Josh Kushner’s Thrive Capital — an investor in OpenAI, Stripe, Databricks, Cursor, and Anduril — announced last week that it had raised $10 billion.
We’ve got our hands on a deck Thrive seems to have used to raise that round. We’re sharing six key newsworthy slides that discuss Thrive’s assets under management, multiple on invested capital, distributions to paid-in capital, total value to paid-in capital, multi-stage strategic philosophy, and more.
The data is as of June 30, 2025. There have been new markups since then so some of these figures may undercount Thrive’s performance. But it’s a rare snapshot into a secretive venture capital firm.
Thrive declined to comment.
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For more background on Thrive, read our story from last week.
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We’ve published secret slide decks from firms like Andreessen Horowitz, Lightspeed Venture Partners, General Catalyst, Coatue, Tiger Global, and ICONIQ. Recently, BlueYard just gave them to us. We’ve also analyzed the performance of firms like Union Square Ventures from UTIMCO disclosures.