner.”
