PANews reported on August 12 that Lightspeed Venture Partners, according to Bloomberg citing people familiar with the matter, is seeking a roughly $600 million secondary financing to extend its holding period in OpenAI and four other portfolio assets, while adding a new investment commitment to Anthropic. The transaction, internally codenamed "Project Mercury", involves Lightspeed's Select V and Opportunity II funds plus a separate managed account. Holdings are to be moved into a continuation fund, with cash returned to existing investors. Assets slated for transfer include OpenAI, security technology company Verkada, workforce management firm Rippling, AI startup Reflection AI, and enterprise search platform Glean. Coller Capital is the lead buyer on the continuation fund, with UBS acting as transaction adviser. Lightspeed has backed Anthropic in multiple rounds, including its latest funding round, which valued the company at $965 billion.
PANews, August 12 — Lightspeed Venture Partners is seeking a secondary financing of roughly $600 million to extend its holding period in OpenAI and four other assets, while adding a new investment commitment to Anthropic, Bloomberg reported, citing people familiar with the matter.
The transaction, internally codenamed "Project Mercury", covers Lightspeed's Select V and Opportunity II funds as well as a separate managed account. The underlying investments are to be transferred into a continuation fund, with cash returned to existing investors.
Assets earmarked for the continuation vehicle include OpenAI, security technology company Verkada, workforce management firm Rippling, AI startup Reflection AI, and enterprise search platform Glean. Coller Capital is serving as lead buyer on the continuation fund, with UBS acting as transaction adviser.
Lightspeed has backed Anthropic across multiple rounds, including its latest funding round, which valued the AI company at $965 billion.
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