Thrive Capital’s 2022 Fund Surges on OpenAI, Cursor
Thrive Capital’s $516 million 2022 fund was marked at more than 7× net TVPI as of June 30, versus a 1.73× average for top-decile 2022 funds in PitchBook’s year-end 2025 benchmark. Josh Kushner told LPs that Thrive manages more than $65 billion and has generated a 33% aggregate net IRR since inception. The liquidity caveat is material: all Thrive funds from 2021 onward except its 2022 growth fund had yet to return capital, while older 2014 and 2015 funds had distributed 2.3× and 2.5× respectively.
Why it matters
These are unusually specific fund-level performance and liquidity datapoints for Thrive, its vintages and the contribution of OpenAI, Cursor, SpaceX, Anduril, Ramp, Wiz and Databricks.
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